- 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%.
Cobalt comes up dry in Gulf of Mexico well for the 2nd time in four months
Dec 19 2013, 10:46 ET