On Cobalt, most current values are high teens without a successful Cameia well. CIE will probably be up again today.
t the end of 3Q, CIE had $1.62 billion of cash on hand, fully funding the exploration program through 2013. On a risked basis, this program supports an NAV of $17/sh, with substantial unrisked upside (above $40/sh) if exploration is successful over the next 2 years. We will adjust our risked NAV once the Cameia well flow tests are complete.
NBL's Leviathon is 25 tcf so this could be a big deal also.
The results of Noble Energy Inc. (NBL)’s exploratory drilling for oil and gas in Cyprus’s Block 12, which began in September, exceeded expectations, Politis reported today, without saying where it got the information.
The hydrocarbon reserves in Block 12 are comparable to those of Israel’s Leviathan site or larger, the Nicosia-based newspaper said on its website.