2014 Annual Report - page 12

10 Cobalt International Energy, Inc.
ProductionWell
Gas Injection
Water Injection
Angola Block 21
Cobalt 40%Working Interest Operator
Cameia Field
In Block 21, o„shore Angola, our 2012 Cameia #1 discovery 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
Kwanza Basin.
CAMEIA
PIVOTING FROM APPRAISAL
TO DEVELOPMENT
The Cameia #2 and #3 appraisal wells have provided
the validating evidence that allows us to accelerate work
toward the sanctioning of an early production system and
in the first quarter of 2015, we will spud the Cameia #4
well, which we plan to utilize as a production well.
Following drilling operations on Cameia #4, we anticipate
drilling a water injection well, then returning to Cameia #3
to re-complete it as a production well, and later drilling
another production well and a gas injection well.
In February 2014, Cobalt submitted a formal declaration
of commercial discovery to Sonangol with respect to our
Cameia discovery and, in May 2014, we submitted the
initial integrated field development plan for approval by
Sonangol and the Angola Ministry of Petroleum.
However, given the current market conditions, we saw
an opportunity to review Cameia’s design concept and
projected capital expenditures in order to optimize the
cost and scale of the development and production
facilities prior to formal sanction. This reevaluation has
already delivered significant cost savings and Cobalt is
confident that this e„ort will greatly improve the already
robust economics of the Cameia project. We are re-working
FPSO bids to maximize value and protect the balance
sheet and during 2015, we intend to pursue project cost
reductions in light of the current weakness in the market
for goods and services utilized in major o„shore develop-
ment projects. We expect to achieve formal project
sanction of Cameia by year-end 2015, with first production
from Cameia likely occurring in 2018.
Angola
20
21
9
Cobalt Licenses
Discoveries
Cameia
97km
Illustrations not to scale