Cobalt International Energy, Inc. ("Cobalt") (NYSE:CIE) confirmed today that it has successfully tested its previously announced Lontra #1 Pre-salt discovery well in Block 20, offshore Angola. During the recently completed drill stem 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.
"We and our partners Sonangol P&P and BP are very pleased with the results of our Lontra #1 discovery"
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 drill stem 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.
"We and our partners Sonangol P&P and BP are very pleased with the results of our Lontra #1 discovery," said Joseph H. Bryant, Cobalt's Chairman and Chief Executive Officer. "While further appraisal drilling will be required to determine the ultimate size of the Lontra field, it is clear that Lontra is a discovery on a global scale. The exceptional reservoir system that we have discovered ranks among the best that we have seen. Although the field contains more gas than our pre-drill estimates, it is beneficialthat Lontra is offshore near Luanda, where we believe there is a potentially large emerging market for gas. We and our partners as the Contractor Group have already begun discussions with the Concessionaire regarding the simultaneous commercialization of both the liquids and the gas discovered in Lontra for the benefit of both Angola and the Contractor Group."
James W. Farnsworth, Cobalt's Chief Exploration Officer added, "The results of the Lontra well are exceptional, with excellent quality reservoirs that are better than we had expected. Additionally, all of the data that we have collected suggests that the well's deliverability far exceeds the drill stem test flow rates, which were limited by the surface test equipment. We have now drilled three exploration wells in the Kwanza Pre-salt basin and have made three discoveries. This excellent track record gives us increased confidence in the depth of our Angolan portfolio, the size and value of its potential and the likelihood of further large discoveries."
