Cobalt International Energy, Inc. ("Cobalt") (NYSE:CIE) in partnership with the National Concessionaire Sonangol and the Block 21 partners announces the first discovery in the Syn-rift interval in the Bicuar #1A Pre-salt deepwater exploratory well offshore Angola. The well was successfully drilled to a measured depth of 5,739 meters and encountered approximately 56 meters (180 feet) of net pay from multiple Pre-salt intervals. Results of an extensive logging, coring and fluid acquisition program confirmed the existence of both oil and condensate in multiple intervals. No free gas zones or water contacts were observed. All well data was collected via open hole logging technology. This is Sonangol’s and Cobalt’s fourth deepwater Pre-salt discovery offshore Angola. The Bicuar #1A well is of particular significance as it is the first discovery of mobile hydrocarbons that have been tested in the deeper Pre-salt Syn-rift reservoir. After running production casing, the well was temporarily abandoned. Following full processing and integration of all subsurface data collected from the well, the Block 21 partners will evaluate any additional activities necessary to assess Bicuar’s commerciality. The Bicuar #1A well was drilled to total depth in only 59 days, approximately 63 days ahead of schedule. Cobalt, as operator, owns a 40 percent working interest in Block 21. Partners include Sonangol Pesquisa e Produção, S.A., Nazaki Oil and Gaz, and Alper Oil Limitada. “The Syn-rift discovery in Bicuar validates the presence of a viable seal and trap with quality reservoir rocks in the deeper reservoir section,” said James Farnsworth, Cobalt’s Chief Exploration Officer. “These characteristics have been present in similar features in the Campos Basin of Brazil and will be key to expanding the potential of the broader Angola Kwanza Basin Pre-salt. We are also excited with how quickly Bicuar 1A was drilled, while never compromising our commitment to safety and environmental protection. Continued performance of this type would allow us to drill wells at nearly half the cost we had anticipated.”
About CobaltCobalt is an independent 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.