Seeking Alpha

Cobalt comes up dry in Gulf of Mexico well for the 2nd time in four months

  • Cobalt Energy (CIE -8.9%) reveals its second failure in four months in the Gulf of Mexico, as its latest probe comes up dry.
  • CIE says it will plug and abandon its Aegean #1 exploratory well on Keathley Canyon Block 163 after drilling nearly 35K feet and failing to encounter commercial hydrocarbons; its Ardennes-1 well in the Gulf struck out in August.
  • Mizuho, which says the news shakes confidence in CIE's Gulf of Mexico model, cuts its price target to $28 from $30 (Briefing.com).
  • CIE is the operator of Aegean and owns a 60% interest; Total (TOT +0.2%) owns 40%.
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