#1Strictly Private and Confidential 123 KOSMOS ENERGY. Investor Presentation November 2012 BRAD WHITMARSH Investor Relations 214.445.9772 [email protected]#2A Differentiated Investment Opportunity Delivering value through exploration and development success KOSMOS ENERGY. • Proven Strategy of Finding and Exploiting New Petroleum Systems • - - - Excellent track record of exploration discovery Industry-leading development success Significant, De-risked Production and Reserves Growth - Ramping up to an extended production plateau at Jubilee. Second oil-focused development at TEN project Pursuing Substantial Exploration Upside - - Active 2012 drilling program with meaningful catalysts Building high-potential portfolio in multiple new basins for drilling from late 2012 • Robust Financial Capacity - Substantial existing and growing cash flows Strong balance sheet to fully fund operating programs going forward Investor Presentation 2 November 2012#3Proven Business Strategy Find and develop large quantities of high-value barrels People and Process Contrarian First Mover Advantage Perspectives KOSMOS ENERGY. Maximized Returns Efficient Development Accelerated Appraisal High Volume, High Value Barrels Concentrated Portfolio Strategic Opportunities Rifle-shot Exploration Low Finding Costs Follow-on Success Early Discovery Investor Presentation 3 November 2012#4High Quality, Oil-Levered Portfolio Growth-focused asset base with Big E upside KOSMOS ENERGY. • Opened Tano Basin (Ghana) With World-Class Discoveries - - - - Originator of the Upper Cretaceous stratigraphic play in West Africa Jubilee discovery de-risked follow-on prospects Expanding Ghana production with additional development Impactful 2012 exploration program delivering success • Accessing New Petroleum Systems - Building high-potential portfolio of strategic opportunities based on existing and new themes and geographies Drilling to open potential new basins commencing late 2012 Kosmos Position MOROCCO SURINAME O MAURITANIA AFRICA SOUTH AMERICA GHANA CAMEROON Investor Presentation 4 November 2012#5Tano Basin Petroleum System - Ghana Foundation of the Company and platform for future growth Producing Oil Field Gas-Condensate Field 2012 Prospect DEEPWATER TANO (18.0%) Wawa GHANA WEST CAPE THREE POINTS (30.875%) • Enyenra Teak Tweneboa Jubilee Ntomme Okure DwT Sapele Mahogany Akasa Banda 0.4 MM Gross Acres KOSMOS ENERGY. Industry-leading Success at Jubilee - Significantly improved Phase 1 productivity. - Implementing the next development phase (Phase 1A) Ramping up to facility capacity of 120 MBpd, gross Progressing Additional Developments Submitted PoD for TEN project on Deepwater Tano - Multiple existing discoveries on West Cape Three Points • Testing Further Exploration Upside - Wawa success and 2 additional Deepwater Tano wells near-term 25 km 15 miles Investor Presentation 5 November 2012#6● Jubilee: Tano Basin-Opening Discovery World-class find and landmark development Discovery Mid-2007, First Oil Late 2010 • Strong Reservoir and Field Performance - 600 MMBoe +, dependent on ultimate recovery - - - High per-well deliverability Field-wide pressure support confirmed Generating strong cash margins Multi-phase Development Project - - - Phase 1 enhancement activity success First production from Phase 1A by YE12 Additional phases expected to follow Long-life Production and Cash Flows - KOSMOS ENERGY. FPSO XMAME NORUMAH MI FPSO Processing Capacity Oil Production (MBpd) 120 Oil Storage (MBbl) 1,600 Water Injection (MBpd) 230 Fully funds Tano Basin activities and new basin exploration program Gas Injection (MMcfpd) 140 Facility Uptime (%) > 95 Investor Presentation 6 November 2012#7● • Growing Production to Facility Capacity Near-term production upside from Jubilee Enhancing Phase 1 Deliverability - - Detailed diagnostic work identified cause and effective solution 5 acid treatments performed - resolved localized flow restriction Significantly increased well productivity Reducing cost of treatment application Implementing Phase 1A - = 5 new production wells, 3 injectors Optimizing drilling and completion designs Two production wells online by YE12 • Gross Average 70 to 80 MBpd in 2012 120 90 90 60 60 30 30 Gross Field Production (MBpd) KOSMOS ENERGY. Potential Upside - YE12 exit rate anticipated >90 MBpd, gross 0 - Anticipated significantly higher production in 1H 3Q Year End Early 2012 2012 2012 2013 2013 Investor Presentation 7 November 2012#8Second Major Offshore Project Near-term development for TEN oil fields Appraisal Program Complete - Substantial Enyenra and Ntomme oil discoveries Near-Term Drilling Successful Well Producing KOSMOS ENERGY. Oil Field Gas-Condensate Field 2012 Prospect DEEPWATER Wawa TANO (18.0%) - Strong oil flow test rates. - High-quality reservoir characteristics - Pmean 360 MMBoe for TEN fields with approximately 70% oil Enyenra Tweneboa • Finalizing FPSO Design and Scope Identifying necessary long-lead items. - Tendering equipment and installation. - Capacity to handle additional discoveries • Plan of Development Submitted - Declaration of commerciality Okure Ntomme 0.2 MM Gross Acres 25 km 15 miles DWT Sapele Jubilee Investor Presentation 8 November 2012#9Ongoing Appraisal of WCTP Discoveries. Significant crude oil and natural gas found in multiple fields Jubilee Producing Oil Field Successful Well Teak Mahogany Akasa WEST CAPE THREE POINTS (30.875%) Banda . KOSMOS ENERGY. Refining Resource Estimates - - - - Mahogany oil discovery Teak oil and gas condensate discovery Akasa light oil discovery Multiple reservoirs, pools distributed stratigraphically and geographically • Optimizing Development Potential Assessing multiple scenarios, optimal development likely tie-back to Jubilee Strong recent flow rates at Akasa-1 DST - Additional appraisal necessary to further determine development options 0.2 MM Gross Acres 25 km 15 miles Investor Presentation 9 November 2012#102012 Exploration Upside in Ghana Testing material unrisked potential to Kosmos Okure Wawa - DEEPWATER TANO (18.0%) - - Turonian-aged interval beneath Enyenra Stratigraphy intersected in Enyenra-2A Pmean 250 MMBoe + Results expected 4Q12 KOSMOS DEEPWATER TANO (18.0%) DWT Sapele Jubilee ENERGY. Mahogany Enyenra Tweneboa Wawa Discovery ― Oil and gas-condensate Enyenra ― Turonian-aged reservoirs - Separate accumulation from TEN fields Potential tie-in to TEN development Tweneboa DEEPWATER TANO (18.0%) Okure Sapele = Ntomme - - Downdip and analogous to Mahogany and Jubilee discoveries Pmean 75 MMBoe ~ Results expected early 2013 Investor Presentation 10 November 2012#1125 25 20 20 15 10 10 5 Expanding Exploration Portfolio Increasing opportunity set to open petroleum systems Gross Exploration Acreage (million acres) 0 Jan June Dec Today 2011 2011 2011 ● KOSMOS ENERGY. Accelerating Inventory Build - - Ongoing identification and evaluation of new basins with significant hydrocarbon potential Capturing strategic positions and operatorship • Recent Acreage Adds in Suriname, Mauritania, and Morocco - Focused on existing and new geologic themes and geographies • Substantial Expansion Since IPO - ~3X increase since early 2011 - Attracting significant industry interest Investor Presentation 11 November 2012#12Focused Themes and Geographies Driven by technical strengths and core competencies • Petroleum System Approach - - - - Existing theme, existing geography (Ghana, Mauritania, Morocco) Existing theme, new geography (Suriname) New theme, same geography (Cameroon) New theme, new geography (Morocco) • Multi-billion Barrel Resource Potential • - License areas equate to over 4,200 GOM blocks in size Ability to replicate Tano Basin success Targeting Multiple Basin-opening Wells Per Year Beginning with Cameroon spud late 2012 SURNAME SOUTH AMERICA KOSMOS MOROCCO ENERGY. MAURITANIA AFRICA GHANA CAMEROON LA FL MS AL NDIAN RIVER BLOCK TX BLOCK C12 ESSAOUIRA FAKO BLOCK BLOCK 42 BLOCK 45 CAP BLOCK BLOCK BOUJDOUR C13 C8 Total: 24.3 MM Gross Acres | 200 km 100 miles FOUM ASSAKA TARHAZOUTE DEEPWATER TANO Gulf of Mexico WEST CAPE THREE POINTS Investor Presentation 12 November 2012#13Rio Del Rey Petroleum System Cameroon - near-term drilling opportunity • Extension of a Proven Offshore Play - - Deepwater Tertiary trend onshore Analogous to >1BBoe Alba oil and natural gas condensate field offshore • Built Substantial Acreage Position - - 720 K gross acres 100% WI, operated by KOS • First Prospect to Spud Late 2012 • Multiple Follow-On Opportunities Oil Field KOSMOS ENERGY. Gas-Condensate Field Prospect CAMEROON NDIAN RIVER BLOCK (100%) Sipo FAKO NIGER DELTA BLOCK (100%) Miocene Deltaics Alba Sipo South Zafiro Bioko Island - 3 to 4 additional prospects TERTIARY PLAYS Miocene Turbidites 0.7 MM Gross Acres 60 km 30 miles Investor Presentation 13 November 2012#14Sipo Prospect Onshore Cameroon 150 MMBoe mean unrisked potential with first operated well Oil Field Gas-Condensate Field KOSMOS Sipo Planned to Start Late 2012 Toe-thrust anticline prospect ENERGY. Prospect ● 0.7 MM Gross Acres 40 km 20 miles NDIAN RIVER BLOCK (100%) Munge-1 Oil Shows Sipo FAKO BLOCK (100%) Sipo South - Results anticipated in 1Q13 - Proven oil shows in nearby location Preparing Well Location for Drilling Minimizing onshore footprint Heli-rig operation Munge-1 Oil Shows B Sipo Sipo South Pliocene Upper Miocene Alba Paleogene Source Kitchen Bioko Island Paleogene U. Cretaceous Investor Presentation November 2012 14#15Multiple New Petroleum Systems Morocco - overlooked frontier opportunity with huge potential • Substantial Acreage Position ● ● ● - - - 13.7 MM gross acres operated by KOS Equivalent to over 2,300 GOM blocks Aggressively Advancing Plans - - - - - Recent 3D data acquisition in Agadir Basin Expanded Agadir Basin position Reprocessing seismic on Cap Boujdour Play diversity and prospect dependency Multiple leads and prospects identified • Targeting Multiple Wells in 2013/2014 • Significant Recent Industry Focus - Independents and majors KOSMOS ENERGY. 13.7 MM Gross Acres 300 km 200 miles ESSAOUIRA (37.5%) TARHAZOUTE (100%) Atlantic Ocean FOUM ASSAKA (56.3%) ⚫Agadir Canary MOROCCO Islands CAP BOUJDOUR (75%) • Laayoune Investor Presentation 15 November 2012#16Agadir Basin Petroleum System Morocco-progressing for potential 2013 drilling Prospect 3-D Seismic Salt Basin ESSAOUIRA (37.5%) TARHAZOUTE (100%) A Cretaceous Fans Essouaira River Delta Souss River Delta Agadir KOSMOS ENERGY. Highly Prospective Position Captured - 6.4 MM acres operated by KOS • Combination of Exploration Concepts B - - - Proven source rock and reservoir quality Mid slope to basin floor fan reservoirs Cretaceous turbidites with subsalt trapping geometries Processing recent 3D seismic acquisition. Albian Source Kitchen FOUM ASSAKA (56.3%) 6.4 MM Gross Acres 50 km 30 miles Cretaceous Fans MOROCCO Tertiary U. Cretaceous L. Cretaceous Jurassic Investor Presentation 16 November 2012 A#17Aaiun Basin Petroleum System Cap Boujdour - multi-billion barrel potential • Substantial, Frontier Basin - 7.3 MM gross acres operated by KOS Multiple Plays and Fairways - - Unexplored deepwater compressional anticline trend Upper and Lower Cretaceous targets with 3 independent play fairways • Multi-billion Barrel Potential - - Reprocessing existing 3D seismic data Approximately 20 prospects and leads identified - Potentially drill as early as late 2013 Toe Thrust Anticlines Jurassic Prospect 3-D Seismic Source Kitchen Slope Anticlines Fault Block Play 7.3 MM Gross Acres KOSMOS ENERGY. CAP BOUJDOUR (75%) Aaiun River : Delta 60 km 30 miles Investor Presentation 17 November 2012#18Suriname - Guyana Petroleum System KOSMOS Suriname - expansion of African Transform theme across the Atlantic 2.8 MM Gross Acres • Premier Position in Proven Basin ENERGY. 150 km 100 miles BLOCK 42 (50%) Tambaredjo Oil Field Atlantic Ocean BLOCK 45 (50%) 3D Seismic Upper Cretaceous Fans/Channels Basin Fairway Upper Cretaceous Source Kitchen SURINAME FRENCH GUIANA Zaedyus Discovery A ― 2.8 MM gross acres operated by KOS - - Same petroleum system as industry discovery in French Guiana Joint agreement with Chevron Significant 3D Seismic Program in 2H12 - - Completed 3,800 km² seismic acquisition First drilling targeted as early as 2014 Tambaredjo B Tertiary U. Cretaceous L. Cretaceous Basement Jurassic Investor Presentation 18 November 2012#19B Offshore Mauritania Petroleum System Mauritania - core geologic theme in the same geography ⚫ Substantial Deepwater Potential – 6.7MM gross acres operated by KOS - Untested play down-dip in the proven Mauritania salt basin Upper Cretaceous Stratigraphic/ Structural Play Plans for 2D and 3D seismic in early 2013 First drilling targeted as early as 2014 A Atlantic Ocean Cretaceous Fans/Channels Tertiary Chinguetti Upper Cretaceous Source Kitchen KOSMOS ENERGY. MAURITANIA BLOCK C12 Albian Source Kitchen (90%) Salt Basin Tiof Discovery B Chinguetti Oil Field A BLOCK C13 BLOCK C8 (90%) (90%) 6.7 MM Gross Acres U. Cretaceous L. Cretaceous Jurassic 70 km 40 miles Senegal River Delta Investor Presentation 19 November 2012#20Catalyst-Rich Exploration Opportunity Set Multiple new basin tests annually beginning late 2012 KOSMOS ENERGY. 2012 Ghana Cameroon Morocco Suriname 2013 2014 Beyond Mauritania Portfolio Growth Capture Seismic Acquire and Processing Targeted Drilling Investor Presentation 20 November 2012#212012 Capital Program Maximizing current assets and opening new petroleum systems • Focused Development Investments • - - Implementing Phase 1A at Jubilee Pre-development for TEN project Significant Exploration & Appraisal Activity KOSMOS ENERGY. - Multiple appraisal wells drilled on Ghana discoveries 4 high-impact exploration wells testing significant resources 3 Ghana, 1 Cameroon Jubilee Exploration and Appraisal - Large seismic programs offshore Morocco and Suriname New business development activity Anticipated Total Capital $500 MM Other Development Investor Presentation 21 November 2012#22● Strong Financial Capacity Fully funded to execute forward exploration and development Conservative Capital Structure with Liquidity of Approximately $840 Million as of end of October 2012(1) Strong and Growing Cash Flows from Jubilee Ability to fund Tano Basin petroleum system investments and global exploration program • Disciplined, Returns-focused Investment Programs Commodity Downside Protection - - Hedge target approximately 25-50% of near- term volumes Additional 2013 and 2014 hedges expected ($ in millions) Cash and cash equivalents Restricted cash Total cash Credit facility debt Shareholders' equity Total capitalization Total liquidity (1) Net Debt to Market Cap 2012 Capital Program 2011 EBITDAX (2) KOSMOS SA EA $ EA EA SASA SA ENERGY. Sep 2012 400 51 451 1,000 972 1,972 611 13.3% 500 $ 530 (1) Total liquidity reflects cash balance plus availability under the Company's RBL credit facility. (2) Non-GAAP item. See Reconciliation to the applicable GAAP measure in the year-end 2011 Earnings Release Investor Presentation 22 November 2012#23Exciting Future for Kosmos Creating, maximizing, and delivering value for shareholders Value • Long-life Plateau Production at Jubilee Growth KOSMOS ENERGY. Progressing Next Developments Multiple discoveries on WCTP and DT Second FPSO Project at TEN • Executing Near-term Drilling Catalysts - New discovery at Wawa • New- Opportunities 2 additional Ghana exploration prospects and first operated Cameroon well in 2012 Delivering on Existing Exploration Portfolio - Significant potential in Mauritania, Morocco, and Suriname Ghana Current Exploration Portfolio Expanding Inventory of Opportunities - Active new ventures program Today Time Investor Presentation 23 November 2012#24Disclaimer Forward-Looking Statements KOSMOS ENERGY. 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 "total unrisked resource potential," "total discovered," "net unrisked mean discovered resources," "net unrisked resource exposure," "de-risked plays," "defined growth resources," "de-risked prospectivity," "discovered resources," "potential," "gross resources" and 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. Investor Presentation 24 November 2012#25KOSMOS ENERGY. KOSMOS ENERGY Investor Presentation November 2012 25