9
2014 Annual Report
Cobalt reached a milestone in 2013 by joining our
partners in sanctioning our Heidelberg discovery and
booking Cobalt’s first proved reserves. Anadarko, as
operator, forecasts that first production from Heidelberg
will occur in the first half of 2016.
When this oil and gas starts flowing, we will have
achieved what many thought impossible—moving from
an aspirational business plan to producing oil and gas
in deepwater organically in ten years.
The road to first production began in May 2008 when
Cobalt acquired a 9.375% interest in the Heidelberg
acreage. In early 2009, the Heidelberg #1 exploration
well, located in approximately 5,200 feet of water in
Green Canyon 859, was drilled to approximately
30,000 feet and encountered more than 200 feet of
net pay thickness in Miocene horizons.
Appraisal drilling occurred in 2011 and, in early 2012,
Anadarko announced the successful results of the
31,030 foot appraisal well, which encountered approxi-
mately 250 feet of net pay thickness in Miocene sands.
The Heidelberg production facility is designed to produce
up to 80,000 barrels of oil per day and 80 million cubic
feet per day of gas.
Anadarko, as operator, drilled the first field development
well in 2014 and two additional development wells have
recently reached total depth. Development drilling
continues and is on schedule, with two drilling rigs
currently operating in the field. The hull has arrived in the
U.S. Gulf of Mexico, and the topsides are more than 70%
complete. The subsea infrastructure remains on schedule
to be fabricated and installed on time to support initial
production in the first half of 2016.
HEIDELBERG
THE ROAD TO FIRST PRODUCTION
2016
— F IRS T PRODUC T I ON BY MID-Y E AR —
LONGTERM VALUE CREATION:
…MOVING FROM AN
ASPIRATIONAL BUSINESS
PLAN TO PRODUCING OIL
AND GAS IN DEEPWATER
ORGANICALLY IN TEN YEARS.
Pictures of the hull and Heidelberg’s main topsides module provided by Anadarko
