Cobalt International Energy, Inc. Announces Significant North Platte Deepwater Gulf of Mexico Discovery
HOUSTON--(BUSINESS WIRE)-- Cobalt International Energy, Inc. ("Cobalt") (NYS: CIE) today announced a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. Based on extensive wireline evaluation, the discovery well encountered several hundred feet of net oil pay in multiple Inboard Lower Tertiary sands.
"Today's announcement is another important milestone for Cobalt," said Joseph H. Bryant, Chairman and Chief Executive Officer. "Cobalt's founding vision included making significant operated discoveries in multiple world-class deepwater oil basins. Coupled with our previous Cameia announcements in Angola, Cobalt has demonstrated it has the technical and operational skills to deliver on our promises."
"North Platte is particularly important for Cobalt because it confirms our geologic model of the Inboard Lower Tertiary Trend where Cobalt holds a substantial acreage position with several follow-on prospects," said James W. Farnsworth, Chief Exploration Officer. "We are also pleased that based on our preliminary analysis of well and wireline data, North Platte is in line with the predrill estimate of net pay. This success is an important reminder that the Gulf of Mexico continues to hold prolific hydrocarbon potential."
"We are very happy to announce Cobalt's first operated Inboard Lower Tertiary discovery in this exciting basin," said James H. Painter, Executive Vice President, Gulf of Mexico. "It is a testament to everyone at Cobalt who was involved in identifying the prospect, acquiring the leases, and designing and drilling the well. North Platte was one of the most challenging wells that the industry has drilled in the Gulf of Mexico, and to have drilled this well to total depth in a safe manner and in near record time is especially gratifying. North Platte represents the first major discovery in our Gulf of Mexico alliance with TOTAL. We look forward to working with TOTAL as we prepare our plans to appraise and evaluate the North Platte discovery."
North Platte is located in approximately 4,400 feet of water and was drilled to a total depth of approximately 34,500 feet. Cobalt first attempted to drill this prospect in May 2010, and had a rig on the North Platte well location preparing to spud when the Department of the Interior implemented the 2010 drilling moratorium, requiring Cobalt to move the rig off the well location.
Cobalt is the operator of North Platte and has a 60 percent working interest in the prospect. TOTAL E&P USA, INC. is Cobalt's partner in the discovery, with a 40 percent working interest.
Presentation materials associated with the North Platte discovery were made available on the Investors-Presentations and Publications section of Cobalt's website at www.cobaltintl.com concurrently with the issuance of this news release.
Cobalt is an independent oil exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.
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.
Cobalt International Energy, Inc.
Richard A. Smith, Vice President, Investor Relations and Planning
+1 (713) 579-9141
Lynne L. Hackedorn, Vice President, Government and Public Affairs
+1 (713) 579-9115
KEYWORDS: United States North America Texas
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