Cobalt appraisal well strikes pay at North Platte in Gulf of Mexico

HOUSTON -- Cobalt International Energy has completed drilling operations on the North Platte #4 appraisal well in the U.S. Gulf of Mexico.

According to Cobalt, the preliminary results are encouraging and indicate that the well encountered approximately 650 ft of net oil pay, which is greater than the approximately 550 ft of net pay found in the North Platte #3 appraisal well. The North Platte #4 initial appraisal results also indicate high quality Inboard Lower Tertiary Wilcox reservoirs on the eastern flank of North Platte field.

Cobalt is evaluating log data, fluid samples and pressure information and is preparing for a geologic sidetrack to further analyze the extent of the eastern flank of the field. The geologic sidetrack is expected to be completed in the first quarter.

Timothy J. Cutt, Cobalt’s CEO, said, “This well result is an important milestone in the appraisal of the full potential of the North Platte field. The confirmation of high quality reservoir on the large eastern flank of the field is encouraging.”

Cobalt, as operator, owns a 60% working interest in North Platte, and TOTAL E&P USA, Inc. owns the remaining 40% working interest.