logo
  Join        Login             Stock Quote

Cobalt International Energy (CIE) Says 'Significant' Oil Discovery In Gulf of Mexico; Shares Soar

 December 05, 2012 08:04 AM
 


(By Balachander) Cobalt International Energy Inc. (NYSE: CIE) announced a "significant" oil discovery at its North Platte prospect in the deepwater Gulf of Mexico, and its shares soared nearly 17 percent in premarket trading on Wednesday.

The oil-focused exploration company said North Platte represents the "first major discovery" in its Gulf of Mexico alliance with TOTAL (NYSE: TOT).

"The discovery well encountered several hundred feet of net oil pay in multiple Inboard Lower Tertiary sands," Cobalt said in a statement. North Platte is in line with the predrill estimate of net pay based on preliminary analysis of well and wireline data, the company added.

Cobalt holds a 60 percent working interest in the prospect along with Total, which has a 40 percent working interest.

[Related -Stocks Close Higher Amid Earnings; Fusion-IO (FIO) Sinks]

Paris-based Total estimates this discovery can have a potential of several hundred million barrels of oil.

The results of the well confirm the the presence of liquid hydrocarbons, Total noted.

North Platte is located in roughly 4,400 feet of water and was drilled to a total depth of around 34,500 feet.

"North Platte is particularly important for Cobalt because it confirms our geologic model of the Inboard Lower Tertiary Trend where Cobalt holds a substantial acreage position with several follow-on prospects," commented James Farnsworth, Cobalt's Chief Exploration Officer.

[Related -Futures Point To Flat Open; ValueClick (VCLK) Plunges]

CIE shares, which have been trading in the 52-week range of $8.77 to $36.51, ended at $23.78 on Tuesday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageIn A World Of Artificial Liquidity – Cash Is King

It's more crucial now than ever for people to consider extracting a portion of cash from their bank read on...

article imageDid The IMF Provide Support To Syriza?

The IMF published yesterday a preliminary analysis on the debt sustainability of the Greek read on...

article image3 Defensive Stocks Offering Safety, Yield In A Turbulent Market

The world can be a scary place to invest these days. Greece can't pay its debts, Russia is a mess, China's read on...

article imageFour Stocks in the Dow Making Fresh 52 Week Lows

“What gets weak tends to get weaker; what gets strong tends to get read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.