Oil production begins at Kosmos Energy's Winterfell development

Upstream oil company Kosmos Energy announced the successful start-up of oil production at the Winterfell development in the Gulf of Mexico.

Kosmos said on Wednesday that the first two production wells were now online and ramping up production at Winterfell, in which it holds a 25.04% working interest. A third well was currently being drilled and was expected to be online by the end of Q3.

The London-listed firm stated that the three initial wells were expected to deliver gross production of approximately 20,000 barrels of oil equivalent per day.

Chairman and chief executive Andrew Inglis said: "The startup of Winterfell is another significant milestone for Kosmos as we continue to deliver the projects to achieve our growth targets by year-end 2024. With high margin barrels, low carbon intensity and a quick expected payback, Winterfell has the right characteristics for Kosmos' portfolio. Kosmos is eager to continue developing the Greater Winterfell area which we believe has significant future upside potential."

As of 0945 BST, Kosmos shares were down 4.43% at 410.p.

Reporting by Iain Gilbert at Sharecast.com