HOUSTON--(BUSINESS WIRE)--Mar. 19, 2013--
At Shenandoah, the well’s operator announced today that the Shenandoah #2R appraisal well encountered more than 1,000 net feet of oil pay in multiple high quality Lower Tertiary-aged reservoirs. Log and pressure data from both the Shenandoah appraisal well and the 2009 Shenandoah discovery well indicate the presence of exceptionally high quality reservoirs and hydrocarbons.
The appraisal well was drilled as a straight hole to a total depth of 31,405 feet in approximately 5,800 feet of water, about 1.3 miles southwest and approximately 1,700 feet structurally down-dip from the Shenandoah #1 discovery well, in order to test the down-dip extent of the Shenandoah field. Well results indicate that the targeted sands were full to base with no evidence of oil-water contacts. The Shenandoah #1 discovery well was drilled in early 2009 on
Cobalt, as operator, provided an update confirming that the North Platte #1 exploratory well encountered over 550 net feet of oil pay in multiple high quality Inboard Lower Tertiary reservoirs. This compares to DeGolyer and MacNaughton’s pre-drill estimate for net pay of 350 feet. North Platte is located in approximately 4,400 feet of water and was drilled to a total depth of approximately 34,500 feet. Cobalt completed a bypass coring operation on North Platte #1 and has since temporarily abandoned the discovery well. In addition, Cobalt has begun the acquisition of a new state-of-the-art 3D seismic survey over the greater North Platte field and the majority of its prospects in the immediate area. Evaluation of this data will be ongoing throughout 2013. Appraisal plans for North Platte will be determined later in the year, as well.
Cobalt is currently drilling its Ardennes #1 exploratory well in
“The exceptional results of both the Shenandoah #2R appraisal well and the North Platte #1 exploratory well further substantiate our regional model of the prolific potential of the Inboard Lower Tertiary Trend,” said
Cobalt is the operator and holds a 60 percent working interest in North Platte.
For more information about these announcements, see Cobalt’s March, 2013 Investor Presentation, which can be found on Cobalt's website at www.cobaltintl.com in the Investors-Presentations and Publications section.
Cobalt is an independent oil exploration and production company active in the deepwater U.S. Gulf of
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 — 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 performance, and often contain words such as “anticipate,” “believe,” “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.
Richard A. Smith, +1-713-579-9141
Vice President, Investor Relations, Compliance and Risk Management
Lynne L. Hackedorn, +1-713-579-9115
Vice President, Government and Public Affairs