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Despite Cobalt Energy's (CIE) widening Q2 loss on a large charge related to some of its Gulf of...

Despite Cobalt Energy's (CIE) widening Q2 loss on a large charge related to some of its Gulf of Mexico well projects, shares +13.5% premarket on encouraging news that its Cameia No. 2 appraisal well offshore Angola has tapped a large hydrocarbon accumulation, discovering oil deposits deeper than those found in Cameia No. 1.
Comments (2)
  • sr1977
    , contributor
    Comments (320) | Send Message
     
    Is anyone surprised by this?
    31 Jul 2012, 09:26 AM Reply Like
  • Nostradavis
    , contributor
    Comments (142) | Send Message
     
    No. It just derisks the asset. It appears to be a deeper formation than originally thought. Deeper normally means wider, which means money...
    31 Jul 2012, 10:54 PM Reply Like
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