Cobalt expands Anchor unit in Gulf of Mexico

Houston-based oil company Cobalt International Energy has expanded its Anchor unit in the U.S. Gulf of Mexico with two additional units. 

Namely, Cobalt has entered into a definitive agreement with its co-owners in the Anchor development to unitize and include Cobalt’s two leases immediately south of the current Anchor unit, Green Canyon blocks 850 and 851, into the existing Anchor unit.

The transfer of interests in the two leases and the revised Anchor unit are subject to customary regulatory approval. Following the approval, Cobalt will retain a 20% working interest in the revised Anchor unit.

Timothy J. Cutt, Cobalt’s Chief Executive Officer, stated, “Expansion of the Anchor unit to include Cobalt’s two blocks to the south is key to optimizing the development plan and increasing oil recovery from Anchor as the reservoir clearly extends onto these blocks. This agreement makes Anchor even more attractive of a development going forward, whether for us or for a potential purchaser in our ongoing sales efforts.”

The Anchor discovery is operated by Chevron with 55% interest. In addition to Cobalt as a partner, Samson Offshore Anchor and Venari Resources each own 12.5 percent interest.

The Anchor discovery was drilled in 5,183 feet of water. It represents Cobalt’s fourth significant discovery in the Gulf of Mexico. The results of the discovery well further confirmed Cobalt’s Inboard Lower Tertiary model. An appraisal sidetrack well was drilled down dip to delineate the Anchor discovery well.

The appraisal well encountered 694 feet of net oil pay in a hydrocarbon column of at least 1,800 feet in Inboard Lower Tertiary reservoirs. The Anchor #3 and #4 appraisal wells were successful, as well. Anchor #4, which was spud in late 2016, resulted in approximately 800 feet of net oil pay.

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