Cobalt International Energy, Inc. (NYSE: CIE) is making another explosive move up after they struck oil in the Gulf of Mexico. At the beginning of this year CIE made a parabolic move from well under $10 per share to highs over $35 after they made an oil strike off the coast of Africa.
Cobalt International Energy is an offshore oil explorer who has been amassing a large portfolio of deepwater prospects in the Gulf of Mexico and offshore Africa. They made a significant discovery earlier this year in Angola, which tested at 7,400 boe/day.
The latest oil strike is at the Company's North Platte complex with over six exploration prospects and 2 billion barrels of resource potential. The first North Platte well is targeting 400 million to 850 million barrels.
On December 5, 2012 Cobalt announced a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. Based on extensive wire line evaluation, the discovery well encountered several hundred feet of net oil pay in multiple Inboard Lower Tertiary sands.
Joseph H. Bryant, CEO of CIE said "Today's announcement is another important milestone for Cobalt, "Cobalt's founding vision included making significant operated discoveries in multiple world-class deepwater oil basins. Coupled with our previous announcements in Angola, Cobalt has demonstrated it has the technical and operational skills to deliver on our promises."
CIE is making an explosive move up out of its trading range and OTCMAGIC is all over it. To find out more on . To find out more about Cobalt International Energy and what OTCMAGIC projects for the stock, please go here: CIE
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