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Wednesday, November 5, 2014
Cobalt International Energy included an update of its activities in Angola in its recently released Q3 report. The company saw its Cameia#3 appraisal well drilled on Block 21 during the period. A DST was performed on the well and the results exceeded Cobalt’s pre-drill expectations. These well results confirm the existence of a large reservoir and support its plan to obtain approval of the integrated field development plan later this year or in early-2015.
The company anticipates formal award of major project facilities, including the FPSO and subsea trees and manifolds, umbilicals, risers and flowlines in the first quarter of 2015, subject to obtaining necessary approvals and the financing for the Cameia FPSO. Cobalt, as operator, owns a 40% working interest in the Cameia project.
Following Cameia #3, Cobalt moved the Petroserv SSV Catarina rig to drill the Loengo #1 pre-salt exploration well on Block 9. The well was drilled to total depth in record time of 45 days, however it failed to encounter commercial hydrocarbons despite confirming the presence of world class reservoir rock. The well has been plugged and abandoned and the Petroserv SSV Catarina rig was then moved to the Mupa #1 location on Block 21 and the well was spud. Cobalt expects results from Mupa #1 by early-2015.
Also in Blocks 9 and 21 Cobalt announced that Nazaki Oil and Gas and Alper are no longer members of the contractor group of these blocks, as their working interests have been transferred to Sonangol P&P. Working interest ownership across Blocks 9 and 21 includes Cobalt with a 40% working interest and Sonangol P&P with a 60% working interest. As a result of this change, Cobalt’s paying interest during the exploration phase has decreased from 62.5% to 52.5% and after the exploration phase, Cobalt’s paying interest equals its 40% working interest.
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