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|Cobalt International Energy, Inc. Announces Successful Pre-Salt Flow Test Offshore Angola|
The Cameia-1 Well was drilled in 5,518 feet (1,682 meters) of water to a total depth of 16,030 feet (4,886 meters), at which point an extensive wire line evaluation program was conducted. The results of this wire line evaluation program confirmed the presence of a 1,180 foot (360 meter) gross continuous oil column with over a 75% net to gross pay estimate. No gas/oil nor oil/water contact was evident on the wire line logs. An extended Drill Stem Test (DST) has now been performed on Cameia-1 to provide additional information.
The DST flowed at an un-stimulated sustained rate of 5,010 barrels per day of 44-degree API gravity oil and 14.3 million cubic feet per day of associated gas (approximately 7,400 BOEPD) with limited drawdown. The flow rate, which was restricted by surface equipment, facility and safety precautions, confirmed the presence of a very thick, continuous, high quality reservoir saturated with light oil.
Cobalt had previously announced that it would drill its Bicuar-1 exploratory well after completing Cameia-1 well operations. However, given the exceptional results obtained from the Cameia-1 exploratory well, Cobalt, its partners and the Concessionaire have agreed to immediately initiate an appraisal drilling program to further assess the size and extent of the Cameia oil discovery and to drill to deeper objectives. Plans are underway to drill the Cameia-2 appraisal well with the Diamond Offshore Ocean Confidence drilling rig. The Cameia-2 appraisal well is expected to spud in February and will be drilled to a planned total depth of 16,000–18,000 feet. The Cameia-2 appraisal well is expected to take 100-120 days to drill, followed by an evaluation period based on the well’s results. Cobalt’s partners in Block 21 and Cameia-1 include Sonangol Pesquisa e Produção, S.A. (20%), Nazaki Oil and Gáz, S.A. (30%), and Alper Oil, Limitada (10%).
A conference call for investors will be held on
The call can be accessed live over the telephone by dialing (877)
705-6003, or for international callers, (201) 493-6725. A replay will be
available shortly after the call and can be accessed by dialing (877)
870-5176, or for international callers, (858) 384-5517. The passcode for
the replay is 388913. The replay will be available until
Cobalt is an independent oil exploration and production company focusing
on the deepwater U.S. Gulf of
Forward Looking Statements
This press release includes “forward-looking statements” within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995 — 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
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“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
Cobalt International Energy, Inc.