Cobalt International Energy, Inc.
) confirmed that it has successfully tested its previously
announced Lontra #1 pre-salt discovery well in Block 20, offshore
Angola. The company noted that the discovery well encountered
both a high liquids content gas interval and an oil interval.
Cobalt is partnered by
) and Sonangol Pesquisa e Producao, S.A., with 30% working
interest each, in the block.
During the recently completed drill stem test, the Lontra well
produced at a stabilized flow rate of 2,500 barrels per day of
condensate and 39 million cubic feet per day of gas. The flow
rates were significantly restricted by the surface test
facilities on the semi-submersible Catarina drilling rig. The
company also noted that further appraisal drilling will be
required to determine the ultimate size of the Lontra field.
The semi-submersible drilling rig is tied to the company with a
three-year contract since first quarter 2013. This gives it ample
time to explore other potential areas in the region.
Cobalt International Energy is deeply focusing on West Africa.
Apart from Lontra, the company's other oil-focused exploration
targets in the area include Blocks 9, 20 and 21 offshore Angola,
and the Diaba Block offshore Gabon.
The company also has a significant presence in the U.S. Gulf of
Mexico region. Its exploration efforts in that region target
subsalt Miocene and Inboard Lower Tertiary horizons in the
deepwater U.S. Gulf of Mexico. Drilling efforts by the company in
that region have resulted in the North Platte, Heidelberg and
Shenandoah oil discoveries.
Formed in 2005, Cobalt International Energy, Inc. operates
through its subsidiary Cobalt International Energy, L.P. The
subsidiary is an independent oil focused exploration and
production company with a prospective portfolio in the deepwater
U.S. Gulf of Mexico and offshore West Africa. All of the Houston,
Texas based company's prospects are oil-focused.
Cobalt International Energy holds a Zacks Rank #3 (short-term
Hold rating). However, there are better-ranked stocks in the oil
and gas sector such as
SM Energy Company
Matador Resources Company
). All these stocks hold a Zacks Rank #1 (Strong Buy).
BP PLC (BP): Free Stock Analysis Report
COBALT INTL EGY (CIE): Free Stock Analysis
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