The Firefox No. 1 exploratory well on Green Canyon Block 817 will be plugged and abandoned. Firefox is located on Green Canyon Blocks 773 and 817 offshore Louisiana in a water depth of 4,803 feet (1,464 meters). BHP Billiton serves as the operator and holds a 50% interest; Cobalt holds 30%; and Total holds the remaining 20%.
Cobalt will now focus on the Ligurian No. 2 exploratory well, which the company plans to drill in 2010. As previously announced, the operator will also spud the North Platte No. 1 well this year. The order of drilling operations is dependent upon when the drilling permit for Ligurian No. 2 well is obtained relative to accepting the Ocean Monarch semisub from its current operator. Cobalt is the operator of both wells with a working interest of 60% in the North Platte No. 1 well, and a working interest of 45% in the Ligurian No. 2 well.
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