Cobalt draws up pre-salt Angola targets

Cobalt International Energy is preparing to start its pre-salt deepwater exploration drilling program on block 21 offshore Angola.

Offshore staff

HOUSTON – Cobalt International Energy is preparing to start its pre-salt deepwater exploration drilling program on block 21 offshore Angola.

The drilling rig Ocean Confidence should be available in mid-July to start work on the two planned wells, after completing a current assignment elsewhere off Angola for Total.

Due to the proximity of the two well locations, Cobalt plans to first drill the surface hole of the Bicuar #1 well; next transfer the rig to drill and evaluate Cameia #1; and finally return to drill and evaluate Bicuar #1.

Each well should take 80-100 days to drill, and a further 10-20 days to evaluate, if successful.

Cobalt has a 40% operating interest in each prospect, and shortly expects to complete its production sharing agreement for offshore block 20.

06/30/2011

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