Operator: Good day and welcome to Kosmos Energy's Second Quarter 2012 Conference Call. Just a reminder, today's call is being recorded.
At this time, let me turn the call over to Brad Whitmarsh, Vice President of Investor Relations at Kosmos Energy.
Brad Whitmarsh - IR: Thanks operator and thanks to all of you for joining us today. This morning, we issued our second quarter earnings release, including an update on Jubilee and our 2012 capital program. The release is currently available on our website, which is also where you can find our 10-Q expected to be filed with the SEC later today.
Joining me on the call with our prepared comments are Brian Maxted, CEO; Greg Dunlevy, Executive VP and CFO; and Paul Dailly, Senior VP of Exploration. Darrell McKenna our Chief Operating Officer is out of the office today, but he will be joining us for the question-and-answer session, which will follow our prepared remarks. During the Q&A session, I would ask that you keep your questions to one primary and one follow-up so that we can get to all who are on the call today.
Before we get started, I'd like to mention that this conference call includes certain forward-looking statements, based on our current expectations. The risks associated with forward-looking statements have been outlined in the earnings release and in our SEC filings.
We may also refer to certain non-GAAP financial measures in our discussion. Management believes such measures are important in looking at the Company's historical and future performance and these are commonly referred to metrics in the industry. These measures are provided in addition to and should be read in conjunction with the information contained in our financial statements, prepared in accordance with GAAP included in our SEC filings.
At this time, I'd like to turn the call over to Greg for a review of our quarterly results.
W. Greg Dunlevy - EVP and CFO: Thanks Brad, and good morning everyone. I will first provide a brief review of our financial results for the second quarter before reviewing our updated guidance items. I will then hand the call over to Brian and Paul to review our production development and exploration programs.
Overall our results for the second quarter were generally consistent with prior expectations. We had one Jubilee sales lifting during the quarter net to us of approximately 1 million barrels of crude. This generated total revenues of nearly $113 million for Kosmos, with the lifting price at premium of $0.77 per barrel above the Brent settlement price.
With regard to our net production versus sales during the second quarter this year, we under lifted by approximately 240,000 barrels and our (cumulative) under lift position was around 500,000 barrels at quarter end.
Our third sales lifting for the year occurred in later July for nearly 1 million barrels and it will price slightly above August monthly Brent settlement average.
On the cost side, our product expense for the second quarter 2012 included 10 million associated with the enchantment program for Phase 1 wells at Jubilee. Excluding these work over cost, the average production costs was a little over $9 per barrel. Exploration expense was $17 million for the period being primarily composed some seismic, G&G studies and the second quarter costs associated with the Teak-4 well.