Kosmos Energy was founded as a high-impact, frontier explorer in 2003. The company has carved out a niche focused on frontier deepwater exploration of the Atlantic Margin and was a ‘first mover' into Ghana, leading to the play-opening discovery of the Jubilee field in 2007. This high-impact discovery created excellent full-cycle value for the company, though subsequent discoveries have been more marginal. The field now falls outside of our study period. Exploration is central to Kosmos' strategy, and portfolio re-loading has opened new frontier exploration opportunities in a small number of countries. Since 2015, it has made a successful return to high-impact exploration drilling in Mauritania and Senegal. A deal signed with BP will help monetise this gas and drive future value creation.