ajm101 (35.22)

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Cobalt Int'l strikes it BIG

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February 09, 2012 – Comments (2) | RELATED TICKERS: CIE

I've mentioned Cobalt International Energy (CIE) here before, and today, they had big news

"The Cameia-1 Well was drilled in 5,518 feet (1,682 meters) of water to a total depth of 16,030 feet (4,886 meters), at which point an extensive wire line evaluation program was conducted. The results of this wire line evaluation program confirmed the presence of a 1,180 foot (360 meter) gross continuous oil column with over a 75% net to gross pay estimate. No gas/oil nor oil/water contact was evident on the wire line logs. An extended Drill Stem Test (DST) has now been performed on Cameia-1 to provide additional information."

http://finance.yahoo.com/news/Cobalt-International-Energy-bw-1986467904.html

2 Comments – Post Your Own

#1) On February 10, 2012 at 10:08 AM, sarcaz (20.46) wrote:

Wow, up nearly 50%. Nice.

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#2) On February 10, 2012 at 1:29 PM, ajm101 (35.22) wrote:

Yup, they had big expectations, (11B barrels, unrisked, between their African and GoM assets) and this is so substantial that it probably raises that number. They haven't even finished drilling, there might be more oil deeper.

For scale, Ghawar's column is 1300 feet (granted I'm not comparing the reservoir characteristics, just the column height).

It's really huge. I think CIE is still a double from here.

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