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Cobalt Energy shares slide as no oil found in deepwater GoM Ardennes #1 well

BY MICHAEL CALIA 

HOUSTON -- Cobalt International Energy has reported that it didn' t find oil in a well in the Gulf of Mexico, though results at a West African well were more positive. Shares of the oil-and-gas exploration company were down 12% to $25.75 in premarket trading. Through Friday, the stock was up 20% this year.

The deepwater Gulf of Mexico-located Ardennes #1 exploratory well, of which Cobalt owns a 42% interest, was found not to have any hydrocarbons. But the Diaman #1B offshore well, located in 5,673 ft of water off Gabon and more than 60 miles from the nearest other pre-salt commercial discovery, has confirmed a working petroleum system, with hydrocarbons that are thought to be gas with condensate.

Cobalt, which owns about a 21% working interest in the well, said the well would be temporarily abandoned pending further analysis. Marathon Oil also holds about a 21% interest in the well, with Total Gabon owning about 43% and the Gabonese Republic owning 15%.

Cobalt also said it had reached a drilling contract for Rowan Reliance, a new ultra-deepwater drilling rig, which would fit the company' s needs in the Gulf of Mexico. Cobalt focuses on exploration, development and production in deepwater U.S. Gulf of Mexico and offshore Angola and Gabon.

Dow Jones Newswires

08/19/2013

 

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