Cobalt confirms presalt discovery offshore Angola

Cobalt International Energy Inc. (NYSE:CIE) reports that it has successfully tested its Lontra #1 presalt discovery well in Block 20, offshore Angola. During the recently completed drillstem test, the Lontra well produced at a stabilized flow rate of 2,500 barrels per day of condensate and 39 million cubic feet per day of gas. The flow rates were significantly restricted by the surface test facilities on the SSV Catarina drilling rig.

The Lontra #1 exploratory well was drilled to a total depth of 4,195 meters (13,763 feet) and penetrated approximately 75 meters (250 feet) of net pay in a very high-quality reservoir section. The discovery well encountered both a high liquids content gas interval and an oil interval. The drillstem test was conducted in the high liquids content gas interval in order to acquire data on the flow capacity and fluid composition of this interval.

The company has now mobilized the SSV Catarina rig to drill the Orca #1 presalt exploratory well (formerly the Baleia Prospect), located 15 miles (25 kilometers) northeast of Lontra in Block 20. Cobalt, as operator, owns a 40% working interest in both Lontra and Orca. BP and Sonangol P&P are also partners in Block 20, each with a 30% working interest.

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