Cobalt hits pay in Gulf of Mexico

Exploration and production company Cobalt International Energy has found oil in the North Platte #4 appraisal well, in the U.S. Gulf of Mexico. 

The company said on Wednesday it has completed drilling operations on the appraisal well and the preliminary results indicate that the well encountered approximately 650 feet of net oil pay, which is greater than the approximately 550 feet 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 the North Platte field.

Cobalt also said it is currently 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, Cobalt added.

Timothy J. Cutt, Cobalt’s Chief Executive Officer 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.”

The well, spud in September 2016, was drilled with the Rowan Reliance drillship. Also in September, Cobalt terminated the contract for the drillship Rowan Reliance early, setting the end date for March 2017 instead of previously agreed date in February 2018.

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

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