Las Vegas, NV -- (SBWIRE) -- 12/06/2012 -- Cobalt International Energy, Inc. (NYSE:CIE) is making another explosive move up after the company struck oil at one of its deep water drilling sites in the Gulf of Mexico. This comes a year after Cobalt made a significant discovery in Angola, which tested at 7,400 boe/day.
Cobalt is an independent oil exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.
Cobalt’s strategic objective is very clear: to create distinctive value for our investors by exploring for oil in the largest hydrocarbon rich plays in the deep offshore waters of the U.S. Gulf of Mexico and West Africa, with an emphasis on sub-salt and pre-salt exploration, development, and production.
Cobalt International Energy is competitively positioned to discover and produce deepwater hydrocarbon resources in our focus areas. We are executing to deliver on our promise to create distinctive value for our investors and our partners.
On December 5, 2012 Cobalt announced a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. Based on extensive wire line evaluation, the discovery well encountered several hundred feet of net oil pay in multiple Inboard Lower Tertiary sands.
Joseph H. Bryant, CEO of CIE said "Today's announcement is another important milestone for Cobalt, "Cobalt's founding vision included making significant operated discoveries in multiple world-class deepwater oil basins. Coupled with our previous announcements in Angola, Cobalt has demonstrated it has the technical and operational skills to deliver on our promises."
OTCMAGIC has recently published a new article on CIE. To find out more about this stock and what OTCMAGIC projects for Cobalt International Energy both short term and long term please go here: CIE
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