Cobalt sees positives in Angola Cameia appraisal

Cobalt International Energy Inc., Houston, said preliminary wireline log results indicate that the Cameia-2 appraisal well on Block 21/09 offshore Angola has better defined the areal extent of the Cameia discovered resource and determined an oil-water contact deeper on the Cameia structure than the lowest known oil observed in Cameia-1.

Evaluation is still under way to determine the outcome of a third objective, which was to test deeper oil potential in untested zones in Cameia field.

Cameia-2 went to 5,475 m in basement 3.5 km south of the Cameia-1 presalt discovery well. Log results confirmed the presence of a large hydrocarbon accumulation in a high-quality reservoir and confirmed lowest known oil to be at least 135 m deeper than that observed in Cameia-1.

Analysis of drilling and wireline log data indicates hydrocarbon charge and pressure separation from the uphole reservoir section in the deepest reservoir target. Cobalt is preparing for a production drillstem test to be performed in August. Cobalt will evaluate the results of all data collected to determine the reservoir potential, if any, of this new zone.

Cobalt operates Block 21/09 with a 40% interest on behalf of Soc. Nacional de Combustíveis, the block concessionaire. Nazaki Oil & Gaz SA has 30%, Sonangol Pesquisa e Producao SA 20%, and Alper Oil Ltda. 10%.

Cobalt has executed, subject to formal Sonangol EP approval, a 3-year drilling rig contract to use the SSV Catarina deepwater semisubmersible to support its Angolan exploration, appraisal, and development operations. The rig is expected to arrive in Angola early in the first quarter of 2013.

Cobalt also anticipates that the Diamond Offshore Ocean Confidence will return to Angola in late 2012 to support its operations.

Joseph H. Bryant, Cobalt chairman and chief executive officer, said “It was very important that we begin to understand the lateral continuity of the exceptional reservoir discovered in Cameia-1. Even though Cameia-2 is a flank well on the carbonate mound feature, we do see every indication that a high quality reservoir extends over a broad area.

“We have a lot of work yet to do before we fully understand the magnitude of the Cameia discovery, but we believe that we are off to a great start with two successful wells in the field, and in our Angolan presalt exploration program.”