Cobalt reports successful pre-salt flow test offshore Angola

Feb 13, 2012 12:00 AM

Cobalt International Energy provided additional data confirming the significance of its Cameia Pre-salt oil discovery in Block 21 offshore Angola. The Cameia-1 Well was drilled in 1,682 meters of water to a total depth of 4,886 meters, at which point an extensive wire line evaluation program was conducted.
The results of this wire line evaluation program confirmed the presence of a 360 meter gross continuous oil column with over a 75 % net to gross pay estimate. No gas/oil nor oil/water contact was evident on the wire line logs. An extended Drill Stem Test (DST) has now been performed on Cameia-1 to provide additional information.

The
DST flowed at an un-stimulated sustained rate of 5,010 bpd of 44-degree API gravity oil and 14.3 mm cfpd of associated gas (approximately 7,400 boepd) with limited drawdown. The flow rate, which was restricted by surface equipment, facility and safety precautions, confirmed the presence of a very thick, continuous, high quality reservoir saturated with light oil.
Joseph
H. Bryant, Cobalt's Chairman and Chief Executive Officer, said:Cameia is an extraordinary success. The results have exceeded our pre-drill expectations and have increased our confidence in our entire West Africa Pre-salt exploration inventory. We will immediately commence our Cameia appraisal program.”

This test confirmed the presence of a world-class quality carbonate reservoir at Cameia. The presence and quality of reservoir had been our key play and prospect risk prior to drilling."
"Based upon our analysis of the test data, if not limited by the test equipment on the rig, we believe the well would have the potential to produce in excess of 20,000 barrels of oil per day. In addition, we have yet to drill our deeper targets at Cameia, which if successful will provide additional upside potential,” James W. Farnsworth, Cobalt's Chief Exploration Officer, added.

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