#1Strictly Private and Confidential KOSMOS ENERGY. Investor Presentation NYSE/LSE: KOS March 2018#2Disclaimer KOSMOS ENERGY. 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#32017 A year of strong operational and strategic delivery • Cashflow - Strong operating performance: Net free cash flow of ~$320mm ■ ~$230mm used for Equatorial Guinea acquisition ■ -$90mm of net debt reduction Balance Sheet Entering 2018 with RBL refinancing complete - $1.3bn of liquidity to support further organic and inorganic growth Portfolio Equatorial Guinea acquisition immediately accretive ■ Purchased at < 2x EBITDAX vs. trading multiple of ~7x ■ Payback expected in <2 years ■ Diversifies production ■ Proven basin with exploration upside Growth - >200% organic reserve replacement - Production growth of 65% YoY1 • Exploration - Completed second phase of exploration drilling in Mauritania and Senegal Program discovered 40 Tcf of gross resource at $0.20/boe Including Yakaar - the largest hydrocarbon discovery in the world in 2017 2 world-scale LNG hubs 1. 2017 vs. 2016 including one month impact from Equatorial Guinea in 2017 KOSMOS ENERGY. 2#4Kosmos – The Case for Investment KOSMOS ENERGY. 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 3#5Kosmos: Stronger Portfolio, More Balanced Growth KOSMOS ENERGY. Leveraged the downturn to our advantage, built a balanced production, development and exploration portfolio 1. 2. 3. 4. - - - High-margin production assets delivering growth ~$40 operating cash margin at $60 Brent in 20181 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 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) 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 4#6Sq. Km. Deepwater Now More Attractive KOSMOS 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 In West Africa & Northeast South America¹ North American Shale vs. Offshore Capital Costs (Indexed to 2014)² ENERGY. 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 KOSMOS ENERGY. Major Independent Capital Costs 100 95 90 85 80 60 75 70 2014 2015 2016 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 2017 North America Shale Drilling & Completion Capex Offshore Capex 2018 2019 2020 Year of Contract Execution 5#7Breakeven Price1 The Best Deepwater & Shale Companies Will Win KOSMOS ENERGY. High-quality deepwater assets can compete for capital with the best of shale; execution efficiency and quality of acreage matter to both $50 $45 $40 $35 Breakeven Price of Top Quartile Assets 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) Jubilee Global Oil Supply² 2017 Deepwater Shale Rest of World 12% 7% 6#8KOSMOS ENERGY. Strong Reserve Base Delivering growing, high-margin production 7#9Ghana: Big Fields Get Bigger Jubilee and TEN fields provide foundation of high-margin cash flow • High-margin barrels - Growing production into improving macro environment Declining opex/bbl supports margin expansion ~$40/bbl operating margin at $60/bbl Brent in 2018 • Strong reserve replacement • - Averaged over 140% last 3 years Future development - Greater Jubilee Full Field Development Plan approved ITLOS concluded with no impact to TEN Drilling recommenced to grow production at TEN and Jubilee MBopd ― Turret Remediation Plan ■ Turret stabilization: ~4 week shutdown of oil ■ production underway Rotation to optimal heading: around year-end 2018 with minimal impact to 2018 production 1. Represents net entitlement volumes Note: Operating margin defined as Brent oil price less operating expense and taxes RRR % 20 15 10 • G5 NNW G 30 35 KOSMOS ENERGY. Jubilee & TEN Net Production1 2016 2017 2018E Jubilee TEN 250 Ghana 1P Reserve Replacement % 200 150 100 50 0 2015 2016 2017 8#10Equatorial Guinea: A Good Deal Gets Better KOSMOS ENERGY. 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 Strategic Rationale - - Diversifies existing production base Accesses proven oil basin Highly-economic tie-back opportunities provide potential to shorten cycle times for production growth Highly accretive deal with accelerated payback Purchased at < 2x EBITDAX vs. trading multiple of ~7x - - High-margin barrels (~$40/bbl at $60/bbl Brent in 2018) create significant free cash flow ☐ < 2 year payback expected Innovative partnership Leverages Kosmos exploration/subsurface capabilities with Trident's production/operating expertise 43 37 2018E Gross Production (Mbopd) @ Acquisition Current -$60 ~$55 Oil Price 1 (Brent, $/bbl) + @ Acquisition Current + ~3 <2 Payback² (Years) 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 @Acquisition Current Value Creation 9#11Equatorial Guinea: 2018 Work Program KOSMOS Activities focused on maximizing existing resource value and finding new resources, with 2018 work program enabling 2019 tie-back focused drilling ENERGY. Maximizing Value of Existing Resource¹ 80 70 60 Enhanced Production 50 Tie 40 Back Potential 30 20 10 0 2017 2018 Previous Operator 2019 2020 2021 2022 Maximizing Value Of Existing Resource Finding New Resource 1. Illustrative production profile 2. ESP installations expected to generate > 100% rate of return 2023 2024 2025 2026 Kosmos/Trident Further Value Enhancement Decreased ARO via: Optimized work scope Cost deflation Lower NPV from higher discounting due to field life extension With Exploration Success 2027 2028 2029 Extended Field Life 2030 1H:18 2H:18 Existing well optimization 50 km 40 miles Gulf of Guinea Finding New Resource BLOCK W EG-21 Okume Ceiba BLOCK S 3D seismic survey EQUATORIAL GUINEA 1H:19 2H:19 2020+ Waterflood Optimization Phase 1 ESP installation² Acquire 3D Seismic over Blocks W, S, EG-21 Process acquired 3D seismic Infield / Near Field: Short Cycle Tie Backs Large, standalone Prospects 10#12Solid Reserve Base Underpins Company Value KOSMOS Big fields get bigger, good deals get better, delivering capital efficient resource expansion and value growth ENERGY. Growing reserve base provides foundational value Ghana and Equatorial Guinea 2P reserves underpin base value of share price, offer downside protection • Growth opportunity from continuing conversion of 3P to 2P reserves 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 2P Reserves (MMBoe) Ghana & EG 2P Reserves & Production (MMBoe)¹ 200 20 150 100 50 60 $9.00 $6.00 2015 2016 2017 Jubilee TEN EG Production² Ghana & EG After-Tax PV-10 Less Net Debt Per Share¹ $3.00 $- 2P 3P 15 10 5 Production (MMBbls) 11#13KOSMOS Pipeline of World-Scale Developments Delivering sustainable cash flow for the long term ENERGY. 12#14Greater Tortue: World-Scale, Fast-Track Gas Project KOSMOS Kosmos-BP partnership aligned to deliver low cost, highly competitive gas project on accelerated pace with room for expansion ENERGY. • 15 Tcf gas resource - World scale gas field underpins leading LNG project 10 mmtpa project would be expected to generate 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 substantially funded by BP carry Cost competitive with Atlantic Margin LNG First phase using cost competitive, industry-led liquefaction solution - High-quality reservoir and resource density leads to fewer wells and more efficient development Future expansion planned, providing economies of scale $2 1. Source: Goldman Sachs 0 10 20 KM 0 4 8 12 MILES Tortue $18 $16 $14 $12 Tortue $10 $8 $6 $4 HOUSTON Lowest Decile on LNG Cost Curve¹ $- Australia / Asia East Africa North America Russia West Africa 13#15Greater Tortue: Cost Competitive LNG BP project team has made significant progress towards FID KOSMOS ENERGY. • . 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 underway Key subcontracts ready to award - LNG marketing underway 14#16KOSMOS ENERGY. Sustainable and Balanced Exploration Portfolio Delivering Long-Term Growth 15#17Top Quartile Exploration Performance - Strategy and Execution KOSMOS ENERGY. 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 • Strategy - Focus on south Atlantic margin, Cretaceous, deepwater petroleum systems Concentrated portfolio, rifle shot exploration drilling Execution - - Contrarian, technical ideas and countercyclical business initiatives provide first mover advantage Investment through low price cycle takes advantage of better access opportunity and deflated costs Large, operated positions in selected basins provide significant potential and enable exploration risk to be managed Results - Concentrated, balanced, exploration portfolio with a mix of proven, emerging and frontier basins Top quartile historical record of success in opening frontier basins (1 in 5 commercial discovery rate) Exploration drilling success and active new ventures ensure a sustainable, exploration drilling program 2-3 wells each year going forward (e.g. 2018 Suriname, 2019 Mauritania/Senegal, Sao Tome, and Equatorial Guinea) 1. Source: Wood Mackenzie 2. Source: Richmond Energy Partners, data include frontier, deepwater exploration wells drilled from 2013-2017 Kosmos vs. Industry Exploration Activity 30,000 500 20,000 E Sq. Km. 10,000 Wells Drilled 16 12 8 4 0 400 300 200 2015 Kosmos Gross 2016 2017 Acreage Additions Kosmos Seismic Acquired Industry Offshore Exploration Wells1 100 0 Frontier Deepwater Exploration Wells, Discoveries, Success Rates 2013-20172 Kosmos Offshore Exploration Wells 25% 20% 15% 10% 5% 0% Commercial Success Rate Companies Commercial Discoveries Gross Exploration Wells 16 Commercial Success Rate#18Proven Basin Exploration - Equatorial Guinea KOSMOS ENERGY. 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 50 km 40 miles - Infield/nearfield • ■ Campanian upper slope/channel play fairway and deeper, Santonian and Albian potential underlying the producing fields ■ Multiple leads/prospects identified. Step-out ■ Potential mid-late Cretaceous mid-slope channel systems downdip and along trend Standalone ■ Outboard lower slope play fairways Plan to acquire new 3D seismic this year ahead of high grading opportunity set for drilling starting in late 2019 Infield/Near-field Step-out exploration /BLOCK W Standalone EG-21 Okume Ceiba BLOCK S EQUATORIAL GUINEA Regional 3D seismic survey 17#19Emerging Basin Exploration - Mauritania / Senegal KOSMOS Giant gas resource base found at best-in-class metrics with significant remaining potential Exploration to date ENERGY. - 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 cost of $0.20/boe for oil - 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 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), together with Teranga creates potential additional gas hub Gained proprietary technical knowledge providing key petroleum system insights and competitive advantage for next phase of exploration Lamantin Hippocampe Marsouin Nouakchott Explore / appraise for gas MAURITANIA SENEGAL Tortue • Future exploration of this emerging basin - 2018 Drilling pause to integrate well results and rebuild prospect inventory 2019 and beyond Design and execute program to target oil in northern Mauritania (both inboard and outboard) Requin Tigre Yakaar Teranga Dakar Delineate gas resources in southern Mauritania /northern Senegal for additional gas hubs 50 km 60 miles SNE OIL Albian/CT Liquids or Gas Lead / Prospect Gas Discovery Gas Prospect Future 3D Seismic 18#20• Emerging Basin Exploration - Suriname KOSMOS 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 ENERGY. Multi-billion barrel prospectivity to be tested across 5 independent Cretaceous plays - In 2018, testing two plays: Anapai - 700 MMBbl gross unrisked early Cretaceous structural / stratigraphic trap in Block 45 Aurora/Apetina - 500+ MMBbl gross unrisked late Cretaceous Liza-type stratigraphic play in Block 42 Follow-on exploration drilling to test other independent plays in 2019-2021 Payara-1 Apetina Trend Liza-1 Turbot-1 Berbice Canyon GUYANA SURINAME OFFSHORE SURINAME BLOCK Kosmos (Operator) Aurora Trend BLOCK 42 Anapai Prospect Tambaredjo Oil Field 100 km 70 miles Liza-1 Turbot GUYANA SURINAME Apetina Trend Aurora Tertiary Trend Maastrichtian Campanian ACT Source BLOCK 45 Araku-1 Tertiary Upper Albian Sands Upper Cretaceous Prospects Lower Cretaceous Prospects Upper Cretaceous Source Lower Cretaceous Source Anapai Upper Cretaceous Albian Mid Albian Source 19#21Frontier Basin Exploration - STP / CDI KOSMOS 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 ENERGY. • Gulf of Guinea • Leveraging new learnings to pursue contrarian technical concepts • • Growing acreage footprints in existing basins, e.g. Sao Tome Establishing entry positions in new • petroleum systems, e.g. Cote D'Ivoire Acquiring, processing and interpreting 3D seismic for drilling starting in 2020 2nd inning: Export of core Cretaceous Theme COTE D'IVOIRE CI-707 CI-708 CI-526 CI-602 CI-603 Oil field/seeps Completed 3D Seismic Príncipe SURINAME MAURITANIA SENEGAL AFRICA COTE D'IVOIRE PGHANA EQUATORIAL GUINEA SAO TOME Tomé SOUTH AMERICA 3rd Inning: Return to the Rio Muni & Transform Margin I BLOCK 13 STP-EG Maritime BLOCK W 100 km 70 miles BLOCKS EG-21 BLOCK Ceiba 5 BLOCK 10 BLOCK 6 BLOCK 11 BLOCK 12 100 km 70 miles Gulf of Guinea Okume Complex EQUATORIAL GUINEA •Libreville Maritime boundary TEN GHANA Jubilee COTE D'IVOIRE bp Port- Gentil GABON Ogooué River SAO TOME and PRINCIPE 20#22Strong Financial Platform KOSMOS ENERGY. 21#23Financial Strength To Execute Through Cycle Prudent balance sheet management has enabled strategy execution Strategy targets self-funded business plan KOSMOS ENERGY. $2.0 $120 $1.5 - Strong operating cash flow from producing assets Liquidity $1.3 bn post refinancing of RBL $1.0 1 $0.5 يلاس $100 $80 $60 Disciplined capital allocation $0.0 $40 2010 2011 2012 2013 2014 2015 2016 2017 Balance between production, development, exploration Liquidity $Bn Brent Price $/bbl Leverage partner funding Debt maturities actively managed 4.0x + I 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 2018 1.0x 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 2015 10x 5x EBITDAX / Interest Expense covenant > 2.25x Ox 2011 2012 2013 2014 2015 2016 2017 1. As of December 31, 2017 and pro-forma RBL refinancing 2. Calculated using pro forma EBITDAX ($695 MM), including our 50% interest in KTEGI for full-year 2017, for the purposes of calculation of our covenants under our RBL facility. 22#242018 Guidance Kosmos KOSMOS ENERGY. Equatorial Guinea - Equity Method Investment¹ 1Q FY 1Q Cargos 2018 2018 2018 Gross Production FY 2018 43,000 Jubilee TEN Ghana 1 7 (Bopd) 1 4 2 11 Cargos² 3 10 Avg. Cargo Size (MBbls) ~975 ~975 Avg. Cargo Size (MBbls) ~1,000 ~1,000 Opex ($/bbl) $21.00 $23.00 $14.00 $17.00 Opex ($/bbl) $13.00-$15.00 DD&A ($/bbl) $27.00 $28.00 $24.00 $26.00 DD&A ($/bbl) $24.00 $26.00 G&A ($MM) % Cash $30 65% $100 65% Taxes ($/bbl) % Cash $11.00 $13.00 60% Exploration Expense Average of $30mm per quarter Capex ($MM) $5 (Non Dry Hole) Taxes ($/bbl) % Current Total Capex ($MM) Ghana Exploration $2.50-$3.50 100% Suriname Drilling Seismic $3.00 - $4.00 100% $300 $110 $50 $80 $50 $10 New Ventures Corporate 1. 2. Represents 100% interest in our equity method investment Kosmos Trident International Petroleum Inc (KTIPI). Kosmos owns a 50% interest in KTIPI which holds an 85% participating interest in the Ceiba Field and Okume Complex through its wholly-owned subsidiary, Kosmos-Trident Equatorial Guinea Inc. ("KTEGI"), representing a 40.375% net indirect interest to Kosmos. Entitlement share of production net to KTIPI in which Kosmos holds a 50% interest 23#25Kosmos: Stronger Portfolio, More Balanced Growth KOSMOS A balanced production, development, and exploration portfolio with multiple sources of upside ENERGY. 1. High-margin production assets delivering growth 2P reserves underpin current share price 3P resources offers significant upside 2. Low-cost, competitively positioned Tortue gas project provides next phase of growth Tortue Phase 1 project moving forward as planned - Tortue Full Field Development offers further upside 3. Sustainable exploration program with balance of proven, emerging, and frontier basins offering multiple catalysts in 2018, 2019, and beyond 4. Strong balance sheet enables strategy execution 24#26Strictly Private and Confidential KOSMOS ENERGY. Appendix#27Kosmos Reserve Summary Preparer: Parameters: Reserve Case: Summary Reserve Information Ryder Scott SEC 1P Ryder Scott PRMS 1P Ryder Scott PRMS 2P KOSMOS ENERGY. Ryder Scott PRMS 3P Brent Oil Price ($/bbl) $54.42 $60/$65/$70 $60/$65/$70 $60/$65/$70 Greater Jubilee Oil (MMBbls) 50.5 50.5 99.8 140.1 Fuel Gas (Bcf) 11.6 11.6 14.2 14.2 Sales Gas (Bcf) 0.0 0.0 106.9 184.1 Total (MMBoe) 52.4 52.4 120.0 173.1 TEN Oil (MMBbls) 30.9 30.9 36.6 39.1 Fuel Gas (Bcf) 8.8 8.8 10.6 10.6 Sales Gas (Bcf) 28.4 28.4 59.7 70.3 Total (MMBoe) 37.1 37.1 48.3 52.6 Total Ghana Oil (MMBbls) 81.4 81.4 136.4 179.2 Fuel Gas (Bcf) 20.5 20.5 24.8 24.8 Sales Gas (Bcf) 28.4 28.4 166.6 254.4 Total (MMBoe) 89.5 89.5 168.4 225.8 EG Oil (MMBbls) 18.6 18.7 29.8 40.5 Fuel Gas (Bcf) 12.6 13.2 20.2 21.7 Sales Gas (Bcf) 0.0 0.0 0.0 0.0 Total (MMBoe) 20.7 20.9 33.1 44.1 Total Company Oil (MMBbls) Fuel Gas (Bcf) Sales Gas (Bcf) Total (MMBoe) 100.0 100.1 166.2 219.7 33.1 33.7 45.0 46.5 28.4 28.4 166.6 254.4 110.2 110.4 201.5 269.9 Source: Kosmos Energy 2017 10-K, Ryder Scott PRMS Reserve Report as of December 31, 2017 prepared on behalf of Kosmos Energy Note: EG 1P SEC and PRMS reserve volumes differ due to changes in price and corresponding effect of production sharing contract 26#28Kosmos PV-10 Summary Preparer: Parameters: Reserve Case: Summary PV-10 Information ($MM) Ryder Scott SEC 1P Ryder Scott PRMS 1P Ryder Scott PRMS 2P Ryder Scott PRMS 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 Discounted FNI @ 10% After Taxes $418.1 $602.6 842.6 $719.5 934.2 $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 KOSMOS ENERGY. 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 Discounted FNI @ 10% After Taxes $129.5 $235.2 $508.3 1,053.3 $812.0 Total Company Future Gross Revenue $5,453.1 $6,791.8 $11,733.9 Deductions 3,744.6 3,778.0 4,153.6 Future Net Income (FNI) 1,708.5 3,013.8 7,580.3 $15,695.7 4,252.3 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 27 Source: Kosmos Energy 2017 10-K, Ryder Scott PRMS Reserve Report as of December 31, 2017 prepared on behalf of Kosmos Energy Note: After-Tax PV-10 Less Net Debt per Share calculated using fourth quarter 2017 weighted average share count of 389.1 million shares