Cobalt outlines 2010 drilling plans

The Criollo prospect exploration side track well in the Gulf of Mexico has reached a planned TVD of 31,145 ft (9,493 m) Cobalt International Energy says.

Offshore staff

HOUSTON -- The Criollo prospect exploration side track well in the Gulf of Mexico has reached a planned TVD of 31,145 ft (9,493 m) Cobalt International Energy says. The company is suspending operations on the well.

The original well discovered 55 ft (17 m) of Miocene age oil-bearing reservoirs and the side track logged 73 ft (22 m) of Miocene oil in correlative reservoirs. Both the original Criollo well and the side track encountered structural complexities associated with salt, which prevented testing the entire interval, the company says.

Cobalt plans to complete a review of well data and to reprocess existing 3D pre-stack depth migration seismic data to determine its next steps. The company and its partners have yet to determine the commerciality of the prospect.

The next exploratory well in Cobalt’s 2010 drilling program, Firefox No. 1, is scheduled to spud in the first quarter. Firefox is in Green Canyon blocks 773 and 817, where BHP Billiton Petroleum (GOM) Inc. is the operator and Cobalt owns a 30% working interest. This prospect lies within the Tahiti basin, northeast of the Heidelberg discovery.

Cobalt’s operated North Platte No. 1 well is scheduled to spud in the second quarter. It targets Lower Tertiary horizons and is in Garden Banks blocks 915, 916, 958, 959, and 960. Cobalt is the operator of North Platte and has a 60% working interest in the prospect. TOTAL E&P USA, INC. owns the remaining 40% working interest. Negotiations are under way to secure a rig to drill well.

01/29/2010

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