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

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

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.