Cobalt International Energy announces preliminary appraisal well results at North Platte

Cobalt International Energy 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 ft of net oil pay, which is greater than the approximately 550 ft 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 owns the remaining 40% working interest.