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Executives

Joseph H. Bryant - Chairman and Chief Executive Officer

John P. Wilkirson - Chief Financial Officer, Principal Accounting Officer and Executive Vice President

James H. Painter - Executive Vice President - Gulf of Mexico

Analysts

Evan Calio - Morgan Stanley, Research Division

Edward Westlake - Crédit Suisse AG, Research Division

Ryan Todd - Deutsche Bank AG, Research Division

John Malone - Global Hunter Securities, LLC, Research Division

Eliot Javanmardi - Capital One Southcoast, Inc., Research Division

Brian Singer - Goldman Sachs Group Inc., Research Division

Michael A. Glick - Johnson Rice & Company, L.L.C., Research Division

Michael S. Scialla - Stifel, Nicolaus & Co., Inc., Research Division

Matthew Portillo - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division

Cobalt International Energy (CIE) Q1 2013 Earnings Call April 30, 2013 11:00 AM ET

Operator

Good day, and welcome to Cobalt International Energy's First Quarter 2013 Conference Call. Just a reminder, today's call is being recorded.

Before we get started, one housekeeping matter. This conference call includes forward-looking statements. The risks associated with forward-looking statements have been outlined in the earnings release and in Cobalt's SEC filings, and we incorporate these by reference for this call.

At this time, for opening remarks and introduction, I would like to turn the call over to the Chairman and CEO of Cobalt, Mr. Joe Bryant. Please go ahead, sir.

Joseph H. Bryant

Good morning, and thank you for joining Cobalt's first quarter 2013 financial and operational update call. Joining me on the call this morning is John Wilkirson, Cobalt's Chief Financial Officer. John and I have a few brief comments this morning before we'll take any questions that you may have.

As we've previously announced, Cobalt accomplished a number of significant milestones in the first quarter of this year. In the Gulf of Mexico, we announced the extraordinary results of our Shenandoah #2, our appraisal well, which encountered over 1,000 feet of net oil pay and multiple Inboard Lower Tertiary reservoirs. We also announced that our North Platte Inboard Lower Tertiary discovery well, logged over 550 feet, have net oil pay and multiple high-quality Inboard Lower Tertiary reservoirs. We are currently working with our partners in both discoveries to further appraise and evaluate the fields.

For example, we have already initiated the acquisition of a state-of-the-art 3D Seismic survey that will aid us in our appraisal and development planning for North Platte. Cobalt has a deep portfolio of Inboard Lower Tertiary prospects on trend, with both North Platte and Shenandoah. And the outstanding results of these 2 fields certainly enhances the potential of our untested prospects.

We commenced drilling our Ardennes #1 exploratory well on February 6 with the Ensco 8503 drilling rig. I'm pleased to report that drilling operations have gone well to date. The Ardennes well will test both Miocene and Inboard Lower Tertiary reservoirs. Following Ardennes, our current plans are to drill our Aegean exploratory well with the Ensco 8503.

At Heidelberg, we and our partners have made great strides in progressing the development plan for this field in the first quarter. And we expect to sanction Heidelberg in the very near future, which will keep us on track for first production in 2016.

In West Africa, we've moved the Ocean Confidence Rig to our Mavinga #1 pre-salt exploratory well location on Block 21 and planned to spud the well this past week. Additionally, the deepwater acceptance testing for our newbuild SSV Catarina rig has gone very well, and we expect to spud our highly anticipated Lontra #1 pre-salt exploratory well on Block 20 with the Catarina rig very soon. We are on track to announce results from both the Mavinga and the Lontra wells sometime in the second half of the year.

Following Mavinga, we will move the Ocean Confidence to our Bicuar prospect, which is just south of Cameia. Once we finish drilling Lontra, we will move the Catarina rig to drill a well on one of our other drill prospects or appraisal locations in our Angola pre-salt portfolio.

Also with Angola, our development team has continued to make great strides, advancing the Cameia Mound Development Project. We believe that project sanction will occur sometime in early 2014, with first oil sometime in late 2016 or early 2017. Let me emphasize that the results of the Cameia lower interval drill stem test do not affect or diminish the commerciality of the Cameia Mound Development Project.

Other first quarter activities in Angola include completing the acquisition of a new 3D Seismic data in Block 21. We are currently processing this new data, which when completed, will aid us in identifying new prospects and locating development wells in our discoveries in Block 21.

In Gabon, we and our partners have commenced the TOTAL-operated Diaman #1 exploratory well to test the Mango pre-salt prospect on the Diaba block. This well will be the first deepwater pre-salt test offshore Gabon. Results from this well are expected midyear as well.

I'll now turn the call over to John to review our financials. John?

John P. Wilkirson

Thank you, Joe. Our balance sheet remains strong, with liquidity at the end of the first quarter of over $2.5 billion. As of March 31, we had over $2.1 billion of unrestricted cash and investments, plus just under $400 million of cash and investments designated for future operations held in escrow in collateralized letters of credit.

In the first quarter, $90 million of restricted cash moved to unrestricted cash as we received the release of 1/2 of the escrow funds associated with the Ensco 8503 Drilling Rig Contract.

In addition and not reported on our balance sheet, are the drilling promote funds of about $145 million for our Gulf of Mexico program with TOTAL. This amount includes $60 million, which we earned as a result of the success of the North Platte #1 well.

As reported in our release this morning, for the first quarter 2013, Cobalt's net loss was $128 million or $0.31 per basic and diluted share. Of this, $66 million or $0.16 per share represents impairment charges related to the Cameia #2 DST. Of that, we estimate $46 million are costs we incurred while the Ocean Confidence Rig was under repair or unable to perform the DST. As the Ocean Confidence Rig was on 0 day rate for almost the entire quarter, the first quarter costs were for supplies and services. We estimate an additional $10 million to $15 million of Cameia DST charges will be written off in the second quarter.

Comparing our first quarter 2013 to our first quarter 2012, besides the Cameia's impairment, other significant changes in earnings include accrued interest and accretion expenses of $19 million for 2019 convertible notes, about $7 million of increased G&A associated with staffing to operate 3 deepwater rigs and $5 million of increased 3D Seismic costs and one-time pre-drilling startup expenses.

In the first quarter, our cash expenses were $179 million. This excludes working capital charges except -- included in these cash expenses are $43 million paid in the first quarter to Sonangol for our contractual obligations related to Block 20. Our full year cash signature forecast remains unchanged at $750 million to $900 million.

Given current expectations, our cash -- our balance sheet liquidity will carry us well towards the end of 2014, if not beyond. Appraisal in long-lead development spending associated with success from any of the 4 exploration wells currently or soon to be drilling will shape our 2014 and 2015 expenditure expectations. We continue to expect first production and first cash flow from Heidelberg in 2016, followed closely by Cameia.

I'll now turn the call back to Joe.

Joseph H. Bryant

Thanks, John. Let's now open the lines up for any questions that you may have.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question is from the line of Evan Calio of Morgan Stanley.

Evan Calio - Morgan Stanley, Research Division

Maybe you could share a little bit what you learned on the lower zone test for Cameia, and whether you'll be targeting that zone in both Lontra and Mavinga this year. And if you'll be testing them separately if you did drill those.

Joseph H. Bryant

Yes, we certainly learned a lot in terms of the stratigraphy of the basin. We will certainly take all of our future wells as deep as we can in the section, hopefully, to basement. And we will know then whether or not we've penetrated the same section or a slightly different section in that part of the basin. What did we learn? Well, we learned that we'd need -- I think we need better log data as we get deep in the well. We didn't have, as it turns out, probably enough high-quality log data to tell us what the core spaces looked like. That was just a simply mechanical issue in terms of how deep we were in the well. Secondly, we learned that the well -- net section of the well was capable of very high flow rates, so the key for us is to find that same section of rock up dip, where we think it has a higher potential or high probability that would contain oil. And if it did, and we can find the same co-characteristics, we're confident it would mean very good things for us.

Evan Calio - Morgan Stanley, Research Division

Right. And in the -- in your presentation on the Lontra map, it indicates 2 targeted zones. I mean, how do these zones correlate with the 3 in Cameia? I mean, is it -- are you expecting that lower zone to be this similar lower zone in Cameia? Or you're just unclear at this juncture?

Joseph H. Bryant

In the Mavinga well, we do see another mound

[Audio Gap]

development on our seismic. And we do see the same deeper section below that mound that we saw in Cameia. To be honest, that's why we've got to drill the wells. We've got to figure out, as we get more penetrations deeper in the section how we can map these horizons from one field to the next. And while we think we can do that, and we've got high confidence that we're doing that, we've just got to get the wells down and then map the stratigraphy from prospect to prospect before we're certain what we have. But we can say we see the same kind of mound development in Cameia -- that we saw in Cameia in Mavinga. And what's below that, we think, will be very similar to this deeper section, although it's higher in the basin than what we saw at Cameia.

Evan Calio - Morgan Stanley, Research Division

Let me ask you one last question, if I might. On Lontra, I know you guys use a lot of adjectives to describe its size, and it's clearly a pretty exciting prospect. But I know that kind of blob size at least on the map has decreased modestly. I mean, is the -- for an area under closure, I mean, is 61,000 net mean acres a good number? Or any kind of color there. And I'll leave at that.

Joseph H. Bryant

I don't have acres on the top of my head, but I would say that the area under closure has not changed or decreased with our enhanced seismic that we've done with the 3D Seismic. So it's still -- in terms of the blob size, as you put it, the blob hasn't changed. If anything, what we learned from our 3D Seismic that we've done is what we see on the seismic is less complex rather than more complex, but the area or area under closure or the size has stayed unchanged.

Evan Calio - Morgan Stanley, Research Division

Good, so we have that one massive blob. I got it.

Joseph H. Bryant

Massive blob. We don't know what's in it, but that's why we drill the wells.

Operator

Our next question is from the line of Ed Westlake of Crédit Suisse.

Edward Westlake - Crédit Suisse AG, Research Division

Ed Westlake here. Yes, so just turning to the Lower Tertiary. I mean, obviously, you've had success at North Platte. We've had success at Shenandoah. I know you're not the operator, but that seems like a very exciting well. And you've got -- I think, next is Ardennes with an unrisked potential of over 500 million barrels. Is it possible to talk a little bit about the overall resource prospect that you see within the Lower Tertiary portfolio? Have there been any updates? I know D&M did an initial estimate, but in terms of how you think the scale of those assets could be today?

Joseph H. Bryant

Yes, and I'll -- let me start that. But James Painter's with me, and I'll have him talk about maybe in a qualitative sense. But yes, we've always said that those prospects are north of 2 billion barrels per the D&M initial estimates. And we haven't seen anything in our work since then that would say they've gotten, really, any smaller or any bigger, that the size of the resource that we're targeting has stayed about the same. Maybe I'll just let James just say a few words about how we're thinking about that trend right now, and what we've learned from both North Platte and Shenandoah. James?

James H. Painter

Thanks, Joe. I mean, the important thing from Cobalt's point of view is the confirmation of the geologic and petroleum model, and how that's derisked that whole area in understanding the confirmation of what we did, pre-drill of all the wells, both Shenandoah and North Platte versus where we are today. And to me, that's the big learnings from the 2 wells of not just finding well and the oil and the things we talked about, but derisking that whole area and understanding how that affects the play for Cobalt in that area.

Edward Westlake - Crédit Suisse AG, Research Division

So the biggest one is that the rocks work, and, obviously, so far, they've been full of oil?

Joseph H. Bryant

Yes, that's right.

James H. Painter

That's right. And the consistency of what we've seen, both from petroleum system, as well as rock quality based on what we thought pre-drill.

Edward Westlake - Crédit Suisse AG, Research Division

And so you'd still be comfortable with more of a Miocene-type development cost or flow rates, relative to some of the outbound Lower Tertiary?

James H. Painter

Well, I think it's certainly closer to a Miocene than an outboard Lower Tertiary. I wouldn't quite go all the way there, but it's certainly a lot closer in that cost. And that's based on well drainage, IPs, all of the

[Audio Gap]

Edward Westlake - Crédit Suisse AG, Research Division

question, do you have a rough date for when you think you'll get or a month to TD on Diaman in Gabon?

Joseph H. Bryant

No, I don't think so. They just spud the well, and I think we need to give them some time to drill it. So I'll be looking forward to those results as you are, but I'm not going to reach out right now and predict what that will be.

Operator

Our next question is from the line of Ryan Todd with Deutsche Bank.

Ryan Todd - Deutsche Bank AG, Research Division

If I could just ask one more on -- since the last time we talked, we've seen at least one deal at Heidelberg that sold fair value that was probably, when Anadarko sold a portion of Heidelberg, that sold for a value that's probably higher than most investors carried in their models. Can you comment a little bit on what you think is your view on the general environment

[Audio Gap]

statement for these types of deals in the offshore? And would you view these types of farm downs as a preferable mean of financing or managing future development portfolio?

Joseph H. Bryant

Well, regarding the environment, of course, we would see the same thing you see. We do think that those are attractive valuations for our shareholders. And the answer is yes, we would consider those kinds of financing opportunities as we go forward in our portfolio, Gulf of Mexico and West Africa.

Operator

Our next question is from the line of John Malone of Global Hunter Securities.

John Malone - Global Hunter Securities, LLC, Research Division

Just getting back to Diaman for a moment. Can you kind of walk us through prospectivity on there? You said it's the first Gabon deepwater pre-salt well. What have you -- what has industry seen around that prospect that kind of gives you some confidence in it?

James H. Painter

This is James Painter. I'll take that one. I think it's very similar to what we saw in the pre-drill of Angola, where we saw onshore oil, we saw onshore prospects, and we're extending that play into the deeper waters offshore Gabon. There's been lots of large fields discovered onshore and lots of wells that have drilled it and found good rock and good rock quality. We just are looking to see the extent of that play moving 100 miles offshore into the deeper water.

John Malone - Global Hunter Securities, LLC, Research Division

Okay. There's no analogous discoveries around there that it really is a standalone deepwater prospect?

James H. Painter

There are small shows and small tests back in the '80s and '90s of wells that were drilled, but not drilled with any of the structural data and 3D control that we have today. There were wells just taken deeper, and those have tested good quality oil. So it's very similar to what we saw in the Angola, very much and what happened in the pre-drill in Brazil before the deepwater was drilled.

John Malone - Global Hunter Securities, LLC, Research Division

Okay. And then just getting back to Ardennes for a moment. What would you see [ph] as the best analog for Ardennes in that area? And sort of looking at the Miocene versus the -- in the Inbound Lower Tertiary in that well, where would you rank that? Which horizon will be more prospective?

James H. Painter

I think they're equally at this point. We don't really look at one or the other. We look at -- from a Miocene perspective, we look at the things like Heidelberg, like Tahiti and those sorts of opportunities over on the eastern side of Grand Canyon. And for the Lower Tertiary, we look at Shenandoah and North Platte, and what we've done in the Inboard Trend. So we see a -- both perspective. We don't see them connected in any way. We'll look at them as 2 opportunities on a great structure to find oil and gas.

Operator

[Operator Instructions] Our next question is coming from the line of Eliot Javanmardi of CapitalOne.

Eliot Javanmardi - Capital One Southcoast, Inc., Research Division

I have 2 questions, if I may, this morning. And first, I just wanted to see -- I know it's not really your sandbox, but being the exploration experts that you are, we've got some results recently on Phobos out there in the Gulf of Mexico, where people were really excited about the Lower Tertiary there. Curious if that, in any way, what you saw -- what looks to be reported to be lower rock quality as far as porosity is concerned, in any way, that adds to your thesis on Inboard versus Outboard Tertiary, lateral connectivity and other items that could improve performance?

James H. Painter

Well, this is James Painter again. I'll handle that one for Cobalt. I think the -- for us, we know just as much as you do about Phobos. All we know is the -- is what the press release has said. So we know nothing about rock quality, know nothing about any of the other things relating to that. So I would just suggest you put those questions to Anadarko when they have their conference in the next day or 2.

Eliot Javanmardi - Capital One Southcoast, Inc., Research Division

Fair enough. And then also just when you mentioned kind of second half of the year for some of these other prospects, any idea if we're talking late 3Q? Or should we expect early 4Q on either of them? Is there any other granularity we could have there on timing?

Joseph H. Bryant

I'd like to, but I really can't, because as I said, we're going to spud Mavinga here very shortly this week. We hope to spud Lontra here first half of May -- middle of May. We're drilling Diaman, as we said. And it just really depends on how fast those wells drill. We're much further ahead with Ardennes, and I certainly hope that we have something to talk about in summer on Ardennes, that's the plan. How much beyond -- middle of the year, I'm talking July 1 for the other wells. I really can't say at this point until we get some drilling history, how fast we can penetrate those rocks.

Operator

Our next question comes from the line of Brian Singer of Goldman Sachs.

Brian Singer - Goldman Sachs Group Inc., Research Division

Could you give us any updates if you have them on what you see as the size of the main zone at Cameia, based on any additional geophysical or data processing that you've done?

Joseph H. Bryant

Let's just recall the history. So we always said that -- early on, we said that we saw threshold of something north of 100 million. We absolutely feel that is still the case. We're talking around the base case of around, say, 200 million to 250 million barrels that we feel very comfortable with today. But we do not see that as the ultimate size of it. We just see that as kind of what we can feel good about today.

Brian Singer - Goldman Sachs Group Inc., Research Division

And in terms of that number changing, how should we look for -- or what should the chronology be until you'd have more confidence, one way or the other? Is it really just getting into the development drilling ahead of the production system? Or is there more appraisal?

Joseph H. Bryant

Well, as I said earlier, we've just finished acquiring our new 3D Seismic. That was critically important for us to really define the flanks of the field. The men and women are evaluating that seismic now and getting it spooled up to give us those answers. And then as important will be the development drilling that we do over the next few years that will be the proof in the pudding of how far these flanks extend in all directions.

Brian Singer - Goldman Sachs Group Inc., Research Division

Great. And then if we look at the North Platte and the Cameia discoveries, as you think about getting platforms and some systems into place, can you just give us a sense of what you're seeing cost-wise in the market? And how, if at all, that's changed versus what you were thinking it could be, prior to making the discoveries?

Joseph H. Bryant

Let's talk about North Platte first. We're a long way from thinking about concepts at North Platte that we could put a cost number on, so I'll park that one. As far as Cameia goes, costs are generally consistent with what we're seeing. You'll recall that we had done a lot of pre-work, long before the discovery was made on several key pieces of the long lead items. And so we've got a lot of those costs locked down. We're in discussions with several FPSO vendors. And things are not out of line with what we thought they would be. And I think equally as important is as we cost-check the Heidelberg numbers that are coming in from the operator, they're certainly in line with what we'd expect for deepwater developments, either in the Gulf of Mexico or West Africa. So we don't see any spots in our logic thus far.

Operator

Our next question is coming from the line of Michael Glick of Johnson Rice.

Michael A. Glick - Johnson Rice & Company, L.L.C., Research Division

Just a question on North Platte. I know you guys conducted some bypass coring operations. I was just curious if you'd had a chance to evaluate the cores yet? And what, if any, takeaways there are at this point?

Joseph H. Bryant

Yes. I would say, at this point, we're very much into reviewing all of that data, both the cores, every piece of data that we picked on both the first well and second well and are not ready to give any insights, mainly, because of just we're waiting to get all of those back together and have the team have time to work those new details and new data points.

Michael A. Glick - Johnson Rice & Company, L.L.C., Research Division

Okay. And does this success at North Platte and Shenandoah, does that change your thinking at all with respect to ordering of prospects as we look out towards 2014? Or is that kind of contingent on that 3D survey that you have going on right now?

Joseph H. Bryant

I think, at this point, we see no change, but we do expect that once the 3D comes in, that's going to be the first thing we evaluate on that -- is to see that we change in order. Expectations now with Baffin Bay being that 4-way. We would do the 4-way before we would do the other ones, which are 3-ways. And unless the seismic shows something different, that's what we would be moving toward.

Michael A. Glick - Johnson Rice & Company, L.L.C., Research Division

Okay. And then just in terms of rigs going forward, particularly in the Gulf of Mexico, as you start looking at doing appraisal activity at North Platte next year. Do you have a line of sight on maybe a second rig that's capable of handling these down-dip appraisal wells?

Joseph H. Bryant

Yes, we're looking at all of our rig options for both Gulf of Mexico and West Africa right now. And it's pretty clear to us that what we -- the overarching objective we have is to match the right rig with the right well that we have to drill. And so as we go forward, that's the work that we're doing. We don't have an answer for you right now, but we know the rigs are available that we need, and we know we've got a big enough portfolio that we can mix and match and get the right rig on the right well.

Operator

Our next question is from the line of Mike Scialla with Stifel.

Michael S. Scialla - Stifel, Nicolaus & Co., Inc., Research Division

I'll take myself out of the queue. I think, most of mine were asked, but I'll go ahead with one. How about that timing on -- you mentioned the 3D Seismic in the Inboard Lower Tertiary trend, what's the timing on when you'll have that in-house?

James H. Painter

We should have the fast track on the main part around North Platte in the third quarter, with the entire survey completed and processed with the fast track early first quarter of next year.

Michael S. Scialla - Stifel, Nicolaus & Co., Inc., Research Division

I mean, talk about the entire survey, how much of the trend is that bigger survey going to cover?

James H. Painter

Well, if you look at our -- the slide that we have on our website, it covers most of what you're seeing on that slide in greater North Platte.

Michael S. Scialla - Stifel, Nicolaus & Co., Inc., Research Division

And would you anticipate this is just going to refine the prospects that you already have identified? Or any chance that something new will pop out there?

James H. Painter

We hope both in everything, but we feel pretty comfortable that chances of something new are relatively small, and we're mainly looking for refinement and for appraisal.

Michael S. Scialla - Stifel, Nicolaus & Co., Inc., Research Division

Got you. Okay. And then just one last one. You talk about kind of leaving things open for -- after you drill Lontra, in terms of what you do with the Catarina rig next. Is the decision there, basically, between the Lontra appraisal, if that exploratory well is successful versus another exploratory well? Or what's the thinking behind that?

Joseph H. Bryant

That's exactly right. If we need time to decide how to appraise Lontra based on what we've seen in the first well, we will take that time and go drill another prospect. If we feel we can move direct to the appraisal, we will go straight to an appraisal well. We'll see -- we'll let the data and the geology and what we learn in the drilling of the first Lontra well direct us in the right way to go.

Operator

Our next question is from the line of Matt Portillo of Tudor, Pickering, Holt.

Matthew Portillo - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division

Just 2 quick questions for me. In terms of the, I guess, the base case now on Cameia, the 200 million to 250 million barrels. Could you give us -- I guess, is there any change to your initial development plans in terms of the size of the FPSO? And just curious how you're thinking about how many well that may roughly be from a development perspective.

Joseph H. Bryant

Yes. We haven't poured all of that in concrete yet. But in terms of the FPSO, nothing's really changed. It's nominally, say, 100,000 barrels of oil a day, plus or minus, depending upon the exact piece of equipment we get, but that's the production capacity we're looking at. And we're looking at, probably, a half a dozen wells with 1 or 2 of those being injection wells, plus or minus. So that's kind of where I would be thinking, maybe 4 or 5 producing wells and 1 or 2 injection wells. We'll reinject all the gas.

Matthew Portillo - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division

Great. And then just in terms of the upside potential. Is there, any, I guess, with the new 3D, seismic, do you have a better sense of, maybe, what the P10 resource could look like here? Or just any additional color you may be able to provide on kind of upside potential for the Cameia Mound?

Joseph H. Bryant

No. We really don't. I mean, we all have numbers we'd like it to be, but until we get the new seismic and get some more wells in the ground and get some -- recall the whole reason we're doing this initial development is because there just has not been a deepwater pre-salt field produced in West Africa. So we need to be careful and not get too far over our skis right now and kind of take it one step at a time.

Matthew Portillo - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division

Understood. And then just -- my final question, just switching back to the Gulf of Mexico, I was curious if you could give us a little bit color on how you guys are thinking about recovery factors and maybe some color on IP on the Lower Tertiary?

James H. Painter

Yes, I think as far as the recovery factors and the detailed data, that's what we got the whole cores.That's what we got all it [ph] in. So until we have all of that work, I would not want to discuss anything relative to our thoughts on recovery factor in the Lower Tertiary. And if you remember, we've kind of talked generally about IPs, about what the Outboard, where we were thinking those were kind of 6 to 10, even though we've seen Chevron's latest test of 13 at St. Malo, all the way up to the things that are closer to the Miocene that are up in the 25 to 30. And we'll be in that range. And we think we'll be closer to the Miocene, but no exact numbers until we get all of those data points worked and our technology looked at from the core data.

Operator

There are no further questions at this time. I would like to turn the floor back over to Mr. Joe Bryant for closing comments.

Joseph H. Bryant

Okay, thank you, everybody, for joining us today. And let me just wrap up by saying that we're pretty excited about our 4 discoveries to date, those being, of course, North Platte, Shenandoah, Heidelberg and Cameia. We're very excited that we're going to be drilling 4 significant wells here simultaneously within the next few weeks, and those, of course, are Ardennes, Lontra, Mavinga and Diaman. We've got a lot more here in the queue behind those wells. And we're also excited that we're progressing, both the Heidelberg and the Cameia projects, to sanction here this year and early next year. So a lot going on around here. We certainly appreciate your support and your interest. And we'll look forward to following up any questions you have after the call. Thanks, everybody.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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