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Cobalt International Energy, Inc. Message Board

  • osella_70722 osella_70722 Feb 19, 2013 1:36 AM Flag

    Lontra....thoughts and questions

    It seems to me that CIE is playing up the potential for Lontra based on what they have found so far. So far they haven't missed on any 4 way closures and Lontra looks to be damn near a slam dunk due to its size. I never count my chickens before they hatch, but with CIE at around $25, I am very tempted to pick up about 10,000 shares right now.

    What I find interesting about Lontra is that if the cartoon is to be believed, this looks to be an incredibly flat structure that might well lend itself to horizontal drilling. Can you imagine how much cheaper that would be in the long run if they were able to put in horizontals?

    The game is afoot.

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    • No doubt about it, Lontra is a huge prospect. Though it looks good on a map, it requires competent seal(s) across the entire structure and thick reservoir-quality permeable rock to be commercially viable. Both are risky. The "super-pay" vuggy carbonate mound tested at Cameia #1 may not be present at Lontra. A successful DST in the lower zone at Cameia #2 is very important for derisking Lontra because that is the stratigraphic equivalent most likley to be present along trend across Cobalt's entire acreage position offshore Angola.

      In my opinion, Cameia is already a proven giant in the upper "super-pay" zone ( 500 MMBO) and it will produce at a very high production rate. If the DST is good at Cameia #2, then pay in the lower zones will bump up Cameia's reserves significantly, but produce at a lower rate than the "super-pay" zone.

      If Lontra turns out to be a commercial discovery, then large Lontra could drill out to be super-giant ( 5 BBO). Let's hope Cameia #2 DST is good news....$25 will be in the rear view mirror if it is.

      Sentiment: Buy

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