Cobalt Energy +4% on Q1 earnings, Orca flow test results


Cobalt Energy (CIE +4%) opens higher after Q1 earnings beat estimates, and operating costs and expenses totaled ~$47M vs. $112.4M in the year-ago quarter; no revenue figures were reported.

The big news was the flow test on CIE's Orca deepwater discovery, which the company says proves sustained oil production capability and could be one of the largest oil fields in Angola.

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Comments (7)
  • saratogahawk
    , contributor
    Comments (2534) | Send Message
     
    With TOT's CLOV project in Angola Cobalt can actually produce from Orca. This field is the geologic mirror of offshore Brazil and will eventually start to look like the Campos and Santos Basins with a little more exploration. If Angola had more political stability this area could really flourish in the coming years.
    1 May 2014, 10:50 AM Reply Like
  • dutchduke
    , contributor
    Comments (58) | Send Message
     
    wow, Deustche Bank's new analyst sounds like a moron on the call lol
    1 May 2014, 11:30 AM Reply Like
  • saratogahawk
    , contributor
    Comments (2534) | Send Message
     
    dutchduke, I have been tied up and missed the call. Who was on for DB?
    1 May 2014, 11:41 AM Reply Like
  • dutchduke
    , contributor
    Comments (58) | Send Message
     
    well Sankey left DB so it's a new analyst who says uHHhh every 2 seconds and doesn't understand how to calculate OOIP
    1 May 2014, 01:10 PM Reply Like
  • Maobama
    , contributor
    Comments (475) | Send Message
     
    Cobalt will eventually be a heavyweight.
    1 May 2014, 01:47 PM Reply Like
  • saratogahawk
    , contributor
    Comments (2534) | Send Message
     
    They invested heavily in the GOM in the most recent auctions. I expect them to do quite well but I think the stock is a wee bit of a reach right now. I bought in around 7 and sold around 24 so I wouldn't mind doing that again.
    1 May 2014, 01:57 PM Reply Like
  • dutchduke
    , contributor
    Comments (58) | Send Message
     
    CIE will come back around, lots of upside and will eventually get market transactions to help prove portfolio value. A few more successes and they are well on their way to being a $15B+ player
    1 May 2014, 03:00 PM Reply Like
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