Global Operations


Cobalt is uncompromising in its core values. They provide the foundation for how we execute our business:

  • Commitment to Health, Safety, Security and Environment: Apply the highest level health, safety, security and environmental standards in everything we do;

  • Outstanding Value for Shareholders: Focus all our decisions to deliver the greatest value to our shareholders and investors;

  • Best Talent, Team and Resources: Attract and leverage world class talent, team and  resources bringing together our core competencies for excellence;

  • Action Oriented and Results Focused: Action driven with thoughtful analysis, nimbleness, and efficiency to achieve results;

  • Legendary Leadership and Entrepreneurship: Be renowned leaders that navigate a strategy for high performance and entrepreneurship;

  • Trustworthy and Integrity in All That We Do: Work with the highest levels of integrity, being  trustworthy as partners and as colleagues;

  • Socially and Professionally Rewarding: Provide a positive productive work environment for great ideas to incubate and where significant contributions lead to substantial rewards.

Over the next several years, through focused exploration and appraisal, Cobalt will leverage its world-class deepwater portfolio to also become a company layered with project development and production, delivering greater value to its shareholders. Our demonstrated track record of exploration excellence, combined with a disciplined plan for future oil production, position the company exceptionally well for long-term value creation.


Through our discriminating “first mover” approach, Cobalt has compiled an impressive and unique portfolio of assets in highly attractive oil prone basins and countries. Cobalt operates the majority of these assets, thereby influencing the pace of operations and enhancing value creation. We acquire the industry’s best subsurface and seismic data to identify deepwater oil reservoirs trapped in subsalt and pre-salt layers in the deepwaters of the U.S. Gulf of Mexico and West Africa.

Gulf of Mexico
The Gulf of Mexico’s deepwater oil basin, one of the most prolific in the world, has been a focus for major oil exploration companies for more than three decades. Increasingly, focus has shifted to the technically challenging, but highly promising, deepwater subsalt regions. The primary technical challenge in these regions is to seismically resolve potential structures below thick layers of salt. Consequently, Cobalt has spent over $420 million since our inception to acquire and process the highest quality seismic data and technology. The investment in seismic data and its utilization by our experienced workforce have been essential elements in Cobalt’s success in identifying prospects, acquiring the leases and successfully drilling discoveries in the Gulf of Mexico.

Now a major player in the Gulf of Mexico, Cobalt holds lease interests in over 220 deepwater blocks in the Inboard Lower Tertiary and Miocene plays. We operate approximately 90 percent of our Gulf of Mexico leases, providing Cobalt the ability to influence pace between oil exploration and oil production and realize significant value.

West Africa
Through the development of an early geologic regional model, Cobalt had the foresight to acquire several high-potential licenses off the coast of Angola and Gabon, pioneering West Africa’s pre-salt play.

To date, Cobalt has drilled nine exploratory wells, three appraisal wells and four development wells (one of which was drilled to be used as a pressure-maintenance well in the Cameia development) in the northern pre-salt Kwanza Basin offshore Angola, and one exploratory well in the pre-salt deepwater region offshore Gabon. Fifteen of these wells have been successful in finding pre-salt hydrocarbons. This is a remarkable and a highly unusual start in establishing a position in such an immense new regional play.

Off the coast of Angola, Cobalt holds a 40 percent working interest in, and is the operator of, two blocks— 20 and 21—covering a combined 2.4 million acres. Our Cameia #1 discovery on Block 21 confirmed the presence of an expansive pre-salt hydrocarbon reservoir, proving our geologic model and de-risking the new pre-salt play in the deepwater offshore Angola. The Cameia #2 and #3 appraisal wells provided the validating evidence that allowed us to accelerate work toward the sanctioning of an early production system. We then drilled the Cameia #3, #4 and #5 as successful development wells, followed by completion of drilling operations on the Cameia #1A well, each of which is planned to be used as part of the Cameia Development. Our Mavinga #1 pre-salt discovery on Block 21 mirrored our Cameia pre-salt discovery from the perspective of fluid and reservoir quality. Our Lontra #1 pre-salt discovery on Block 20 confirmed an oil and gas accumulation with better than expected reservoir quality. Our Bicuar #1A discovery in Block 21 was our first discovery where mobile hydrocarbons were found in the deeper pre-salt syn-rift reservoir. Our Orca #1 well on Block 20 resulted in the company’s fifth consecutive pre-salt discovery in Angola’s Kwanza Basin and our Orca #2 appraisal well confirmed the presence of a large oil accumulation in the Sag section of the pre-salt, and also confirmed the discovery of oil in the deeper syn-rift pre-salt reservoir. Orca is the largest oil discovery found to date in the Kwanza Basin and has an estimated resource potential of between 400 – 700 MMBO. The Mavinga, Lontra, Bicuar and Orca discoveries provided further evidence that our exploration machine is working and our technology is delivering as anticipated. In August 2015, we executed a purchase and sale agreement with Sociedade Nacional de Combustíveis de Angola—Empresa Pública (“Sonangol”) for the sale of our working interests in Blocks 20 and 21 offshore Angola for aggregate gross consideration of $1.75 billion before certain transaction expenses and other U.S. and Angolan taxes. The completion of this transaction is pending the receipt of Angola government approvals. In August 2016, Cobalt and Sonangol Senior Executives met in Angola to discuss the status of the sale of Angola Blocks 20 and 21 to Sonangol. At this meeting, Cobalt and Sonangol jointly agreed that Cobalt would market Cobalt’s 40% working interest in Blocks 20 and 21 to sell the assets to a third party. Given this agreement to market Cobalt’s interest in Blocks 20 and 21, it is unlikely that the sale transaction between Cobalt and Sonangol will close pursuant to the terms of the August 2015 Purchase and Sale Agreement, and therefore it is likely the Purchase and Sale Agreement will automatically terminate on August 22, 2016. Cobalt is currently preparing a data room for its high quality Angola assets and will immediately commence the marketing and sale process. Cobalt is pleased to have the opportunity to remarket these attractive liquids rich assets to third parties because the development cost environment has improved substantially, the fundamentals for medium to long term liquids pricing remains strong and Cobalt has delivered two new discoveries on Block 20.

In Gabon, we have a 21.25 percent interest in the 2.2 million acre Diaba license operated by Total Gabon. Results of our Diaman #1 discovery well successfully confirmed the existence of a working petroleum system. This was the first test of the pre-salt in deepwater Gabon.

Interactive Map

Oil Exploration

Cobalt’s investment in seismic data, technology and talented and experienced professionals has significantly enhanced our ability to quickly identify the geological and geophysical characteristics of the subsalt and pre-salt formations. This has directly led to our early access of leading positions in both the Gulf of Mexico and West Africa.

Cobalt’s approach to exploration begins with an in-depth regional understanding of the Petroleum Systems of oil prone basins. This requires an integrated approach, utilizing the latest technology by highly experienced explorationists with an impressive track-record of world-class discoveries. This approach led to our leading positions in the subsalt play in the deepwater Gulf of Mexico and the pre-salt play in offshore West Africa.

Following the integrated regional analysis, prospects are identified and further refined through a constant effort of high-grading and ranking of opportunities. This disciplined approach provides an updated re-evaluation of the portfolio based upon the latest data and geologic thinking. Instrumental to all these evaluations is a constant focus on the relative commercial attractiveness of each of the basins and prospects. Cobalt has specifically chosen our focus areas and drilling candidates in order to optimize Cobalt’s value.

In the Gulf of Mexico, the Heidelberg discovery, in which Cobalt owns a 9.375 percent working interest, was drilled in approximately 5,000 feet (1,524 meters) of water. The discovery well was drilled to a total depth of 30,000 feet (9,144 meters) and encountered more than 200 feet (61 meters) of high-quality, Miocene reservoir sands. Appraisal drilling at Heidelberg has confirmed commerciality of this field, given the excellent quality, continuous and pressure-connected reservoirs with high-quality oil. The Heidelberg field commenced production in January 2016, representing Cobalt’s first production and revenue.

North Platte
Cobalt’s first operated Inboard Lower Tertiary discovery is North Platte, located in the deepwater Gulf of Mexico. Cobalt owns a 60 percent working interest, and pre-drill gross unrisked resources have been calculated to be 400 - 850 MMBOE (mean – upside range), per independent assessment by DeGolyer and MacNaughton (February 2011). At a well depth of 34,500 feet (10,516 meters), North Platte’s discovery well is one of the deepest in the region, and encountered over 550 net feet (168 net meters) of oil pay in multiple high quality Inboard Lower Tertiary reservoirs. This well’s results exceeded pre-drill expectations, confirming Cobalt’s geologic model for the Inboard Lower Tertiary trend. In late 2015, we completed drilling the initial North Platte appraisal well as a successful well. This appraisal well encountered over 550 feet of net oil pay, which is similar to the discovery well, but with evidence of better developed reservoirs. We have recently completed additional sidetrack appraisal drilling operations at North Platte, which were successful and encountered approximately 500 feet of net oil pay in what appears to be excellent reservoir quality rock. While evaluation of the well results is ongoing, pressures and fluid samples taken in the sidetrack well indicate that the rock and reservoir properties are among the best that we have encountered in the Inboard Lower Tertiary trend. We intend to conduct further appraisal drilling at North Platte in the second half of 2016.

In the Gulf of Mexico, the Anchor discovery, in which Cobalt owns a 20 percent working interest, was drilled in 5,183 feet (1,580 meters) of water. The Anchor #2 exploratory well, located in Green Canyon Block 807 and approximately 140 miles from the Louisiana coast, was drilled to a total depth of 33,749 feet (10,287 meters) and encountered significant high quality pay in multiple Inboard Lower Tertiary Wilcox Sands. When drilled, Cobalt considered the Anchor discovery to be one of Cobalt’s best wells drilled to date in the deepwater Gulf of Mexico and Anchor represents Cobalt’s fourth significant discovery in the Gulf of Mexico. The results of the discovery well further confirmed Cobalt’s Inboard Lower Tertiary model. An appraisal sidetrack well was drilled down dip to delineate the Anchor discovery well. The appraisal well encountered 694 feet of net oil pay in a hydrocarbon column of at least 1,800 feet in Inboard Lower Tertiary reservoirs. The Anchor #3 well was successfully drilled as the second appraisal well at Anchor. Complete appraisal of Anchor will require further delineation wells and technical studies.

In the Gulf of Mexico, the Shenandoah discovery, in which Cobalt owns a 20 percent working interest, is an Inboard Lower Tertiary discovery drilled in approximately 5,750 feet (1,753 meters) of water. The discovery well was drilled to a total depth of 30,000 feet (9,144 meters) and encountered approximately 300 feet (91 meters) of unusually high-quality Inboard Lower Tertiary reservoir sands. The Shenandoah #2R appraisal well encountered more than 1,000 net feet (305 net meters) of oil pay in multiple high quality Inboard Lower Tertiary-aged reservoirs. Log and pressure data from both the Shenandoah appraisal well and the Shenandoah discovery well indicate the presence of exceptionally high quality reservoirs and hydrocarbons. Our Shenandoah #3 appraisal well found an expanded geologic reservoir section and confirmed excellent reservoir qualities. The Shenandoah #4 appraisal well tested the updip extent of the basin. The subsequent Shenandoah #4 sidetrack encountered over 600 feet of net oil pay, extending the lowest known oil column downdip. The Shenandoah #5 appraisal well encountered approximately 1,000 feet of net pay in multiple high quality Inboard Lower Tertiary sands. This was the fourth appraisal well at Shenandoah. Plans are to drill the Shenandoah #6 appraisal well in late 2016. Anadarko, as operator, is currently evaluating development concepts for Shenandoah.

As Cobalt’s regional model had predicted, Shenandoah is proving to have reservoir and hydrocarbon properties superior to many previously-drilled Outboard Lower Tertiary discoveries. This provides increasing confidence in our Inboard Lower Tertiary geologic and exploration model, and the potential value of our portfolio.

Off the coast of Angola, Cobalt has been the front-runner in the exploration of the pre-salt Kwanza Basin. In Angola Block 21, Cobalt drilled the Cameia #1 pre-salt exploratory well as a successful discovery well.

Results of a production test performed in the Cameia #1 well provided evidence that the well has the potential to produce in excess of 20,000 barrels of hydrocarbons per day, exceeding Cobalt’s pre-drill estimates. The well was drilled in 1,680 meters (5,512 feet) of water to a depth of over 4,880 meters (16,010 feet), and encountered a continuous oil column of nearly 360 meters (1,181 feet) with over 75 percent net-to-gross pay estimate. No oil/gas or oil/water contacts were observed.

The Cameia #2 appraisal well confirmed the presence of a large hydrocarbon accumulation in a high quality reservoir and discovered a new hydrocarbon-bearing zone at least 134 meters (440 feet) deeper than that which was observed in the Cameia #1 exploratory well. The Cameia #3 appraisal well reconfirmed the estimated field resource range of 300-500 million barrels of hydrocarbons. This well was followed by the successful drilling of the Cameia #4 and #5 development wells, and additional drilling on the Cameia #1A well.

Following the Cameia pre-salt discovery, Cobalt drilled the Mavinga #1 pre-salt exploratory well as a successful oil discovery well on Block 21. The Cobalt operated Mavinga #1 well, located approximately 8 miles (12.5 kilometers) northwest of Cobalt’s Cameia discovery, reached a total depth of 17,431 feet (5,313 meters) and encountered approximately 100 feet (30 meters) of net oil pay. This discovery was confirmed by the successful production of oil from mini drill stem tests, direct pressure and permeability measurements, and log and core analyses.

Cobalt estimates a gross oil column of up to 650 feet (200 meters) at the crest of the Mavinga structure updip of the Mavinga #1 well location. Additional drilling will be required to confirm the ultimate gross thickness of the mound and its reservoir quality.

On Block 20, the Lontra #1 exploratory well was drilled to a total depth of 4,195 meters (13,763 feet) and penetrated approximately 75 meters (250 feet) of net pay in a very high quality reservoir section. The discovery well encountered both a high liquids content gas interval and an oil interval. A drill stem test was conducted in the high liquids content gas interval and successfully produced a sustained flow rate of 2,500 barrels per day of condensate and 39 million cubic feet per day of gas.

Cobalt’s Bicuar exploratory well on Block 21 was drilled to a measured depth of 5,739 meters (18,829 feet) in a water depth of approximately 1,500 meters (4,900 feet) and found 56 meters (180 feet) of oil and condensate in 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. Importantly, Bicuar was Cobalt’s first discovery where mobile hydrocarbons were found in the deeper pre-salt syn-rift reservoir, which supports the analog to Brazil’s pre-salt basin and potential upside across other Cobalt Kwanza Basin prospects.

Bicuar was a significant success, not only geologically, but also operationally. Originally estimated to take 130 – 150 days to drill this well, Cobalt was successful in safely drilling this well in only 59 days, thus dramatically reducing the total cost of this well. This performance was achieved through improved drill bit performance, applying learnings from previously drilled wells, and experiencing less rig downtime than expected. While applying these efficiencies, Cobalt rigorously maintained its unwavering commitment to safety and environmental protection.

Cobalt’s Orca #1 deepwater pre-salt exploratory well on Block 20 was Cobalt’s fifth consecutive exploration discovery and sixth consecutive successful well in the deepwater pre-salt Kwanza Basin offshore Angola. The well found 75 meters (250 feet) of net oil pay in multiple pre-salt intervals.

The drilling of our Orca #2 appraisal well confirmed the presence of a large oil accumulation in the Sag section of the pre-salt, where we also performed a successful drill stem test, and the discovery of oil in the deeper syn-rift reservoir of the pre-salt.

The Total Gabon operated Diaman #1B well, drilled on the Diaba block, offshore Gabon, was the first test of the pre-salt in deepwater Gabon. The well reached its total depth of 5,585 meters (18,323 feet), and encountered approximately 50-55 meters (160-180 feet) of net hydrocarbons in the objective pre-salt formations. The Diaman #1B well successfully confirmed the existence of a working petroleum system, a salt seal, and high-quality sandstone reservoirs.

Oil Development & Production

We are moving into the next phase of our business model, transitioning from solely an oil exploration company to exploration, appraisal and development.

Maintaining a stewardship position in regards to HSSE, Cobalt’s team has defined and engineered a standardized and repeatable procedure for sub-sea development. We also leverage third-parties to deliver creative, effective, and timely solutions focused on value creation, cycle-time reduction and cash flow. Through subcontracting and leasing of facilities, staffing requirements are minimized, capital outlays are reduced and energies are focused on resource discovery, development, flow assurance and optimal recovery.

As Cobalt continues to partner with other innovators and leaders, we intend to retain a material interest in many of our finds, ensuring operational influence over Cobalt’s growing investments while allowing ourselves to remain nimble.

The Heidelberg field was sanctioned in May, 2013, and first oil was achieved in January 2016, significantly ahead of schedule and favorable to budget.

Video courtesy of Anadarko Petroleum Corporation