Creating The Premier Atlantic Margin Deepwater E&P

1 Strictly private and ConfidentialNYSE/LSE: KOSA ugust 2018 Creating The Premier Atlantic Margin Deepwater E&PDisclaimerForward-LookingStatementsTh ispresentationcontainsforward-lookingsta tementswithinthemeaningofSection27 AoftheSecuritiesActof1933andSection21 EoftheSecuritiesExchange ,other thanstatementsofhistoricalfacts,included inthispresentation that addressactivities,eventsordevelopmentsth atKosmosEnergyLtd. ( Kosmos orthe Company )expects, believesoranticipateswillormayoccurinthe futureare ,forward-lookingstatementscontainedinthi spresentationspecificallyincludethe expectationsofmanagement regardingplans,strategies, objectives,anticipated financial and operatingresultsoftheCompany,includingas toestimatedoilandgasinplaceandrecoverabi lityoftheoilandgas, estimated reservesanddrillinglocations,capitalexpe nditures,typicalwell resultsandwellprofilesand production andoperatingexpensesguidanceincludedinth e sestimatesandforward-lookingstatements aremainlybasedonitscurrentexpectationsan destimatesoffutureeventsandtrends,whicha ffectormayaffectitsbusinessesandoperatio ns.

2 AlthoughtheCompanybelievesthat theseestimatesandforward-lookingstatemen tsarebasedupon reasonableassumptions, theyaresubjecttoseveral risksanduncertainties andaremadeinlightofinformationcurrentlya vailabletotheCompany. Whenusedinthispresentation,thewords anticipate, believe, intend, expect, plan, will orothersimilarwordsareintendedtoidentify forward-lookingstatements. Suchstatements aresubjecttoa numberofassumptions, risksanduncertainties,manyofwhicharebeyo ndthe controloftheCompany,whichmaycauseactualr esultstodiffermateriallyfromthoseimplied orexpressedbythe forward-lookingstatements. Furtherinformationonsuchassumptions,risk sand uncertaintiesisavailableinthe Company sSecuritiesand ExchangeCommission( SEC )filings. TheCompany sSECfilingsareavailableontheCompany Kosmosundertakes noobligationand doesnot intendtoupdateorcorrecttheseforward-look ingstatements toreflect eventsorcircumstancesoccurringaftertheda teofthispresentation,whetherasa resultofnew information, future eventsorotherwise, exceptasrequiredbyapplicablelaw.

3 Youarecautioned nottoplace unduerelianceontheseforward-lookingstate ments,whichspeakonlyasofthe dateofthis arequalified intheirentiretyby GasQuantitiesTheSECpermitsoilandgascompa nies,intheirfilingswiththeSEC,todisclose only proved, probable andpossible reservesthatmeettheSEC sdefinitionsforsuchterms,and priceandcostsensitivitiesforsuchreserves ,andprohibitsdisclosureofresourcesthat do not constitute Companyuses termsinthispresentation, suchas discovered resources, potential, significant resourceupside, resource, netresources, recoverableresources, discovered resource, world-class discovered resource, significant definedresource, grossunriskedresourcepotential, definedgrowthresources, recoverypotential andsimilartermsorother descriptionsofvolumesofreservespotential lyrecoverablethat theSEC sguidelinesstrictlyprohibit the Companyfromincludingin filingswiththeSEC.

4 These estimatesareby their naturemorespeculativethanestimatesofprov ed, probable andpossiblereservesandaccordinglyaresubj ecttosubstantiallygreater riskofbeingactuallyrealized. Investors areurgedtoconsider closelythedisclosuresandriskfactorsinthe Company sSECfilings, availableontheCompany drilledand quantities thatmaybeultimatelyrecoveredfromtheCompa ny sinterestmaydiffersubstantiallyfromthese nocommitmentbytheCompanytodrillallofthed rillinglocationsthat havebeenattributedthese quantities. Factorsaffectingultimaterecoveryincludet hescopeoftheCompany songoingdrillingprogram,whichwillbedirec tlyaffectedbytheavailabilityofcapital,dr illingand productioncosts,availabilityofdrillingan dcompletionservicesand equipment,drillingresults, agreementterminations, regulatoryapproval andactualdrillingresults, soilandgas assetsprovides additional PresentationAugust 6,20181 DGE Acquisition A Natural Step in Kosmos Continued Growing Organically and Inorganically into the Premier , Deepwater , Full-Cycle E&P Explorer, drill bit led Equity funded High-impact.

5 Focused exploration Cash flow generation Larger production / cash flow base Balanced growth Commitment to dividendKosmos Evolution to Full-Cycle E&POutstanding Exploration into a More Balanced E&PExploration-Led Diversified E&PPure Explorer / 2C DelineatorConsistent with Kosmos Enduring Strategy Jubilee / TEN discoveries: World-class oilfields Commercial success rate: ~30% Production: ~45 Mboed1 Mauritania & Senegal discoveries: 40 Tcf Tortue partially monetized & proceeding to FID around YE:18 EG Acquisition: 45+ MMboe2 (~1 yearpayback)3 Consistent with business strategy High-quality, cash generating assets Strong management team Opportunity-rich, short-cycle Gulf of Mexico (GoM) Atlantic Margin FocusDifferentiated Deepwater SkillsetHigh Margin ResourcesLow Cost, Efficient ModelStrong Balance entitlement production for Jubilee, TEN and identified 2P / 2C remaining recoverable resource, Kosmos internal of initial $231m net closing consideration assuming ~$70 per barrel BrentInvestor PresentationAugust 6,20182 Transaction OverviewA highly attractive, immediately accretive entry point into the Gulf of MexicoTransactionConsideration and FinancingTiming Financial Highlights Kosmos to acquire Deep Gulf Energy1(DGE)

6 Entry point into GoM with ~25 Mboed production / ~80 MMboe 2P reserves2 Creates operating platform for growth Purchase Price of $1,225 million, comprised of: $925 million cash, funded from existing and available sources of liquidity $300 million newly issued Kosmos shares to First Reserve Fully funded from existing liquidity and new shares issued Expected closing in 3Q 2018 Subject to regulatory approvals and other customary closing conditions 2018E Cashflow Per Share Accretion~35%3 Acquisition EV / 2018E vs. Kosmos at ~ Acquisition EV / 2P Reserves~$15/boe vs. Kosmos at ~$21/boe4 NPV-10 Breakeven Price~$48 per barrel WTI5 Commencement of DividendExpected quarterly from 1Q Deep Gulf Energy LP, Deep Gulf Energy II, LLC and Deep Gulf Energy III, LLC (collectively DGE ) from First represents 30 day average as of July 30, 2018, estimated 2P reserves as of June 30, flow per share defined as cash flow from operations divided by average annual common shares EV calculated using 2Q:18 quarter end shares outstanding and net debt and July 30, 2018 closing share price.

7 Bloombergconsensus EBITDAX on July 30, WTI price for 10% unlevered internal rate of returnInvestor PresentationAugust 6,20183 DGE A Leading Gulf Of Mexico OperatorHigh-quality asset base with experienced management team establishes complementary GoM business for KosmosDGE Asset OverviewDGE Key Highlights A Leading Deepwater GoM Company Founded in 2005, headquartered in Houston Focus on oil-prone areas near infrastructure Material Oil Reserves and Production 2P Reserves: ~80 MMBoe; ~85% oil Current Production: ~25 Mboe/d; ~85% oil Proven Operator & Excellent Safety Record Over 50% operated net production from 16 wells Operate to control quality, timing, and cost No single lost time incident since inception Experienced Team with Value Creation Track Record Senior management brings 20+ years on avg.

8 Of executing projects in Deepwater GoM Free Cash Flow Positive with High Cash Margins ~75% EBITDAX Margin competitive with best shale Pipeline of Attractive Growth Projects Strong inventory of organic prospects Opportunity-rich GoM enables further inorganic growth Low Risk, Short-Cycle Strategy 15 out of 19 wells drilled successfully since 2012 18 months from discovery to productionDGE Reserves and ProductionProducingProspectDGE OperatedMobileLouisianaTexasFloridaCorpu s ChristiHoustonLafayetteNew OrleansEast BreaksGarden BanksGreen CanyonMobilePensacolaDestin DomeDe Soto CanyonAtwater ValleyLloyd RidgeAlaminos CanyonKeathley CanyonWalker RidgeLundHendersonAmery TerraceLund SouthFlorida PlainSigsbeeEscarpmentMississippi CanyonDon Larsen(EB 598) AnadarkoDanny(GB 506) TalosSargent(GB 339) DGEB onvillain(GB 295/339) DGEM adame X(GB 339) DGEH ighgarden(GC 895) HoustonTornado(GC 280/ 281) TalosGladden(MC 800) W&TKodiak(MC 727/771) DGEBig Bend(MC 698) NobleSouth Santa Cruz(MC 563) DGEB arataria(MC 521) DGESon of Bluto II(MC 387/431) LLOGM armalard(MC 255/256/300/301/344) LLOGOdd Job(MC 214/215) 2P reserves as of June 30, average production as of July 30, 2018 Tornado23%Odd Job38%Marmalard12%Kodiak12%SSC + Barataria9%Other6%2P Reserves: ~80 MMboe1(~85% Oil)Net Production: 25 Mboed2(~85% Oil)Tornado28%Odd Job19%Marmalard15%Kodiak17%SSC + Barataria11%Other10%Investor PresentationAugust 6,20184405571898502040608010012020132014 2015201620170510152020132014201520162017 OilGasDGE Track Record of Creating ValueSource.

9 DGE company informationHigh success rates and short-cycle times lead to repeatable production and reserves growth and attractive returnsDGE Net Historical Production (Mboed)DGE Net 2P Reserve Growth (MMboe)CAGR +20%CAGR +41%Investor PresentationAugust 6,20185A Highly Complementary AcquisitionBuilding on Kosmos strategy and accelerating the Company s evolution to a full-cycle E&P GoM complements Kosmos Deepwater strategy Short-cycle Deepwater assets with low costs driving attractive returnsCreating the Premier Atlantic Margin Deepwater E&P Entry into the world-class GoM basin with significant growth potentialAdding DGE management team and operating capabilities to bolster Kosmos existing expertise DGE leadership team creates operating platform for growthShort-cycle developments and low risk exploration opportunities Short-cycle developments complement Kosmos longer term Tortue project Active near-term GoM E&A program underpinned by prospect inventory of ~50 MMboe net resourcesStrong incremental free cash flow

10 Allows commencement of dividend Commitment to dividend commencing 1Q:19 Accelerates Kosmos evolution to a full-cycle Deepwater E&P Upscaled portfolio with a diversified production base and meaningful free cash flow generationInvestor PresentationAugust 6,20186 Why Invest In the GoM Now?Source: 1. Wood Mackenzie Lower 48 shale breakeven data, DGE Historical full cycle breakeven data2. BOEMA ttractive economics and a favorable competitive landscape in a proven basin - 300 600 900 1,200 - 20 40 60 80 100'08'09'10'12'13'14'15'16'17'18 Independent companies in the Top 20 during FY08-15 Independent companies in the Top 20 during FY16-18 Major & SupermajorIndependentPrivateNumber of Bids ReceivedGoM Highly Competitive Source of Supply1 GoM Operators & Historical Leasing Activity2 Number of companiesNumber of bidsWolfcampNiobraraBoneSpringEagleFordS COOP / STACKB akkenPowderRiverBasinWTI NPV-10 Breakeven ($/bbl)