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Cobalt International Energy, Inc. Message Board

  • donwilson53 donwilson53 Mar 22, 2013 11:52 AM Flag

    cam too?

    are we still waiting for cam 2 results or did they post them already?

    Sentiment: Strong Buy

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    • Harvest Natural Resources having some success in the pre-salt:

      Dussafu Project – Gabon ("Dussafu PSC")

      In 2012, the Company entered into the third exploration phase of the Dussafu PSC, commenced drilling operations on the exploration well DTM-1 and subsequently drilled an appraisal sidetrack DTM- 1ST1. These wells were drilled with the Saipem Scarabeo 3 semi-submersible drilling unit in a water depth of 380 feet.

      On May 28, 2012, the Dussafu PSC partners entered into the third exploration phase of the PSC for a four year period through May 27, 2016. The third exploration phase of the PSC has $7.0 million ($4.7 million net to our 66.667 per cent interest) work commitment over the four year period, which has been exceeded by the 2012 operations.

      The DTM-1 well was spud on November 19, 2012, and drilled to test the potential of the pre-salt Gamba and Dentale Formations of the Tortue Prospect. The DTM-1 well reached a vertical depth of 11,260 feet within the Dentale Formation. Log evaluation and pressure data indicate that Harvest discovered approximately 42 feet of pay in a 72 foot oil column within the Gamba Formation and 123 feet of pay in stacked reservoirs within the Dentale Formation.

      The Tortue oil discovery was appraised by drilling a sidetrack (DTM-1ST1) approximately 1,800 feet to the southwest to test the lateral extent and structural elevation of both the Gamba and Dentale Formations. The sidetrack was drilled to a Total Depth (TD) in the Dentale of 11,385 feet, 10,790 feet True Vertical Depth Subsea (TVDSS) and found 65 feet of oil pay in the principal Dentale sand with an apparent similar fluid level to that encountered in the vertical well DTM-1. Several other Dentale sands with oil shows were encountered; however, due to a stuck downhole tool, logging operations in the sidetrack were terminated before pressure data could be collected. The DTM-1ST1 well was suspended pending future appraisal and development activities. The drilling rig was released on February 21, 2013.

      The Tortue discovery is the second consecutive discovery made by Harvest and the fourth oil discovery on the block along with Ruche, Walt Whitman and Moubenga. The core and fluid data has been shipped from Gabon for laboratory analysis and the wireline data is being integrated with the seismic in on-going subsurface studies. Specifically, these studies include velocity modeling and depth conversion uncertainty modeling, reservoir characterization and dynamic modeling studies. Our current interpretation of the Tortue discovery indicates a preliminary range of contingent resources between 5 and 45 MMBBL.

      This most recent discovery brings the combined mean estimate for contingent resources for the block to 46 MMBBL, including the three other existing oil discoveries in Ruche, Walt Whitman and Moubenga.

      A program of subsurface and conceptual engineering studies has commenced with the objective of evaluating the commerciality of Tortue and the other oil discoveries to determine the optimum development options for the block.

      In other parts of the block, activities during 2012 included completion in July of the Pre-Stack Time Migration ("PSTM") processing of 545 square kilometers of Central 3-D seismic, which was acquired in the fourth quarter of 2011. Pre-Stack Depth processing and reprocessing of the new Central 3-D together with the 2005 Inboard 3-D seismic, approximately 1,300 square kilometers, commenced in June 2012. The Pre-Stack Depth processing of the merged 3-D project is expected to be completed in the second quarter of 2013.

    • The last news I have is that the Ocean Confidence is at or near Cam 2 location, but is still under repair and not back worklng under contract with CIE. If this is currently the case then no DST results yet. Frustrating situation for all concerned.

      Sentiment: Strong Buy

    • They posted "Outstanding results for Cameia #1 and #2" on page 12 of the March 2013 briefing update. They want to drill another well (Deep Interval Test) but it's been delayed until June 2013 due to Petroserv's SSV Catarina Semisub rig problems.

    • No results posted, we are waiting on DST results. No word on the D.O. rig.

      Sentiment: Strong Buy

      • 1 Reply to oiljars51
      • It looks like OC is still on location although it's not clear whether the rig has been repaired yet with an actual DST taking place now. The new build SSV Catarina has arrived in Angola and once acceptance testing (let's say 4-6wks) has been completed the rig will take on supplies then spud Lontra with a result maybe Jul or Aug. Watch this space.

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