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Cobalt International Energy, Inc. Message Board

xxnjr 4 posts  |  Last Activity: Jul 8, 2014 7:58 AM Member since: Aug 3, 2012
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  • Reply to

    CIE priorities

    by beer_for_me2 Jul 5, 2014 4:48 PM
    xxnjr xxnjr Jul 8, 2014 7:58 AM Flag

    I see Maersk Oil have just taken a $1.7bn hit on Wahoo and Itaipu in Campos Basin/Brasil as appraisal of the fields came in at the lower end of expectations.

  • Reply to

    CIE priorities

    by beer_for_me2 Jul 5, 2014 4:48 PM
    xxnjr xxnjr Jul 7, 2014 7:26 PM Flag

    Long answer: Two reasons really. 1. They need to drill more appraisal wells to establish the scale of the resource and hence optimum development size. Also need dynamic data from Drill Stem Tests to see what kind of rates ILT wells will produce at. 2. Existing sub-sea production systems rated at 15K psi whereas some of the ILT fields will need next generation 20K psi systems which are under development.

    Short answer: The sub-sea equipment to produce at these pressures isn't available yet.

  • Reply to

    Analyst Day

    by ultach2000 May 28, 2014 9:49 PM
    xxnjr xxnjr Jun 5, 2014 8:03 PM Flag

    The gas "issue" isn't really an issue afaics. At least not in the short to medium term. It's standard practise to re-inject gas (and water) into producing oil or condensate reservoirs to increase recovery factors. The real value in the (associated) gas is getting more barrels of oil out of a field than would otherwise be the case. And Cobalt have discovered more than enough oil to keep them busy for years. It may be necessary to come up with other gas disposal options in the medium to long term if over zealous use of gas injection starts to damage the reservoir. There are of course large reserves of gas at Lontra and it would be good if those could be commercialised through a Gas Sales Agreement but I wouldn't hold your breath. None of which will prevent Oil and Condensate being produced from Lontra.

  • Reply to


    by lufkinunit May 7, 2014 4:59 PM
    xxnjr xxnjr May 13, 2014 7:02 PM Flag

    lufkinunit , Sorry you feel the way you do. What was actually said was "….Given our planned exploration and development spending, our balance sheet will carry us well into 2015. However, we continue to evaluate 2 primary means to maintain ample liquidity going forward.
    First, the depth and quality of our discovered resource base gives us the opportunity to prioritize our holdings to ensure our investments are directed to the highest-return projects. This analysis may lead to initiatives ranging from joint ventures to partial and complete divestitures.
    Second, we continue to monitor the capital markets with a preference for structures that minimize carrying cost, while providing long-term flexibility. And as I've stated on previous occasions, the issuance of any primary common equity remains our least preferred capital markets alternative….."

    Isn't the second option exactly what they've done….?

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