This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cobalt International Energy, Inc. Provides Update On Its Gulf Of Mexico And West Africa Drilling Operations

Stocks in this article: CIE

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced that its Ligurian #2 exploratory well on Green Canyon Block 814 in the U.S. Gulf of Mexico had reached objective total depth after having drilled through all of the targeted Miocene formations. The well did not encounter commercial hydrocarbons and operations are underway to plug and abandon the wellbore.

Once these plugging operations are finished, Cobalt will move the Ensco 8503 drilling rig to its North Platte #1 exploratory well location on Garden Banks Block 959. The North Platte Prospect is a large 4-way Inboard Lower Tertiary structure. This well lies within Cobalt’s greater North Platte complex, consisting of the North Platte Prospect, as well as four adjacent Inboard Lower Tertiary prospects. Per an independent third-party assessment, the gross unrisked resources for the North Platte Prospect are estimated to be 400 – 850 million barrels of oil equivalent (mean to high range), and the combined gross unrisked resources for the greater North Platte complex is estimated to be more than two billion barrels of oil equivalent. The North Platte #1 well, which is expected to take five to six months to drill and evaluate, is located approximately 40 miles northwest of Cobalt’s Shenandoah discovery.

Drilling operations at Cobalt’s Cameia #2 appraisal well in Block 21, offshore Angola continue. Cobalt expects to announce the results of this appraisal well as soon as drilling operations are completed and logging/test results have been evaluated, sometime in the next 30 to 60 days.

Following completion of operations on the Cameia #2 well, the Diamond Ocean Confidence drilling rig will be released to another operator for approximately 120 days for the drilling of one offshore Congo well. The Ocean Confidence rig will then return to Cobalt and will be used to drill Cobalt’s next two Angolan pre-salt wells. In addition, Cobalt has tendered for and is currently evaluating bids for additional drilling rig capacity for its 2013+ Angolan pre-salt drilling campaign. It is anticipated that a rig selection announcement will be forthcoming in the third quarter.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs