Investor

Presentation

NYSE/LSE: KOS

June 2018

Strictly Private and Confidential

Disclaimer
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments
that Kosmos Energy Ltd. (“Kosmos” or the “Company”) expects, believes or anticipates will or may occur in the future are forward-looking statements.
Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of
management regarding plans, strategies, objectives, anticipated financial and operating results of the Company, including as to estimated oil and gas in place
and recoverability of the oil and gas, estimated reserves and drilling locations, capital expenditures, typical well results and well profiles and production and
operating expenses guidance included in the presentation. The Company’s estimates and forward-looking statements are mainly based on its current
expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although the Company believes that these
estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light
of information currently available to the Company. When used in this presentation, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or
other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-
looking statements. Further information on such assumptions, risks and uncertainties is available in the Company’s Securities and Exchange Commission
(“SEC”) filings. The Company’s SEC filings are available on the Company’s website at www.kosmosenergy.com. Kosmos undertakes no obligation and does
not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this presentation, whether as
a result of new information, future events or otherwise, except as required by applicable law. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this
cautionary statement.

Cautionary Statements regarding Oil and Gas Quantities

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions
for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. The Company
uses terms in this presentation, such as “discovered resources,” “potential,” “significant resource upside,” “resource,” “net resources,” “recoverable
resources,” “discovered resource,” “world-class discovered resource,” “significant defined resource,” “gross unrisked resource potential,” “defined growth
resources,” “recovery potential” and similar terms or other descriptions of volumes of reserves potentially recoverable that the SEC’s guidelines strictly
prohibit the Company from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and
possible reserves and accordingly are subject to substantially greater risk of being actually realized. Investors are urged to consider closely the disclosures
and risk factors in the Company’s SEC filings, available on the Company’s website at www.kosmosenergy.com.

Potential drilling locations and resource potential estimates have not been risked by the Company. Actual locations drilled and quantities that may be
ultimately recovered from the Company’s interest may differ substantially from these estimates. There is no commitment by the Company to drill all of the
drilling locations that have been attributed these quantities. Factors affecting ultimate recovery include the scope of the Company’s ongoing drilling program,
which will be directly affected by the availability of capital, drilling and production costs, availability of drilling and completion services and equipment,
drilling results, agreement terminations, regulatory approval and actual drilling results, including geological and mechanical factors affecting recovery rates.
Estimates of reserves and resource potential may change significantly as development of the Company’s oil and gas assets provides additional data.

1
Kosmos – The Case for Investment
Kosmos is positioned for the upturn: well-capitalized, pure-play deepwater company with growing
production, a pipeline of development opportunities, and a balanced exploration portfolio

• To meet growing energy demand, the world needs both deepwater and shale
– The shale and deepwater companies with the best portfolios and the best execution will be successful
– Premium acreage positions and terms, coupled with low costs drive attractive returns

• Lower costs and less competition are making the deepwater more attractive
– Majors returning to frontier deepwater exploration
– Industry consolidation, attrition, or a re-focus on shale creates significant opportunities for leading independent
explorers like Kosmos to play with and alongside the majors
– Recent success in opening world-class basins (e.g. Mauritania/Senegal, Guyana), fewer players, bigger fields
(e.g. Liza, Tortue, Yakaar)
– Continuing cost deflation is reducing capital intensity, facilitating business execution and maximizing returns

• Kosmos’ counter-cyclical strategy has created competitive advantage

– Leveraged the downturn to our advantage
– Consistently built a sustainable production, development, and exploration portfolio through the cycle
– Remain focused on core strengths as a pure-play, deepwater company
 Consistent exploration strategy
 Innovative development solutions
 Strategic partnerships

• Kosmos has a balanced portfolio with growth from production, development and exploration assets
2
Kosmos: Stronger Portfolio, More Balanced Growth
Leveraged the downturn to our advantage, built a balanced production, development and
exploration portfolio

1. High-margin production assets delivering growth

– ~$40 operating cash margin at $60 Brent in 20181

2. Low-cost, competitively positioned Tortue gas project provides next phase of growth
– 15 Tcf resource base supports development of 10 mmtpa scheme
– On plateau, 10 mmtpa scheme would be expected to generate substantial, steady long-term annual cash flow
– $533mm BP development carry funds substantial portion of Kosmos share of initial phase (2.5 mmtpa),
establishing infrastructure for full development and providing early cash flow
– 20 Tcf discovered resource base in Yakaar/Teranga adds potential for second hub

3. Sustainable exploration program with balance of proven, emerging, and frontier basins offering multiple
catalysts in 2018, 2019, and beyond (2-3 wells/year)
– Proven: Short cycle tie-back (Equatorial Guinea)
– Emerging: Prove up plays with follow on opportunity (Mauritania, Senegal, Suriname)
– Frontier: Capture significant position in petroleum system to fully explore (Sao Tome & Principe, Cote d’Ivoire)

4. Strong balance sheet supports strategy execution

– Low leverage of less than 2.0x net debt / EBITDAX

1. Operating cash margin defined as Brent price less opex and cash taxes for Ghana and Equatorial Guinea 3
 Deepwater Now More Attractive
Kosmos is ideally positioned as a pure deepwater company with a substantial portfolio of
prospectivity to take advantage of lower costs and reduced competition
Net Active Exploration Acreage North American Shale vs. Offshore Capital Costs
In West Africa & Northeast South America1 (Indexed to 2014)2
70,000 100

60,000
95
North America Shale
Drilling & Completion
Capex
50,000
90
Sq. Km.

40,000

Capital Costs
85

30,000 Offshore
Capex

80

20,000

75
10,000

0 Total Kosmos En ergy ExxonMobil Tullow Oil BP Shell Wood side Anad arko Eni Repsol Ch evron Hes s Corporation CN OOC Ltd Statoil PETRON AS Cairn Energy BHP Billiton Apache Noble En ergy ONGC Marathon Oil DEA INP EX Corporation Petrobras Maersk Oil Premier Oil
70
2014 2015 2016 2017 2018 2019 2020
Major Independent Year of Contract Execution

1. Source: Wood Mackenzie. Data excludes Brazil. Kosmos acreage data provided by Kosmos and includes Ghana, Equatorial Guinea, Mauritania, Senegal, Suriname, Sao Tome & Principe, and Cote d’Ivoire
2. Source: Rystad Energy 4
The Best Deepwater & Shale Companies Will Win
High-quality deepwater assets can compete for capital with the best of shale; execution
efficiency and quality of acreage matter to both

Breakeven Price of Top Quartile Assets Global Oil Supply2

$50

2017

12%
Breakeven Price1

$45 7%

Jubilee

$40

Deepwater

Shale
$35 Trion Lapa Eagle Ford Iara NW Shelf Itapu Stone s San Juan Basin Lancas te r Carcara DJ Basin SNE Luciu s CBP Johan Sverd rup Buzios Vikin g Delaware Midlan d Buzz ard Jubilee Liz a

Rest of World
Deepwater Shale

1. Source: RS Energy Group, PV-10 Breakeven at 20:1 WTI:HH Ratio (RS Energy Group)
2. Source: Rystad Energy
Note: Shale plays include: Eagle Ford, NW Shelf, San Juan Basin, DJ Basin, CBP, Viking, and Permian (Delaware and Midland)
5
Strong Reserve Base
Delivering growing, high-margin
production

6
Ghana: Big Fields Get Bigger
Jubilee and TEN fields provide foundation of high-margin cash flow
Jubilee & TEN
Net Production1
• High-margin barrels 35

– Growing production into improving macro environment 30

– Declining opex/bbl supports margin expansion 25
– ~$40/bbl operating margin at $60/bbl Brent in 2018

MBopd
20

• Strong reserve replacement 15

– Averaged over 140% last 3 years 10

5
• Future development
0
– Greater Jubilee Full Field Development Plan approved 2016 2017 2018E
– ITLOS concluded with no impact to TEN Jubilee TEN

– Drilling recommenced to grow production at TEN and

250 Ghana 1P Reserve
Jubilee Replacement %
– Turret Remediation Plan 200
 Turret stabilization: ~4 week shutdown of oil
production underway

RRR %
150

 Rotation to optimal heading: around year-end 2018

with minimal impact to 2018 production 100

50

0
2015 2016 2017

1. Represents net entitlement volumes

Note: Operating margin defined as Brent oil price less operating expense and taxes 7
Equatorial Guinea: A Good Deal Gets Better
Acquisition of high-margin production at Ceiba/Okume and capture of exploration blocks provides
multiple avenues to create value with rapid payback…already exceeding expectations

43
• Strategic Rationale 37
– Diversifies existing production base 2018E
Gross
– Accesses proven oil basin Production
– Highly-economic tie-back opportunities provide potential (Mbopd)
@

+
Current
to shorten cycle times for production growth Acquisition

~$60
~$55
• Highly accretive deal with accelerated payback
– Purchased at < 2x EBITDAX vs. trading multiple of ~7x Oil Price1
–
(Brent, $/bbl)
High-margin barrels (~$40/bbl at $60/bbl Brent in 2018)
create significant free cash flow @ Acquisition Current

 < 2 year payback expected +

~3
• Innovative partnership <2
– Leverages Kosmos exploration/subsurface capabilities Payback2
(Years)
with Trident’s production/operating expertise
@ Acquisition Current

Value Creation

1. Source: Bloomberg, price is 2018 strip at transaction announcement.

2. Payback of initial $231MM net closing consideration; approximate 3 year payback based on $55 Brent, less than 2 year current payback based on $60 Brent
3. Includes opex, taxes, and capex
8
Equatorial Guinea: 2018 Work Program
Activities focused on maximizing existing resource value and finding new resources, with
2018 work program enabling 2019 tie-back focused drilling
Maximizing Value of Existing Resource1 Finding New Resource
80
Further Value
70 Enhancement
Decreased ARO via:
60 Enhanced
•
•
Optimized work scope
Cost deflation
Production Tie • Lower NPV from higher
50 Back discounting due to field life
extension
40 Potential BLOCK
W EG-21
30 Okume
20 Ceiba
EG-24
10 BLOCK
Extended Field Life
0 S
3D seismic
survey

Previous Operator Kosmos / Trident With Exploration Success

1H:18 2H:18 1H:19 2H:19 2020+

Existing well optimization
Maximizing
Value Waterflood Optimization
Of Existing
Resource Phase 1 ESP installation2

Acquire 3D Seismic over Process acquired 3D

Blocks W, S, EG-21 seismic
Finding New
Infield / Near Field: Short
Resource
Cycle Tie Backs
Large, standalone
Prospects
1. Illustrative production profile
2. ESP installations expected to generate > 100% rate of return 9
Solid Reserve Base Underpins Company Value
Big fields get bigger, good deals get better, delivering capital efficient resource expansion and
value growth
Ghana & EG 2P Reserves & Production (MMBoe)1
200 20

• Growing reserve base provides

Production (MMBbls)
2P Reserves (MMBoe)
150 15
foundational value
100 10

• Ghana and Equatorial Guinea 2P reserves

50 5
underpin base value of share price, offer
downside protection - -
2015 2016 2017

• Growth opportunity from continuing Jubilee TEN EG Production2

conversion of 3P to 2P reserves
Ghana & EG After-Tax PV-10 Less Net Debt Per Share1
$9.00

$6.00

$3.00

$-
2P 3P

1. Reserves and After-tax PV-10 from Ryder Scott 2017 PRMS Reserve Report at $60/$65/$70 per barrel Brent for 2018/2019/2020+
2. 2017 production pro-forma EG acquisition, includes full-year impact of EG production
Note: Total 2P reserves includes oil, sales gas, and fuel gas
10
Pipeline of World-Scale
Developments
Delivering sustainable cash flow
for the long term

11
Greater Tortue: World-Scale, Fast-Track Gas Project
Kosmos-BP partnership aligned to deliver low cost, highly competitive gas project
on accelerated pace with room for expansion

• 15 Tcf gas resource

– World scale gas field underpins leading LNG
project
– 10 mmtpa project would be expected to generate Tortue HOUSTON
cash flow of ~$350 MM/yr net to Kosmos over
~20+ year plateau

• Innovative development solution

– BP-led phased development expected to FID
around end 2018 and deliver first gas in late 2021
– 2.5 mmtpa first phase development establishes
infrastructure for future expansion
– First phase delivers early cash flow and Lowest Decile on LNG Cost Curve1
substantially funded by BP carry $18

$16

• Cost competitive with Atlantic Margin LNG $14

– First phase using cost competitive, industry-led $12

Tortue
liquefaction solution $10

– High-quality reservoir and resource density leads

$8

$6
to fewer wells and more efficient development
– Future expansion planned, providing economies
$4

$2
of scale
$-

Australia / Asia East Africa North America Russia West Africa

1. Source: Goldman Sachs
12
Greater Tortue: Cost Competitive LNG
BP project team has made significant progress towards FID

• BP plan for 2.5 mmtpa first phase selected

– Innovative near-shore solution provides cost-competitive LNG and establishes infrastructure
for future expansion

• Approval of ICA provides clear path to FID around year end 2018 and first gas late
2021
– Front End Engineering Design underway
– Key subcontracts awarded
– LNG marketing underway

13
Sustainable and Balanced
Exploration Portfolio
Delivering Long-Term Growth

14
Top Quartile Exploration Performance – Strategy and Execution

Kosmos’ exploration strategy is being executed with discipline, creating a balanced portfolio which
has delivered top quartile success and provides a sustainable drilling program going forward
Kosmos vs. Industry Exploration Activity
• Strategy 30,000 500

– Focus on south Atlantic margin, Cretaceous, 400

Offshore Exploration Wells

deepwater petroleum systems
20,000
– Concentrated portfolio, rifle shot exploration drilling 300

Sq. Km.
• Execution 10,000
200

– Contrarian, technical ideas and countercyclical 100

business initiatives provide first mover advantage
– Investment through low price cycle takes advantage of - 0
better access opportunity and deflated costs 2015 2016 2017

– Large, operated positions in selected basins provide Kosmos Gross

Acreage Additions
Kosmos Seismic
Acquired
Industry Offshore
Exploration Wells1
significant potential and enable exploration risk to be
managed 16 Frontier Deepwater Exploration Wells, Discoveries, Success Rates 25%
2013-20172

• Results 20%
− Concentrated, balanced, exploration portfolio with a 12

Commercial Success Rate

Kosmos
mix of proven, emerging and frontier basins
Wells Drilled
15%
− Top quartile historical record of success in opening 8
frontier basins (1 in 5 commercial discovery rate) 10%
− Exploration drilling success and active new ventures
ensure a sustainable, exploration drilling program 4
5%
− 2-3 wells each year going forward (e.g. 2018 Suriname,
2019 Mauritania/Senegal, Sao Tome, and Equatorial
0 0%
Guinea) Shell Total Anadarko BP Tullow Oil Woodside

Companies
Petroleum
Repsol Petrobras Cairn Energy Statoil ExxonMobil Kosmos Energy

1. Source: Wood Mackenzie

2. Source: Richmond Energy Partners, data include frontier, deepwater exploration wells drilled from 2013-2017
Commercial
Success Rate
Commercial
Discoveries
Gross Exploration
Wells
15
Proven Basin Exploration – Equatorial Guinea
Nearfield exploration in the proven, but underexplored Rio Muni basin includes lower risk, short-
cycle time, high-value, tie-back exploration opportunities to the Ceiba /Okume facilities

• Underexplored opportunity involves three primary

Cretaceous fairways
Infield / Near-field
– Infield/nearfield
 Campanian upper slope/channel play fairway
and deeper, Santonian and Albian potential
underlying the producing fields BLOCK W
EG-21
 Multiple leads/prospects identified
EG-24
– Step-out
Step-out
 Potential mid-late Cretaceous mid-slope exploration Ceiba Okume
channel systems downdip and along trend BLOCK S
– Standalone Regional 3D
seismic survey
 Outboard lower slope play fairways
Standalone
• Plan to acquire new 3D seismic this year ahead of
high grading opportunity set for drilling starting in
late 2019

16
Emerging Basin Exploration – Mauritania / Senegal
Giant gas resource base found at best-in-class metrics with significant remaining potential

• Exploration to date
– Two phases of exploration completed
 7 prospects tested with a success rate of ~60% Explore
 Discovered 40 Tcf of gas and derisked/delineated 40 Tcf at a for oil
cost of $0.20/boe

– First phase – Inboard Central Anticline Trend

 3 discoveries, 100% success rate, Tortue, Marsouin, and Teranga
 Tortue discovery targeting first gas late 2021

– Second phase – Outboard Basin Floor Fan Fairway

 4 prospects tested, including 33% success rate in southern Lamantin
Mauritania/northern Senegal gas trend, and 0 for 1 in northern
Mauritania oil trend
 Yaakar Field gas discovery (largest find in the world in 2017), Hippocampe Marsouin
together with Teranga creates potential additional gas hub Explore /
appraise for
 Gained proprietary technical knowledge providing key petroleum
gas
system insights and competitive advantage for next phase of
exploration MAURITANIA
SENEGAL Tortue

• Future exploration of this emerging basin

Requin
– 2018 Tigre Teranga
Liquids or Gas
 Drilling pause to integrate well results and rebuild prospect inventory
Yakaar
Lead / Prospect
– 2019 and beyond Gas Discovery

 Design and execute program to target oil in northern Mauritania (both Gas Prospect

inboard and outboard) SNE OIL

Future 3D
Seismic
 Delineate gas resources in southern Mauritania /northern Senegal for Albian/CT
additional gas hubs
17
Emerging Basin Exploration – Suriname
Extension of emerging oil petroleum system recently opened in Guyana, provides up to five
independent plays and multi-billion barrel potential, with drilling to commence 2Q’18
• Multi-billion barrel prospectivity to be tested
Pontoenoe Tertiary
Liza-1 Turbot Aurora

SURINAME
across 5 independent Cretaceous plays

GUYANA
Apetina Trend
• In 2018, testing two plays:
Trend
– Anapai – 700 MMBbl gross unrisked early
Cretaceous structural / stratigraphic trap in
Block 45
– Pontoenoe/Aurora/Apetina – 500+ MMBbl
ACT Source
gross unrisked late Cretaceous Liza-type
stratigraphic play in Block 42
• Follow-on exploration drilling to test other
independent plays in 2019 – 2021

Apetina Aurora
Anapai
Trend Trend
Payara-1 Pontoenoe
Prospect BLOCK 45 Upper
Liza-1 Tertiary Cretaceous
Araku-1
Turbot-1
BLOCK 42 Anapai
Prospect

Albian

Upper
Albian Mid Albian
Sands Source
Upper Cretaceous Prospects
Lower Cretaceous Prospects
Upper Cretaceous Source
Lower Cretaceous Source

18
Frontier Basin Exploration – STP / CDI
Executing frontier basin exploration strategy through the BP / KOS strategic alliance to provide
new drilling opportunities in 2020 and beyond
• Re-entry into the Transform Margin and
Gulf of Guinea
• Leveraging new learnings to pursue
contrarian technical concepts
• Growing acreage footprints in existing
basins, e.g. Sao Tome
Jubilee
• Establishing entry positions in new CI-707 CI-708
CI-526
petroleum systems, e.g. Cote D’Ivoire TEN
• Acquiring, processing and interpreting
3D seismic for drilling starting in 2020 CI-602 CI-603

Oil field/seeps BLOCK W

BLOCK S
COTE D’IVOIRE
Completed 3D EG-21
Seismic
Príncipe Okume
2nd inning: Complex
Export of core
Cretaceous BLOCK EG-24 Ceiba EQUATORIAL
Theme 5 GUINEA
BLOCK
10
BLOCK
6
BLOCK
11
São
Tomé
SAO TOME
BLOCK
3rd Inning:
12 and
Return to the
Rio Muni &
BLOCK
13 PRINCIPE
Transform
Margin

19
Strong
Financial
Platform

20
Financial Strength To Execute Through Cycle
Prudent balance sheet management has enabled strategy execution

$2.0 $120
Strategy targets self-funded business plan $1.5 $100
– Strong operating cash flow from producing assets $1.0 $80
– Liquidity : $1.3 bn post refinancing of RBL
1
$0.5 $60

$0.0 $40
Disciplined capital allocation 2010 2011 2012 2013 2014 2015 2016 2017
– Balance between production, development, exploration Liquidity
$Bn
Brent Price
$/bbl
– Leverage partner funding
4.0x
Debt maturities actively managed
3.0x Net Debt / EBITDAX covenant < 3.5x
– No debt maturity until 2021
2.0x
– RBL refinanced until 2025
– RCF (undrawn) expect to refinance prior to maturity in 1.0x
2018
0.0x
2011 2012 2013 2014 2015 2016 2017
Low leverage
– Exited 2017 with significant headroom on facilities and
covenants2 20x

15x
Disciplined hedging program
– Received cash settled hedges of over $450 million since 10x
2015
5x EBITDAX / Interest Expense covenant > 2.25x

0x
2011 2012 2013 2014 2015 2016 2017

1. As of December 31, 2017 and pro-forma RBL refinancing

2. Calculated using pro forma EBITDAX ($695 MM), including our 50% interest in KTEGI for full-year 2017, for the purposes of calculation of our covenants under our RBL facility.

21
2018 Guidance
FY FY
2018 2018
1
Kosmos Equatorial Guinea - Equity Method Investment

Jubilee 7 Gross Production (Bopd) 43,000

TEN 4
Ghana 11 Cargos2 10

Avg. Cargo Size (MBbls) ~975 Avg. Cargo Size (MBbls) ~1,000

Opex ($/bbl) $14.00 - $17.00 Opex ($/bbl) $13.00- $15.00

DD&A ($/bbl) $24.00 - $26.00 DD&A ($/bbl) $24.00- $26.00

G&A ($MM) $100 Taxes ($/bbl) $15.00 - $17.00

% Cash 65% % Cash 45%

Exploration Expense ~$30mm per quarter Capex ($MM) $5

(Non Dry Hole)

Taxes ($/bbl) $3.00 - $4.00

% Cash 100%

Capex ($MM) $300

Ghana $110
Exploration
Suriname Drilling $50
Seismic $80
New Ventures $50
Corporate $10
1. Represents 100% interest in our equity method investment Kosmos Trident International Petroleum Inc (KTIPI). Kosmos owns a 50% interest in KTIPI which holds an 85% participating interest in the
Ceiba Field and Okume Complex through its wholly-owned subsidiary, Kosmos-Trident Equatorial Guinea Inc. ("KTEGI"), representing a 40.375% net indirect interest to Kosmos.
22
2. Entitlement share of production net to KTIPI in which Kosmos holds a 50% interest
Kosmos: Stronger Portfolio, More Balanced Growth
A balanced production, development, and exploration portfolio with multiple sources of upside

1. High-margin production assets delivering growth

− 2P reserves underpin current share price
− 3P resources offers significant upside

2. Low-cost, competitively positioned Tortue gas project provides next phase of

growth
− Tortue Phase 1 project moving forward as planned
− Tortue Full Field Development offers further upside

3. Sustainable exploration program with balance of proven, emerging, and frontier

basins offering multiple catalysts in 2018, 2019, and beyond

4. Strong balance sheet enables strategy execution

23
 Appendix

Strictly Private and Confidential

Kosmos Reserve Summary
Summary Reserve Information

Preparer: Ryder Scott Ryder Scott Ryder Scott Ryder Scott

Parameters: SEC PRMS PRMS PRMS
Reserve Case: 1P 1P 2P 3P

Brent Oil Price ($/bbl) $54.42 $60/$65/$70 $60/$65/$70 $60/$65/$70

Greater Jubilee
Oil (MMBbls) 50.5 50.5 99.8 140.1
Fuel Gas (Bcf) 11.6 11.6 14.2 14.2
Sales Gas (Bcf) 0.0 0.0 106.9 184.1
Total (MMBoe) 52.4 52.4 120.0 173.1

TEN
Oil (MMBbls) 30.9 30.9 36.6 39.1
Fuel Gas (Bcf) 8.8 8.8 10.6 10.6
Sales Gas (Bcf) 28.4 28.4 59.7 70.3
Total (MMBoe) 37.1 37.1 48.3 52.6

Total Ghana
Oil (MMBbls) 81.4 81.4 136.4 179.2
Fuel Gas (Bcf) 20.5 20.5 24.8 24.8
Sales Gas (Bcf) 28.4 28.4 166.6 254.4
Total (MMBoe) 89.5 89.5 168.4 225.8

EG
Oil (MMBbls) 18.6 18.7 29.8 40.5
Fuel Gas (Bcf) 12.6 13.2 20.2 21.7
Sales Gas (Bcf) 0.0 0.0 0.0 0.0
Total (MMBoe) 20.7 20.9 33.1 44.1

Total Company
Oil (MMBbls) 100.0 100.1 166.2 219.7
Fuel Gas (Bcf) 33.1 33.7 45.0 46.5
Sales Gas (Bcf) 28.4 28.4 166.6 254.4
Total (MMBoe) 110.2 110.4 201.5 269.9

Source: Kosmos Energy 2017 10-K, Ryder Scott PRMS Reserve Report as of December 31, 2017 prepared on behalf of Kosmos Energy
25
Note: EG 1P SEC and PRMS reserve volumes differ due to changes in price and corresponding effect of production sharing contract
Kosmos PV-10 Summary
Summary PV-10 Information ($MM)

Preparer: Ryder Scott Ryder Scott Ryder Scott Ryder Scott

Parameters: SEC PRMS PRMS PRMS
Reserve Case: 1P 1P 2P 3P

Brent Oil Price ($/bbl) $54.42 $60/$65/$70 $60/$65/$70 $60/$65/$70

Greater Jubilee
Future Gross Revenue $2,753.1 $3,434.2 $7,177.2 $10,211.1
Deductions 1,752.0 1,752.0 1,842.8 1,857.1
Future Net Income (FNI) 1,001.1 1,682.2 5,334.5 8,354.1
Discounted FNI @ 10% Before Taxes 705.9 1,106.5 3,041.4 4,231.8
Discounted FNI @ 10% After Taxes $543.9 $771.9 $2,011.2 $2,783.0

TEN
Future Gross Revenue $1,696.9 $2,112.7 $2,554.3 $2,758.0
Deductions 1,223.7 1,223.7 1,337.2 1,342.0
Future Net Income (FNI) 473.3 889.0 1,217.1 1,416.0
Discounted FNI @ 10% Before Taxes 405.3 668.2 842.6 934.2
Discounted FNI @ 10% After Taxes $418.1 $602.6 $719.5 $779.7

Total Ghana
Future Gross Revenue $4,450.0 $5,546.9 $9,731.5 $12,969.1
Deductions 2,975.7 2,975.7 3,180.0 3,199.1
Future Net Income (FNI) 1,474.3 2,571.3 6,551.5 9,770.0
Discounted FNI @ 10% Before Taxes 1,111.2 1,774.7 3,883.9 5,166.0
Discounted FNI @ 10% After Taxes $962.0 $1,374.5 $2,730.7 $3,562.7

EG
Future Gross Revenue $1,003.1 $1,244.9 $2,002.4 $2,726.7
Deductions 768.9 802.3 973.6 1,053.3
Future Net Income (FNI) 234.2 442.5 1,028.8 1,821.4
Discounted FNI @ 10% Before Taxes 768.9 802.3 973.6 1,053.3
Discounted FNI @ 10% After Taxes $129.5 $235.2 $508.3 $812.0

Total Company
Future Gross Revenue $5,453.1 $6,791.8 $11,733.9 $15,695.7
Deductions 3,744.6 3,778.0 4,153.6 4,252.3
Future Net Income (FNI) 1,708.5 3,013.8 7,580.3 11,591.4
Discounted FNI @ 10% Before Taxes 1,880.1 2,577.0 4,857.5 6,219.3
Discounted FNI @ 10% After Taxes $1,091.5 $1,609.7 $3,239.0 $4,374.7

Less Net Debt $1,019.7 $1,019.7 $1,019.7 $1,019.7

After Tax PV-10 Less Net Debt / Share $0.18 $1.52 $5.70 $8.62

Source: Kosmos Energy 2017 10-K, Ryder Scott PRMS Reserve Report as of December 31, 2017 prepared on behalf of Kosmos Energy
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Note: After-Tax PV-10 Less Net Debt per Share calculated using fourth quarter 2017 weighted average share count of 389.1 million shares