Cobalt has received notification that the Ocean Confidence drilling rig, which is currently under assignment to an Angolan affiliate of Total S.A., will be returned to Cobalt on Block 21 on or about July 12. Upon its return, Cobalt will immediately commence its initial two well pre-salt deepwater exploration drilling program on Block 21 offshore Angola.

Given the proximity of the two exploratory well locations, Cobalt plans to drill the surface hole of the Bicuar #1 exploratory well, move the drilling rig to the Cameia #1 exploratory well to drill and evaluate that prospect, then return to the Bicuar #1 exploratory well to drill and evaluate it. Cobalt expects each well to take 80 to 100 days to drill and an additional 10 to 20 days to evaluate if successful. Cobalt is the operator of Cameia and Bicuar and has a 40% working interest in each prospect.

In addition, Cobalt anticipates the execution of the production sharing agreement for its 40% working interest and operatorship of Block 20 offshore Angola will occur early in the third quarter of 2011.

Tags: Cobalt International Energy