Cobalt International Energy, Inc. (NYSE:CIE)’s operational updates


Dallas, Texas 08/20/2013 (Financialstrend) – Cobalt International Energy, Inc. (NYSE:CIE) had recently presented an operational update to its shareholders related to the drilling operations that are being carried out in the Gulf of Mexico and West Africa and had further announced that the company had entered into a new rig contract. It was informed that the drilling had reached the total depth of 5,585 meters at the operations of Total Gabon in West Africa and had further encountered around 50-55 meters presence of net hydrocarbons in the Pre salt formations of the area.

The company had further informed that the drilling operations had reached a total depth of 36,552 feet at the Gulf of Mexico operations carried out at Ardenned Exploratory well located in the Green Canyon Block. It was reported that the drilling had encountered only reservoir sands and there was no presence of hydrocarbons in the area. Cobalt International Energy, Inc. (NYSE:CIE) had also executed a new drilling contract with Rowan Reliance Limited related to the state of the art deep water rig that is being developed by the company.

Shares of Cobalt International Energy, Inc. (NYSE:CIE) had moved down to present significant loss of 15.22% on Monday to close the session at $24.90 per share. There had been around 14.29 million shares of this company that had traded on the day, while the stock’s average level of trading remains at 2.46 million shares per day. Throughout the day, the stock had been moving to present intraday price fluctuations in the range of $24.75 to $25.85 per share. The stock’s presently recorded 52 week low is at $19.90 and 52 week high is at $30.27 per share. The company currently has 406.92 million shares being traded out in the secondary markets with the institutional owners contributing around 102% of the holdings.