Cobalt International Energy Inc., a deep-water oil explorer,...

Cobalt International Energy Inc., a deep-water oil explorer, climbed to a record after test results at a discovery off the coast of Angola exceeded the company's expectations. Over the week Cobalt's shares surged 44% to $34.32.

The successful Cameia-1 Well was drilled in 5,518 feet (1,682 meters) of water to a total depth of 16,030 feet (4,886 meters). The well confirmed a 1,180-foot (360- meter) oil column. Cobalt and its partners will now begin to appraise the well to evaluate the discovery's size. Preliminary results suggest that the Cameia prospect area may have close to 2.5 billion barrels.

“The results have exceeded our pre-drill expectations and have increased our confidence in our entire West Africa pre-salt exploration inventory,” Joseph Bryant, chairman and chief executive officer of Houston-based Cobalt, said in the statement.

IMO, the offshore West African region, (Angola and Namibia) could rival what is happening of the coast of Brazil.

The geological association may be the reason why GBP SP put on 20% last week.

We may have bee noticed

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