+ Watch CIE
on My Watchlist
MACD Crossover 02/08/13
The Cameia well may have the potential to produce more than 20,000 barrels of oil a day,http://www.bloomberg.com/news/2012-02-10/goldman-backed-cobalt-says-angola-oil-test-exceeds-expectations.html?cmpid=yhoo
CIE is involved in two exploration plays as opposed to development or delineation projects. The success rate for offshore 3D seismic prospects under salt domes is 1 in 25. These are very risky prospects in general. If mgmt announces poor test results (which is the likely outcome), CIE will drop like a rock in a waterfall.
These dudes have oil.
News from the GoM will keep this group down til some kind of resolution occurs. Til then am bearish on GoM stocks.
Cobalt's share price has been blasted by the GoM oil spill and by recent marginal wells. However, the company owns a massive lease position in the Gulf subsalt plays, and will recover in time. I have confidence that they will eventually make numerous large, high quality discoveries, after which all or part of the reserve position will be sold off. Company is well financed by GS and others. Disclaimer: I know most of the management and staff well.
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