Frank Timis does it again as Kosmos Energy announces significant gas discovery off-shore Senegal in West Africa

Mining Magnate - Frank Timis

Mining Magnate – Frank Timis

Frank Timis’ uncanny ability to frustrate the British Media’s attempt to write him off has baffled his critics, many of whom have come to admire his ability to always rise up when you least expect him to, after being written off by an extremely hostile and influential elite of British business Journalists. Timis has a knack to know how to bounce back from extreme situations where one would be forgiven to think he has been completely finished. It is this knack that has made the world continue to see Timis succeed in most ventures he lay his hands on. His ability to predict success is second to none. He has become an iconic business magnate. That is why Timis is now referred to as the Emperor – albeit the Emperor of West African Resources. West Africa has been a new found business love for Frank Timis, a place where, for it not being the recent Ebola outbreak that affected the amazing success of African Minerals, the Timis Empire would have grown economically beyond everyone’s imagination. African Minerals’ contribution to Sierra Leone’s economic potential saw double digit growth in the country’s economic outlook prior to the Ebola outbreak which caused Iron Ore production to stall and the Mines shut down for health and safety reasons. The outbreak had a devastating toll on the overall performance of the Timis Empire, with the combined effect of the fall in global market price for Iron ore, Uranium and oil. All these affected overall output in production and performance. The Ebola outbreak has now been declared over and the Timis brand is expected to rise up again.

Investor confidence seems to be the number one reason why the Timis empire continues to flourish, as most mining investors have come to recognise his ability to identify and pursue potentially lucrative mining ventures that often hugely pay off. Timis has identified and embraced outstanding performing governments across West Africa. Those who have taken investment opportunities seriously and have laid the groundwork to facilitate easy business and investment potential in their respective countries. Sierra Leone being top most in his agenda where you have a President who continues to ensure a business-friendly atmosphere where investors are protected by laws and rules that guarantees maximum dividends and confidence in the state. In Niger, Timis is working on restarting his mines operation again and with the largest deposit of Uranium in the world this is one of his most ambitious projects, and in Burkina Faso where you have the largest deposit of Manganese in the world, Timis has restored and restarted operations as well. And of course in Sierra Leone where two weeks ago Timis together with Gerald Metals, one of the largest commodities trader in the world and with  first bank of Nigeria, Africa’s largest bank, have closed the deal to restart the Marampa mines, which has a 60 year mine life. All parties have visited Sierra Leone and met with the President who has given his blessings to the deal.

As Timis continues to defy his critics, success seems to always be in the loom. Frank Timis, along with Kosmos Energy have recently announced a significant gas discovery off-shore Senegal in West Africa, which according to them (reported in the Dallas Business Wire News), is located in the Cayar Offshore Profond block approximately 65 kilometres northwest of Dakar in nearly 1,800 meters of water, the Teranga-1 well was drilled to a total depth of 4,485 meters. The well encountered 31 meters (102 feet) of net gas pay in good quality reservoir in the Lower Cenomanian objective. Well results confirm that a prolific inboard gas fairway extends approximately 200 kilometres from the Marsouin-1 well in Mauritania through the Greater Tortue area on the maritime boundary to the Teranga-1 well in Senegal. Kosmos have now drilled five consecutive successful exploration and appraisal wells in this fairway with a 100 percent success rate. In the process, the company has discovered a gross Pmean resource of approximately 25 Tcf and estimates the fairway may hold more than 50 Tcf of resource potential. In 2014, Kosmos Energy acquired a 60% working interest from Timis Corporation in the license areas offshore Senegal where two of the significant gas discoveries were made. In a standard industry transaction, Kosmos agreed to cover the costs of the work program — worth up to approximately $400 million – that led to the discoveries. This included a planned 3D seismic program, and as many as three contingent exploration wells, subject to a maximum gross cost per well of $120 million.

The Chairman and Chief Executive Officer of Kosmos Energy, Andrew G. Inglis was quoted as saying: “Our continuing exploration success demonstrates we have opened a super-major scale basin offshore Mauritania and Senegal with world-class resource potential. Given the scale and quality of the gas resource discovered along the inboard trend, our focus is to move this resource through to development. Our forward exploration plan is to mature the two independent tests with oil potential in northern Mauritania and in the outboard of Mauritania and Senegal for drilling in 2017.” The discovery is the largest in West Africa and one of the largest in the world and this will in turn make Timis a significant player in the global Oil and Gas market.

According to the report, Kosmos holds a 60 percent interest in the Teranga-1 well, along with Timis Corporation Limited at 30 percent and Société des Pétroles du Sénégal (Petrosen) at 10 percent. Since 2014, Kosmos has held rights to conduct exploration in the St. Louis Offshore Profond and Cayar Offshore Profond license areas under production sharing contracts with the Government of Senegal.

Such discovery will definitely help salvage the high demand for energy in Sub-Saharan Africa as it does meet the sub-regional ECOWAS’ Energy requirements and will ensure Timis’ vision to produce low-cost energy for West Africa, comes to fruition. Timis has been working tirelessly to restore his mining and oil businesses across Africa and it seems with this huge discovery the sky once more has become the limit.

 

© 2016, Ahmed M Kamara. All rights reserved. – The views expressed here are purely those of the author and not necessarily those of the publishers. – Newstime Africa content cannot be reproduced in any form – electronic or print – without prior consent of the Publishers. Copyright infringement will be pursued and perpetrators prosecuted.

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