HOUSTON--(BUSINESS WIRE)--Jan. 22, 2014--
Cobalt International Energy, Inc. ("Cobalt") (NYSE:CIE) in partnership
with the National Concessionaire Sonangol and the Block 21 partners
announces the first discovery in the Syn-rift interval in the Bicuar #1A
Pre-salt deepwater exploratory well offshore Angola. The well was
successfully drilled to a measured depth of 5,739 meters and encountered
approximately 56 meters (180 feet) of net pay from 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. All well
data was collected via open hole logging technology.
This is Sonangol’s and Cobalt’s fourth deepwater Pre-salt discovery
offshore Angola. The Bicuar #1A well is of particular significance as it
is the first discovery of mobile hydrocarbons that have been tested in
the deeper Pre-salt Syn-rift reservoir. After running production casing,
the well was temporarily abandoned. Following full processing and
integration of all subsurface data collected from the well, the Block 21
partners will evaluate any additional activities necessary to assess
Bicuar’s commerciality. The Bicuar #1A well was drilled to total depth
in only 59 days, approximately 63 days ahead of schedule. Cobalt, as
operator, owns a 40 percent working interest in Block 21. Partners
include Sonangol Pesquisa e Produção, S.A., Nazaki Oil and Gaz, and
Alper Oil Limitada.
“The Syn-rift discovery in Bicuar validates the presence of a viable
seal and trap with quality reservoir rocks in the deeper reservoir
section,” said James Farnsworth, Cobalt’s Chief Exploration Officer.
“These characteristics have been present in similar features in the
Campos Basin of Brazil and will be key to expanding the potential of the
broader Angola Kwanza Basin Pre-salt. We are also excited with how
quickly Bicuar 1A was drilled, while never compromising our commitment
to safety and environmental protection. Continued performance of this
type would allow us to drill wells at nearly half the cost we had
Cobalt is an independent exploration and production company active in
the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt
was formed in 2005 and is headquartered in Houston, Texas.
Forward Looking Statements
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 SEC filings.
Cobalt undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances occurring
after this press release, other than as required by law. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
Source: Cobalt International Energy, Inc.
Cobalt International Energy, Inc.
Chief Financial Officer
Lynne L. Hackedorn, +1-713-579-9115
Government and Public Affairs