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Cobalt International Energy, Inc. Message Board

  • roosterly9 roosterly9 Feb 27, 2014 8:01 AM Flag

    very positive results on ORCA angola

    According to Morgan this adds $8 to proved NAV. You can see the press release on their website.

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    • nortini Feb 27, 2014 10:02 AM Flag

      All very true, but none of these discoveries will be producing until 2017- 2017. I can't find any producing wells in their portfolio on their website.

    • What is the total that Morgan Stanley has for proved NAV? I don't know their numbers. Can you post what they said? Are you talking about CIE's press release or something from Morgan?

      Sentiment: Strong Buy

      • 1 Reply to lesspheus
      • From PR

        "Cobalt provided an update on its Orca #1 deepwater pre-salt exploratory well in Block 20, offshore Angola. The well has reached total depth and has resulted in the company's fifth consecutive pre-salt discovery in Angola's Kwanza basin. Initial analysis indicates that Orca has a resource potential of between 400 - 700 MMBO. Results of an extensive logging, coring, and fluid acquisition program confirmed the existence of a large light oil reservoir and a thin condensate and gas cap in the upper sag section of the well. In addition, mobile oil was discovered in the deeper syn-rift section of the well. After running production casing on the well which is currently underway, further evaluation and testing will commence, after which the well will be temporarily abandoned. Over the next several months following full processing and integration of all subsurface data collected from the well, the Block 20 partners will evaluate any additional activities necessary to assess Orca's commerciality. After well operations are complete at Orca #1, Cobalt will move the Petroserv SSV Catarina drilling rig to the Cameia #3 location in Angola Block 21. "

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