Cobalt International Energy Provides Angola Update; Posts Wider Q2 Loss Vs. Ests; Shares Up 16.5%

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Cobalt International Energy ( CIE ) today reported that its Cameia #2 appraisal well, located in Block 21 offshore Angola, has successfully confirmed the presence of a large hydrocarbon accumulation in what is a high quality reservoir, and confirmed that the lowest known oil is at least 135 meters deeper than that which was observed in Cameia #1.

The company also reported a Q2 loss of $0.11 per share, ex one-time items, versus the Capital IQ consensus of $0.09 loss per share.

Shares are up 16.65% to $28.17 and touched a day high $28.69, with a 52-week range of $6.30 - $36.51.

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This article appears in: Investing , Commodities


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