Cobalt International Energy Inc fka CIEIQ Message Board

Cobalt International Energy site: http://www.cobaltintl.com/

Cobalt

Company Profile

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.

Our principles are also very clear:

Extreme focus on opportunities that play to our strengths
Purposeful innovation that delivers the greatest value
Trust and respect in all our relationships
Operating in a safe, ethical, and environmentally responsible manner

Deliberate execution is the key to delivery of our strategic objectives. In only five years we have successfully:

Acquired the confidence and sponsorship from leading, global energy-focused private equity firms
Built management and technical teams that have been instrumental in successfully creating significant value throughout the value chain - from the seismic line to the sales meter
Competitively differentiated ourselves through a single deepwater sub-salt/pre-salt focus, leading edge technology and an expansive proprietary data set
Established a world-class, highly prospective and substantial resource base in regions with favorable economic profiles
Maintained decision control through operatorship and portfolio flexibility as a result of a high working interest in most of our prospects
Drilled two significant discoveries with our first two exploration wells in the U.S. Gulf of Mexico
Scheduled catalytic exploration drilling events over the next 24 months to test significant prospects in our inventory

Cobalt 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.

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Our Management

Cobalt's management team has a proven, differentiated track record of successfully participating in our industry's largest global projects over the past two decades. We have played key roles in major offshore discoveries, and have been instrumental in bringing these large-scale global hydrocarbon projects through development to production.

A few examples of major discoveries and development/production projects in which management has played a key role include: Atlantis, Great White and Thunderhorse in the Gulf of Mexico; Blocks 15, 17, 18, and 31 in Angola.

We have negotiated globally significant and challenging commercial agreements, such as the Exxon/Mobil and Chevron/Unocal mergers. And we have developed many long-standing relationships with independent oil companies, host governments, national oil companies and service providers - all of which enhances Cobalt's competitiveness and our ability to deliver.

Joseph H. Bryant (Chairman of the Board of Directors and Chief Executive Officer)

Samuel H. Gillespie (General Counsel and Executive Vice President)

John Wilkirson (Executive Vice President and Chief Financial Officer)

James H. Painter (Executive Vice President, Gulf of Mexico)

Van P. Whitfield (Executive Vice President, Chief Operating Officer)

James W. Farnsworth (Chief Exploration Officer)

Michael D. Drennon (Executive Vice President and General Manager, Cobalt Angola)

Lynne Hackedorn (Vice President, Government, Public Affairs and Land)

Richard A. Smith (Vice President, International Business Development

Exploration/Appraisal

Exploration / AppraisalIn line with our business plan, Cobalt has quickly built an enviable position in the U.S. Gulf of Mexico, one of the world's most prolific deepwater hydrocarbon basins, and in deep water offshore West Africa through our acreage position in Gabon and Angola, an area where we have vast experience in hydrocarbon exploration, development and production.

Similar to our aggressive acreage acquisition plan, we are moving rapidly to prove the prospectivity of our portfolio through the execution of a focused drilling program in both our operated and non-operated leases.

On February 2, 2009, Cobalt announced the successful drilling of our first well in the deepwater U.S. Gulf of Mexico and the discovery of the Heidelberg Field. This was followed two days later by the announcement that the Shenandoah prospect, Cobalt's second well in its history, was also a success.

Heidelberg (Cobalt working interest of 9.375%) was drilled in Green Canyon block 859 in approximately 5,000 feet of water and operated by Anadarko using the 'Amos Runner' rig. The discovery well encountered more than 200 feet of high quality Miocene aged reservoir sands and was drilled to a total depth of 30,000 feet. We anticipate appraisal drilling to occur on Heidelberg in 2011. Heidelberg lies immediately adjacent to five 45% Cobalt working interest leases (Ligurian Prospect) and is in the same basin as the Tahiti, Caesar and Tonga Fields.

Shenandoah (Cobalt working interest of 20%), an inboard Lower Tertiary discovery, was drilled in Walker Ridge block 52, in approximately 5,750 feet of water. The discovery well was drilled to a total depth of 30,000 feet and encountered approximately 300 feet of high quality Lower Tertiary reservoir sands.

The inboard Lower Tertiary reservoirs are older and deeper than the overlying Miocene reservoirs commonly found and developed in the U.S. Gulf of Mexico. The quality of the reservoirs in Shenandoah was unusually high confirming Cobalt's pre-drill predictions of Shenandoah being a superior prospect to previous Lower Tertiary discoveries in wells to the south-east. This result significantly enhances both our understanding of the emerging inboard Lower Tertiary trend and the potential value of our portfolio.

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Data and Technology

Data

Data is an E&P company's lifeblood, particularly in the sub-salt and pre-salt basins that are Cobalt's strategic areas of focus. We have invested more than $200 million in state-of-the art resources, which provides Cobalt with a distinct advantage when complemented with our team's in-depth regional knowledge, experience and meticulous approach. Such an approach has been effective in understanding sub-salt and pre-salt formations where distortions and poorly illuminated areas make seismic interpretation and locating hydrocarbons difficult.

In the Gulf of Mexico, we have licenses covering approximately 18.3 million acres (74,000 square kilometers) of processed 3-D depth-migrated seismic data and approximately 2.8 million acres (11,400 square kilometers) of wide-azimuth 3-D depth data. In addition, we have performed proprietary reprocessing on approximately 4.3 million acres (17,600 square kilometers) of 3-D seismic data to enhance image quality and velocity model confidence. We also have licensed approximately 78,000 line miles (125,530 kilometers) of 2-D pre-stack depth-migrated seismic data in the Gulf of Mexico. In West Africa, we have acquired approximately 125,000 line miles (200,000 line kilometers) of 2-D seismic data and approximately 4,170 square miles (10,800 square kilometers) of 3-D seismic data.

Through the ongoing infusion of additional information, combined with advanced reprocessing technologies and hands-on interpretation by some of the most talented geoscientists in the business, we have generated some of the highest quality prospects in the industry.

The discovery of Shenandoah and Heidelberg (our first two exploration wells in the U.S. Gulf of Mexico) are strong indications that this approach is paying off.

Technology

Technology is the X-factor in today's oil and gas busniness. Our industry is one of the world's largest users of computer power and data. At Cobalt, we are using technology in a very different way.

We have signed a multi-year contract with Landmark Graphics to provide all seismic data storage and software hosting services. This virtual IT system with state-of-the-art subsurface interpretation and volume visualization capabilities minimizes capital spending for information technology and a large IT department.

Our use of technology also extends to the well site. Cobalt has secured the ENSCO 8503 - a new build, fifth generation dynamically positioned semi-submersible rig capable of drilling any prospect in our inventory. To expedite production, we will tie-in to established subsea building blocks, utilizing a robust and flexible subsea design that meets the criteria of most of our prospects.

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Cobalt International Energy Inc. (fka CIEIQ)

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Cobalt International Energy Inc. (fka CIEIQ)

Cobalt International Energy site: http://www.cobaltintl.com/

Company Profile

Our principles are also very clear:

Extreme focus on opportunities that play to our strengths

Purposeful innovation that delivers the greatest value

Trust and respect in all our relationships

Operating in a safe, ethical, and environmentally responsible manner

Deliberate execution is the key to delivery of our strategic objectives. In only five years we have successfully:

Acquired the confidence and sponsorship from leading, global energy-focused private equity firms

Built management and technical teams that have been instrumental in successfully creating significant value throughout the value chain - from the seismic line to the sales meter

Competitively differentiated ourselves through a single deepwater sub-salt/pre-salt focus, leading edge technology and an expansive proprietary data set

Established a world-class, highly prospective and substantial resource base in regions with favorable economic profiles

Maintained decision control through operatorship and portfolio flexibility as a result of a high working interest in most of our prospects

Drilled two significant discoveries with our first two exploration wells in the U.S. Gulf of Mexico

Scheduled catalytic exploration drilling events over the next 24 months to test significant prospects in our inventory

Cobalt 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.

Our Management

Data and Technology

Board Info