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Cobalt International makes significant North Platte deepwater GOM find

HOUSTON -- Cobalt International Energy, Inc. 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 ft 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.”

Cobalt



“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, CEO. “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 ft of water and was drilled to a total depth of approximately 34,500 ft. 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.

12/05/2012

 

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