Petro Rio S.A. HRTPF

More Cobalt

[DrWolverine]

 

James W. Farnsworth, Cobalt’s Chief Exploration Officer, added that ?This test confirmed the presence of a world-class quality carbonate reservoir at Cameia. The presence and quality of reservoir had been our key play and prospect risk prior to drilling. Based upon our analysis of the test data, if not limited by the test equipment on the rig, we believe the well would have the potential to produce in excess of 20,000 barrels of oil per day. In addition, we have yet to drill our deeper targets at Cameia, which if successful will provide additional upside potential.?

Cobalt had previously announced that it would drill its Bicuar-1 exploratory well after completing Cameia-1 well operations. However, given the exceptional results obtained from the Cameia-1 exploratory well, Cobalt, its partners and the Concessionaire have agreed to immediately initiate an appraisal drilling program to further assess the size and extent of the Cameia oil discovery and to drill to deeper objectives. Plans are underway to drill the Cameia-2 appraisal well with the Diamond Offshore Ocean Confidence drilling rig. The Cameia-2 appraisal well is expected to spud in February and will be drilled to a planned total depth of 16,000–18,000 feet. The Cameia-2 appraisal well is expected to take 100-120 days to drill, followed by an evaluation period based on the well’s results. Cobalt’s partners in Block 21 and Cameia-1 include Sonangol Pesquisa e Produção, S.A. (20%), Nazaki Oil and Gáz, S.A. (30%), and Alper Oil, Limitada (10%).