Cobalt Updates Ops in West Africa, GOM

Cobalt International Energy announced that in West Africa, the company has spud its Cameia #1 exploratory well on Block 21 offshore Angola on August 29, 2011. Cobalt expects Cameia #1 well results in December. After drilling and evaluating the Cameia #1 exploratory well, Cobalt will then move the Ocean Confidence drilling rig to drill and evaluate the Bicuar #1 exploratory well. Cobalt expects this well to take 80 to 100 days to drill and an additional 10 to 20 days to evaluate if warranted. Cobalt is the operator of Block 21 and owns a 40% interest in the block.

Cobalt, on behalf of the Block 20 partners, received the necessary approvals and has begun the acquisition of approximately 4,200 square kilometers of 3D seismic data on Block 20 offshore Angola.
In the U.S. Gulf of Mexico, the Heidelberg #2R appraisal well was spud on October 27, 2011, thereby resuming the appraisal drilling program of the previously announced Heidelberg
discovery. The Heidelberg #2R appraisal well represents the resumption of Cobalt’s partner-operated U.S. Gulf of Mexico drilling program following the Deepwater Horizon incident. Cobalt has a 9.375% working interest in Heidelberg.

Cobalt expects the Ensco 8503 drilling rig to return to the U.S. Gulf of Mexico in December, 2011. Upon its return and obtaining the U.S. Coast Guard Certificate of Compliance, the BOEM will issue Cobalt’s approved applications for permit to drill (APDs) for the Ligurian #2 and North Platte #1 exploratory wells. Cobalt will then drill Ligurian #2, followed by North Platte #1. Cobalt anticipates that each of these wells will take approximately six months to drill. Cobalt is the operator of Ligurian #2 and North Platte #1 and owns a 45% working interest and 60% working interest, respectively, in these prospects.


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