Good day everyone and welcome to Kosmos Energy’s second-quarter 2011 conference call. Just a reminder today’s call is being recorded. Before we get started, one housekeeping matter. This conference call includes forward-looking statements, the risks associated with forward-looking statements have been outlined in the earnings release and in Kosmos SEC filings and they are incorporated by reference for this call. Management may also refer to certain non-GAAP measures such as EBITDA or earnings before interest, taxes, DD&A and exploration. Management believes such measures are important in looking at the company’s historical and future performance and these are commonly referred to metrics in the industry. Historical non-GAAP performance is reconciled to the appropriate GAAP measure in the earnings release. At this time I would like to turn the call over to the President and CEO of Kosmos Mr. Brian Maxted for introduction and opening remarks. Please go ahead sir.

Good morning everyone and good afternoon to our overseas callers. Thank you for joining us for Kosmos Energy’s second quarter 2011 conference call. Joining me on the call today are Greg Dunlevy, our CFO; Paul Dailly, our Senior Vice President of Exploration; and Brad Whitmarsh who has just joined Kosmos as Vice President of Investor Relations. I’m sure many of you know Brad. I plan to start our comments with a review of our exploration production portfolio as well as our main events. Greg will then discuss our financial results followed by Paul will provide an operations review. We hope that everyone has seen the release that issued this morning. In addition we will find our second quarter 10-Q today. We created Kosmos energy to execute the strategy of technical and commercial excellence focus on the exploration development of the world-class upstream portfolio. This approach has led to an unparalleled record of success and significant value creation for our shareholders. Our overall strategy is focused on doing three things: creating value through exploration, maximizing and delivering value through developments in production and managing the risks inherent in our business. We believe in building a balanced portfolio of long-term core assets. For us that means continuing our strong government programs focused on high margin production growth and then combining that significant low cost high value exploration. The Jubilee Field offshore Ghana is the core of our portfolio and the foundation of this company. Jubilee is one of the largest discoveries worldwide in 2007. As technical operations of the development, we and our partners brought the field on stream in a record 42 months with first oil achieved last November. This is a world-class project with strong production capabilities and we expect net EBITDAX to Kosmos around a billion dollars per year…

Thank you, Brian. Before reviewing our results for the quarter, let me start by commenting on our strong financial position. The cornerstone of which is our sizable Jubilee cash flow as Brian mentioned earlier. Cash and cash equivalents at the end of the quarter was 818 million and total liquidity was near $1 billion including cash and available borrowing under our debt facility. Since the end of the quarter, we have repaid 300 million on our debt facility from cash on hand. We feel confident in our financial position with sufficient liquidity to fund our development appraisal and exploration programs over the next several years. Turning to second quarter financials, we reported a net loss of 9.1 million or $0.03 per basic and diluted common share. As we went public in the second quarter this year, there are no equivalent per share numbers for 2010 and the second quarter of 2011 per share numbers are pro forma for the IPO. Oil revenues in the quarter were $124.1 million from Jubilee lifting of 986,000 barrel with cash received in third quarter. The average daily production for the quarter was approximately 15,000 barrels per day, net to Kosmos or 66,000 barrels per day growth from the Jubilee Field. We were in under looked position for the quarter to the tune of approximately 340,000 barrels or approximately 35 million in revenues. Oil and gas production costs were below $15 per barrel sold in the quarter, with depletion and depreciation about 22 per barrel. General and administrative costs were approximately 20 for the quarter. Of this, approximately 40% was non cash and related to long-term equity base compensation. Our interest expense was 18 million for the quarter, which is up slightly from last year on higher average debt outstanding balance. For the quarter, exploration…

Thanks, Greg. I’d like to spend a moment discussing our current portfolio and then focus on our forward program. The company’s overall portfolio has great breadth and depth. In Ghana, we made a number of world class discoveries, highlighted by our first producing asset, the Jubilee. We have a number of additional discoveries under appraisal, additional prospects later to be drilled. In Cameroon, we have a substantial position in two petroleum system. The size of more than 200 Kombe N’sepe Blocks with very limited drilling density to-date. And in Morocco, we have some of the largest more strategic blocks in Africa and we are embarking on the exploration of multiple underexplored play systems. We’ve build a portfolio here at Kosmos that we believe is world class. On the appraisal and development side, while the ramp up in production ad Jubilee continues. We continue to work with partners and the Ghana government on the optimal approach for the development of Mahogany East. Our appraisal program with the Tweneboa discoveries with recent success of drillstem test of Tweneboa-2 and the current ongoing test at Tweneboa-4. In Enyenra, we are planning to drill two additional appraisal wells beginning later this year. And at Teak, we plan the first of two appraisal wells late in 2011. On the exploration side, we spud the Akasa-1 exploration well in July on the West Cape Three Points Block. Now, we expect results of this well in the few weeks. Many of you have seen that we delivered of course, as you notice the Government of Ghana and Ghana National Petroleum Corporation related to the Cedrela prospect, when the drilling rate that we scheduled to arrive on location was delayed due to rig. The rig was working for another operator on a different block at that time. Looking…

Thanks Dailly, and thank you everyone for joining us on a call today. As you can tell, we are now excited to continue building on our track record of success and value creation. Now, we’ll be happy to answer some questions.

Thank you. (Operator Instructions) Our first question this morning is from the line of Doug Leggate with Bank of America. Please state your question. Mr. Doug Leggate, your line is open for question sir.

You can go to the next question operator.

Thank you, sir. Our next question is from Bob Morris, Citigroup. Robert Morris – Citigroup: Good morning.

Good morning.

Good morning, Bob. Robert Morris – Citigroup: Can you give us a little bit more color on the timing of Cedrela. First is the Marianas rig repaired in, you mentioned that you ready to proceed with drilling Cedrela and then also could there be any delay even once the rig is fixed in getting the government approval to extend the term of that lease to be able to drill Cedrela.

Paul, do you want answer to that question.

Yes, sure. Good morning everyone. Right now, the rig is been in (inaudible) in Ghana being repaired and repairing proceeding quite well. So, we expect the rig to be ready sometime in the fourth quarter. We’re discussing the Force Majeure situation with Government of Ghana and as soon as that’s resolved, we expect to drill the well. Robert Morris – Citigroup: Can you see the rig be ready fourth quarter?

Yes. Robert Morris – Citigroup: Okay. And then, this is second quick question on the budget, you mentioned that there is no change in 500 million a year. What displace I know the recent budget did not include Cedrela and did not include potential sidetrack at Jubilee. So, is there – was it that those expenses displacing now Odum that was previously planned to be drilled or how does that shape out to be unchanged?

Greg, if you want to go.

Bob, this is Greg. Two things, we actually have revised our budget during the year upward to cover some of these additional costs and we have a small amount of unallocated in the budget. So, given that we have adequate amount in the number, we provided as we estimate about seven, eight weeks ago. That included the Cedrela in that number as well. So, it was there. The total cost of the additional sidetrack we mentioned are released, is not material in the overall budget given the room we had in it. So, I don’t think 80 million will change – gross will change the 500 million for the year. Robert Morris – Citigroup: Okay, great. Thank you.

Thanks Bob.

Thank you. Our next question is coming from Doug Leggate of Bank of America. Mr. Leggate, please state your question. Doug Leggate – Bank of America: Hi, guys. Can you hear me now?

We can hear you Doug, yeah fine. Doug Leggate – Bank of America: Probably guys – you could hear me before. A couple of quick ones if I may. Greg, can you give us an update on the current stock as so – I guess the negotiations are on the license extension on West Cape Three Points and I just want to be clear on what you said about Odum. Did you see Odum was not the declared commercial and does that mean Odum that is also you had to relinquish there because you run does well. Any update there that would be appreciated and I have a quick follow-up.

I’d be glad to answer that. Odum, our partners have great deal of time discussing the technical merits and where we stand with the Odum discovery. During the quarter, we concluded we were not prepared to go forward with commercial exploration and therefore a development or plan a development with government. On July 21st, the seven year exploration period for the license expired and with that the area related to Odum. As you may recall, we have under our existing license rewrite on similar terms to relicense the relinquished area as well as a right of first refusal should GNPC given off of the third party to match that offer and thereby we acquire the relinquished area. The total cost related to the Odum charged exploration expense was approximately 32.5 million pretax or 21 million after the tax effected for 35% gaining of tax rate. Doug Leggate – Bank of America: Thanks Greg. I guess the reason for the question is my understanding originally was that Odum was perhaps probably looked out as a potential development along with some of the other smaller discoveries. Does that changed the game plan and in terms of how you might move forward with some of the other developments on the block.

No, I don’t see this having an impact on the other developments.

Yeah Doug, this is Brian here. I think you are exactly right, we think – we have seen, still see Odum as a path for integrated development and the central and western part of the West Cape Three Points Block and tied back into the Teak in Mahogany East area is the most sensible and most likely way forward for Odum, which is challenged for couple of technical reasons principally the lower gravity oil that exists in that reservoir. Doug Leggate – Bank of America: Great. Thanks Brian. My own – my very quick follow-up then is this one is for Paul. Paul, the relationship between Cedrela as a prospect on the Paradise well that has start, could you maybe just give any kind of prognosis of how the Paradise result make the potential prospectively of Cedrela and I leave it at that. Thank you.

Okay. The Paradise well and also the Banda well are being drilled into deeper horizons than we previously drilled anything in the block and so we opened up a new play theory and that play theory extends over we think over our acreage and as a consequence of this information, we’ve high graded some of the additional prospects and Cedrela is one of the prospects which emerged in that process. So, we’re quite excited about it and hope to be able to drill it soon. Doug Leggate – Bank of America: Is your understanding is Cedrela is a separate prospect or a part of the same formation possibly in the context of Paradise.

We don’t really have that information to know the answer to that to be honest. We’re certainly treating it as an independent prospect right now. Doug Leggate – Bank of America: Got it. Thanks for taking my question guys.

Okay.

Our next question is from the line of Edward Westlake with Credit Suisse. Please state your question. Edward Westlake – Credit Suisse: Yes, good morning everyone and congratulation on the strong realizations and cost control. Just on the realizations, I guess we one cargo with it’s tricky to make a comparison against the quarter average price of Brent. Can you give us a feeling of what you achieve relative to Brent for that cargo?

Hey Greg, do you want to take that?

Yeah, that cargo was priced at approximately $1 above Brent. Our most recent cargo was priced at approximately $0.40 above Brent and it really depends on the market for African and specifically West African crudes. These are the Brent exactly where that differential will be. We’re still on the process. We and our partners Anadarko, Tullow, GNPC and others, building market awareness of the crude. We’ve only sold to a limited number of buyers so far. That group is expanding and we as expand that further, we would expect that band of pricing to now or to Brent to a bit. But, fundamentally the difference is that the West African market, these will be the North Sea market and the relative differentials for transportation that are incurred. Edward Westlake – Credit Suisse: Thanks. And the second question relate around timing on FID of next project. Obviously, just you flagged appraisal work at Enyenra, Kombe N’sepe, Teak, and Mahogany East. So, quite an active program. At what point do you think you’ll be able to make a decision potentially around taking the next FID on the next perhaps project in either block.

Edward, this is Brian. Maybe, I’ll take that one. You can see from the activity in the last quarter through this part of the year that we have a major focus of the appraisal we’re doing Enyenra in particular, but also at Tweneboa. And Enyenra appears to be the simplest, most conventional oil development along lines of Jubilee itself. And so, because of that for instance more reason to being move forward quickly. And I think the partnership as a whole sees that as a like in next development. Tullow, the operator is looking towards completion appraisal declaring commerciality on submitting a development plan probably in the early part of next year. Edward Westlake – Credit Suisse: And if I was to just talk about Teak and Mahogany East because you could tie this back to Jubilee or potentially to Odum. So, what are thoughts there?

Yeah, I mean Teak and Mahogany East at various stages of appraisal obviously. Teak quite early and we believe there is a very substantial resource in that west central part of West Cape Three Points. But, over the course of the delineation program, it’s probably going to just to having the volumes that justify a standalone development. So, we are eager to move continued – continuing to move Mahogany East along same time in parallel with delineation in later part of this year and into next year of Teak which is multiple reservoirs, multiple pay zones, multiple fluid types and could be quite a significant development for us. Edward Westlake – Credit Suisse: Right. And then, my final question, just picking on a comment. You said, you are discussing Force Majeure with the government. Presume that would happen on any Force Majeure, but, this is around the rig for Cedrela. But, are there any risks of that acreage would have to be relinquished or you feel these discussions basically will work out in your favor and that that acreage will continue to be part of existing seven-year license period?

We think we are in a pretty strong force majeure position given the situation and what happened in the rig with handling the tankers (ph) before coming to the block and so we believe we will ultimately move forward on south, there is always the risk of course, but we’re hopeful to move forward. Edward Westlake – Credit Suisse: Okay, thank you.

Our next question is from the line of John Herrlin of Societe Generale. Please state your question. John Herrlin – Societe Generale: Hi, some quick ones. With the Tweneboa DST that you did finish, could you discuss the results more.

Hi, John, it’s Brian. Paul do you want to take that.

Yeah, sure. Iweneboa-2 an oil DST which he completed probably a month or so doing that. That was successful test of the one of the oil zone Tweneboa fluid at 6.5 million barrels a day with about 5 million cubic feet of gas. So that was successful DST and right now we are in the middle of a second DST Tweneboa-4 which is slightly shallower in the gas condensate pay and that’s an operation that’s ongoing but you should be completed here in the next week or so probably and it’s been successful to-date. John Herrlin – Societe Generale: Okay. How long will the Enyenra wells take to TD?

Once we finish Tweneboa-4 we are going to go back and start drilling Enyenra again. The next activity there is in Enyenra-3 we should be fairly quick because they’ve already drilled the top full section, only three weeks once we’ve – three to four weeks once we re-spud it. And then following that we will do DST in Enyenra on the original well, discovery well is drilled and then towards the end of the year, late fourth-quarter will probably drill Enyenra-4. So by the end of the year we should a lot more information on Enyenra. John Herrlin – Societe Generale: Okay. With Cameroon what kind of shares did you have, can you be more specific about information you’ve found with your partners?

Well, in terms of gas and water in a variety of different sands, we actually had quite thick sand section, thicker than we had anticipated. Right now we are going back and remapping to understand what the implications are for the track and geometrics and for the migration. So there is probably a few months of work to be done there to understand what our next move is in the block. John Herrlin – Societe Generale: Was that dry gas or it was wet gas or…?

It was a mixture, there was some dry gas and we also had some wetter gas there as well. John Herrlin – Societe Generale: Last one from me is on Morocco, will you try to bring in partners given your high working interests on some of your blogs there or religious way to do the P&G and then consider promotes?

Right now in Morocco, we have some work to do with seismic with reprocessing and acquisition, so that’s our first step. We will likely do that first, so you understand exactly what our strategy is before bringing partners in. John Herrlin – Societe Generale: Great, thank you.

Okay, John. Thanks.

Thank you. Our next question is coming from the line of Brandon Warren with Jefferies. Please state your question. Brandon Warren – Jefferies: Hi, guys. This is Brandon Warren from London here.

Hi, Brandon. Brandon Warren – Jefferies: Just a couple of questions, most have been answered, but just one I guess following Banda in the Campanian, now that you have time to evaluate it and build it back into your models, I mean just how has that changed your view on the Campanian on the West Cape Three Points Block. And then there is secondly also read through from obviously the Eni discovery, does that mean sort of any further prospectively on your acreages will.

Paul, they are probably your questions. Thanks, Brandon.

Okay. Well, you’re right. Banda had two objectives, the Campanian with a shallower objective and then the kind of the pay zone was done in Cenomanian. We were pretty done there on the Campanian. It was wet and that was a disappointment. It fit into the whole discussion around Odum, but of course there is an update potential in there, Odum scale of that potential which we’re still looking at. The ENI discovery is – we don’t know that much better to be honest with you and operator hasn’t result – released that much clear results. But in general, with the ENI discovery, the Banda deeper pay, which was the first well to open up this new Cenomanian play and then a well to the south, there is a deeper play in these blocks which we’re evaluating in some detail now and we’ll probably add some interest to the area. Brandon Warren – Jefferies: Okay, cheers. Thanks for that.

Thank you. Our next question is from the line of Anish Kapadia with UBS. Please state your question. Anish Kapadia – UBS: Good morning. There are a few questions. Firstly on the gas side of things, there has been quite a lot of gas discovered now in Ghana. I was just wondering what your thoughts are around gas monetization if you had any conversations with your partners. And secondly on production from Jubilee, I was just wondering if you could run through some of the issues you had with production and some of the reasons for the delay in the ramp up of that. And then just a final one on the West Cape Three Points Block, just wondering when should we expect to hear something about the extension over here, and what do you hope to drill.

Okay, Anish, thanks for those questions. Let me, probably, let me take them in the following order, let me talk about the West Cape Three Points license extension or renewal. What we’ve talked – touched on that, the process is ongoing with GMPC, as you know we have first right refusal and they do have the opportunity to market the area. We are in the middle of preparing for that process. And our estimate is a roundabout six months to get through this process on the license renewal. So, that’s ongoing, it’s under way. In terms of Jubilee production, the first thing to know is this is a world-class field. Everything that we have seen from the reservoir in terms of performance since the start of production is nothing but confirmed the originally predicted volumetric range that we saw for the first oil. So this remains a giant field with spectacular production capability. The challenges that we’ve had been ramping up to plateau production is not a typical during the start-up phase of any major field and obviously particularly the one – particularly one they’re accelerating in the development. The delays – the delays are really related to two principal thing and probably an additional factor. The principal issue has been a significant amount of rig maintenance particularly with respect BOP, refurbishment was necessarily on the already crowded rig which delayed completion, cyclical completion of wells, that’s (inaudible) mostly the producers. And then secondly we’ve got some operational challenges on commissioning both the water injection system the gas injection system, those are now on their way to being resolved, which is good news. And then there have been one or two wells that suffered largely from completion related problems in productivity. And as we discussed part of plan to get…

Paul, do you want to take that?

Yes. I mean, we think it’s a pretty substantial prospect between 100 and 200 million barrels. Anish Kapadia – UBS: Is that on a pre-term basis?

No, that’s around the (inaudible) meaning is, somewhere between 100 to 200 million barrel. Anish Kapadia – UBS: Thank you.

Our next question is from Al Stanton with RBC. Please state your question. Al Stanton – RBC: Yes. Good morning, guys. Just a follow onto that question on whether that was an oil or an oil equivalent figure. But my main question is really in terms of the renegotiation of the West Cape Three Point. I was wondering what elements of the PFC (ph) can be flexed. Is it the thins like the equity stake, is it the fiscal terms, is it work commitments? Thank you.

Yes, this is Brian here. As we mentioned earlier in the questions, this process is ongoing. Our GMP has the market to – the right to market the acreage. The language in the petroleum agreement talks about substantially the – essentially the same terms. Obviously this will be a discussion in negotiation and will be subject to whatever third parties may put on the table. And we will have to wait and see what that is. On Cedrela, Paul, do you want to take the Cedrela part of question?

Yes. That’s an Mmboe number. We – some of the horizons are deeper, then the Jubilee reservoir for example, so there’s some fees risk attached to that. Al Stanton – RBC: And then – sorry, just a follow on question. In terms of as we stand today, what do you reckon is going to be the 2012 exploration campaign?

That’s a good question, Al. And I’ll let Paul answer that one too.

Well, all the – we’ll see how it goes with West Cape Three Points of where we end up. But actually, we explained how a fairly robust drilling campaign in the Deepwater Tano Block in 2012. And this year, Deepwater Tano is mostly refocused on appraisal of Enyenra and Tweneboa. That process will come to an end sometime early 2012. And the operator who I think, is going to give some sort of presentation in the next couple of weeks will – is planning affiliate robust drilling program next year in Deepwater Tano. In West Cape Three Points, this year, we have Akasa which is currently drilling. Potentially, Cedrela and then we’ll go and drill Teak-3 potentially Teak-4. And then in addition to that, next year, we’ll have first operated well in Cameroon in the Indian River Block on the Liwenyi prospect. And the timing really depends on rig availability, so it’s shaping up to be quite an exploration program next year. Al Stanton – RBC: Thanks, Paul.

(Operator Instructions) Gentlemen, we have a question from Brendan Warn from Jefferies. Please state your question. Brendan Warn – Jefferies: Sorry, gentlemen. Just a quick follow-up question regarding that statement, just in 2012 what sort of risk we got (inaudible) us in not being drilled and if they fall outside of the West Cape Three Points current license area.

Paul.

Well, I mean, as Brian already total debate, we got a process with GNPC where we’re looking for sub party offers as is the rights under the terms of the petroleum agreement and we have the right to match whatever offer they get. So, we feel fairly good that we have the opportunity to drill those prospects if we think it’s appropriate for us to do so. Brendan Warn – Jefferies: And within that timeframe when you flag next six months, at what point would be call booking a rig slot so those wells and the risk of sliding into 2013.

We have quite a lot of rig capacity with the Atwood Hunter next year, which will be split between a variety of activities, either appraisal or exploration depending on what we think the priorities are. So, that’s something that we’ll finalize here over the next few months as we plan our 2012 budget. Brendan Warn – Jefferies: Okay. Thanks guys. Just a follow-up question on the Jubilee Field. It may be too early, but, are there any deep bottlenecking opportunities being highlighted in terms of the actually facility itself?

Sorry, Brendan. This is Brian. Yes, there are as we talked earlier. Some bottleneck opportunities. Fundamentally, we believe these facilities have the capability of up to 140 barrels a day. We’ve really not focused on those at this point. We are focused ongoing production capacity in place and ensuring particularly the water injection and the gas injection systems are working on a good enough time basis which possibly get them FSO (ph) as a whole is working about 95% up time at the moment which is spectacular really and we’re focused on ensuring that performance continues and as we go into next year, we got up to our plateau and the operator will be focusing few bottleneck – on optimizing the top side facilities to get to make full use of the facilities that are available. Brendan Warn – Jefferies: Okay. Thanks guys.

And Brendan, I made one of the comments on the prospectively that the West Cape Three Points. Obviously, we try to manage a portfolio, we bring new things into the portfolio at all the time and we haven’t had chance to discuss Foum Assaka in Morocco. But, as we start to pickup new petroleum systems with very, very significant potential which have all the hallmarks of Ghana four or five years ago. We have to look at all the prospects in Ghana within the context of allocating capital on whatever our best prospects are and they may not – they just may not be in Ghana, they maybe in Cameroon or Morocco or indeed in another new venture that will come into – that we expect to come into the portfolio in the coming months.

Thank you. I would now like to the turn the call back over to Mr. Whitmarsh for closing comments.

Thank you all for joining us today and for interest in Kosmos Energy. Do you additional questions as the day end, please call. Don’t hesitate to give us a call. Thanks.