Cobalt International Energy, Inc. Announces Preliminary Appraisal Well Results at North Platte
January 04 2017 - 6:45AM
Business Wire
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today
announced it has completed drilling operations on the North Platte
#4 appraisal well. The preliminary results are encouraging and
indicate that the well encountered approximately 650 feet of net
oil pay, which is greater than the approximately 550 feet of net
pay found in the North Platte #3 appraisal well. The North Platte
#4 initial appraisal results also indicate high quality Inboard
Lower Tertiary Wilcox reservoirs on the eastern flank of the North
Platte field.
Cobalt is currently evaluating log data, fluid samples and
pressure information and is preparing for a geologic sidetrack to
further analyze the extent of the eastern flank of the field. The
geologic sidetrack is expected to be completed in the first
quarter. Timothy J. Cutt, Cobalt’s Chief Executive Officer said,
“This well result is an important milestone in the appraisal of the
full potential of the North Platte field. The confirmation of high
quality reservoir on the large eastern flank of the field is
encouraging.” An update to the resource potential will be provided
following the sidetrack operations.
Cobalt, as operator, owns a 60% working interest in North
Platte, and TOTAL E&P USA, Inc. owns the remaining 40% working
interest.
About Cobalt
Cobalt International Energy, Inc. (NYSE: CIE) is an independent
exploration and production company active in the deepwater U.S.
Gulf of Mexico and offshore West Africa. 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 federal securities laws, including 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,” “may,” “will,”
“aim,” “estimate,” “continue,” “intend,” “could,” “expect,” “plan,”
and 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 disclaims any obligation or undertaking, 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 cautionary statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20170104005523/en/
Cobalt International Energy, Inc.Investor Relations:Rob Cordray,
+1 (713) 579-9126Director, Investor RelationsorMedia
Relations:Lynne L. Hackedorn, +1 (713) 579-9115Vice President,
Government and Public Affairs