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Last $9.78 USD
Change Today -0.12 / -1.21%
Volume 2.6M
CIE On Other Exchanges
Symbol
Exchange
New York
As of 4:15 PM 05/27/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

Cobalt Center

920 Memorial City Way

Suite 100

Houston, TX 77024

United States

Phone: 713-579-9100

Fax:

that the Mavinga #1 exploration well had reached total depth and encountered approximately 100 feet (30 meters) of net oil pay. Diaman Discovery (Diaba Block): In 2013, the company announced that the Diaman #1B exploration well was drilled to a total depth of 18,323 feet (5,585 meters), and encountered approximately 160 to 180 feet (50 to 55 meters) of net hydrocarbons in the objective pre-salt formations on the Diaba Block offshore Gabon. The company has a 21.25% non-operated working interest in the Diaman discovery. The company’s partners in the Diaman discovery include Total Gabon, S.A. (Total Gabon), as operator (42.5% working interest), Marathon Petroleum Corporation (21.25% working interest), and the Republic of Gabon (15% working interest). U.S. Gulf of Mexico The company has below-salt exploration prospects in the deepwater U.S. Gulf of Mexico. It has a 21.2% working interest in the Goodfellow prospect and the company’s partners include ENI U.S. Operating Co. Inc. (25.7%), Samson Offshore, LLC (25.7%), and TOTAL E&P USA INC. (Total) (27.4%). West Africa The company also has various pre-salt exploration prospects offshore West Africa. New Ventures The company’s New Ventures strategy continues to focus on the Atlantic Basin, specifically opportunities in Mexico and the Canadian East Coast. Leasehold Acreage As of December 31, 2014, the company owned interests in 266 blocks within the deepwater U.S. Gulf of Mexico, representing approximately 1.5 million gross (0.8 million net) acres. The company is the designated operator of 238 of these blocks, or approximately 89% of the company’s U.S. Gulf of Mexico leasehold acreage. The company’s leasehold interest in the U.S. Gulf of Mexico increased by 113,760 gross (65,804 net) acres in 2014. Strategic Relationship with Total The company has a long-term alliance with Total in which, through a series of transactions, it combined its respective U.S. Gulf of Mexico exploration lease inventory (which excludes its Heidelberg project, its Shenandoah project, and all developed or producing properties held by Total in the U.S. Gulf of Mexico) through the exchange of a 40% interest in its leases for a 60% interest in Total's leases, resulting in a combined alliance portfolio covering 239 blocks. Licenses Block 9 offshore Angola: The company acquired its license to explore for, develop and produce oil from Block 9 offshore Angola by executing a risk services agreement (Block 9 RSA) with Sonangol. The Block 9 RSA governs the company’s 40% working interest in and operatorship of Block 9 offshore Angola and forms the basis of its exploration, development and production operations on this block. The Block 9 RSA provides for an initial exploration period of four years. Block 21 offshore Angola: The company acquired its license to explore for, develop and produce oil from Block 21 offshore Angola by executing a risk services agreement (Block 21 RSA) with Sonangol. The Block 21 RSA governs the company’s 40% working interest in and operatorship of Block 21 offshore Angola and forms the basis of its exploration, development and production operations on this block. The Block 21 RSA provides for an initial exploration period of five years, which is scheduled to expire on March 1, 2015. The company has applied for an extension of the initial exploration period for Block 21 to enable it to continue its exploration efforts. Block 21 is approximately 1.2 million acres (4,900 square kilometers) in size or approximately 200 U.S. Gulf of Mexico blocks. Block 20 offshore Angola: The company owns its license to explore for, develop and produce oil from Block 20 offshore Angola by executing a Production Sharing Contract (the Block 20 PSC) with Sonangol. The Block 20 PSC governs the company’s 40% working interest in and operatorship of Block 20 offshore Angola and forms the basis of its exploration, development and production operations on Block 20 offshore Angola. Diaba Block offshore Gabon: The company acquired its non-operated 21.25% working interest in the Diaba Block offshore Gabon by entering into an assignment agreement with Total Gabon. Through the ass

 

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