Cobalt's Lontra well finds more gas than expected

Cobalt Energy (CIE) -1% premarket on news its latest Lontra well offshore Angola found more natural gas than expected, flowing 2,500 barrels of gas condensate and 39M cubic feet of gas a day during tests in Block 20.

The area has a “risk” of having high volumes of gas, Bernstein analysts say, and gas content in Angola discoveries could offset the value of oil because foreign investors cannot market gas under the country’s production-sharing agreements.

Lontra is a discovery "on a global scale,” CEO Joseph Bryant says. “Although the field contains more gas than our pre-drill estimates, it is beneficial that Lontra is offshore near Luanda, where we believe there is a potentially large emerging market for gas."

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