“The Diaman #1 well results represent an excellent start to the exploration of the emerging Pre-salt basin in deepwater Gabon”, said James W. Farnsworth, Cobalt’s Chief Exploration Officer. “This discovery is a culmination of a five-year exploration program in which we and our partners have been successful in identifying and testing the initial phase of Gabon’s Pre-salt potential. Combined with Cobalt’s industry-leading deepwater Pre-salt position in offshore Angola, this offshore Gabon Pre-salt discovery further deepens our understanding of the West Africa Pre-salt margin. We look forward to additional drilling and evaluation activity on the Diaba license following the integration of these important well results.” Farnsworth further added, “While our Ardennes test did not discover commercial hydrocarbons, we were able to confirm our Inboard Lower Tertiary geologic model that predicted a high potential sand fairway. Our challenge now will be to apply what we’ve learned at Ardennes to further enhance our understanding of the Inboard Lower Tertiary play.”Van Whitfield, Cobalt’s Chief Operating Officer, said, “While disappointed with the Ardennes #1 well results, I am extremely proud of the organization’s performance in safely drilling the deepest well drilled to date in the deepwater Gulf of Mexico. Cobalt remains very excited about our Gulf of Mexico prospect portfolio and the potential of the Inboard Lower Tertiary following our previously announced North Platte and Shenandoah discoveries. Our commitment to this basin is further evidenced by the long term drilling contract we recently executed with Rowan for the new ultra-deepwater Rowan Reliance drillship.” Following operations on the Ardennes #1 well, the ENSCO 8503 rig will move to drill the Aegean #1 exploratory well in Keathley Canyon Block 163. Aegean #1 will test an Inboard Lower Tertiary prospect located 18 miles (29 km) southwest of Cobalt’s North Platte discovery. Cobalt, as operator, owns a 60 percent working interest in Aegean.
About CobaltCobalt is an independent oil exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address Cobalt’s expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt’s SEC filings. Cobalt undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release, other than as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.