Cobalt hits homer at N. Platte

Ensco 8503

Cobalt says deepwater oil find is significant

Cobalt's deepwater Gulf of Mexico prospect North Platte has encountered significant oil pay, the company announced on 5 December 2012.

Cobalt characterized the discovery as containing 'several hundred feet' of net oil pay in multiple inboard lower tertiary sands inside Garden Banks block 959. The well is the company's first to be drilled after reaching an alliance with Total.

"North Platte was one of the most challenging wells that the industry has drilled in the Gulf of Mexico, and to have drilled this well to total depth in a safe manner and in near record time is especially gratifying," said James H. Painter, Executive Vice President, Gulf of Mexico.

Cobalt's CEO James W. Farnsworth called the North Platte Prospect an important one for the company.

"[North Platte] confirms our geologic model of the Inboard Lower Tertiary Trend where Cobalt holds a substantial acreage position with several follow-on prospects," said James W. Farnsworth, Chief Exploration Officer. ‘"We are also pleased that based on our preliminary analysis of well and wireline data, North Platte is in line with the predrill estimate of net pay. This success is an important reminder that the Gulf of Mexico continues to hold prolific hydrocarbon potential."

Drilling at North Platte has been a long time coming. Operations were halted after the 2010 drilling moratorium forced the company to move the rig off the well location.

The North Platte prospect was spud by the Ensco 8503 in July 2012 and drilled to a total depth of 34,500 ft. North Platte sits in approximately 4,400 ft of water.

Cobalt operates North Platte with 60% working interest. Total holds the remaining 40%.