Cobalt Energy +6.3% on optimism for new Angolan well

|About: Cobalt International Energy... (CIE)|By:, SA News Editor

Cobalt Energy (CIE +6.3%) advances despite reporting a worse than expected Q4 loss, on news that a new well recently completed off the Angola coast could contain 400M-700M barrels of crude oil.

CIE says analysis of the Orca No. 1 deepwater pre-salt exploratory well in Angola's Kwanza basin confirmed the existence of a large light oil reservoir and a thin condensate and gas cap in the upper section of the well.

The well is CIE's fifth consecutive pre-salt discovery in the Kwanza basin.