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Cobalt Spends 82% Capex in First Half; No Plans to Develop in Second Half
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Cobalt released its Q2 results and highlight include:
Cobalt expects its capex to be ~$250 million in 2017. As of June 30, 2017, the company spent $206 million, about 82.4% of its total 2017 capex. Since drilling activities have been completed at Shenandoah, Anchor, and North Platte, there will not be much to spend capex on in the remaining 6 months of the year.
Cobalt completed its North Platte #4 Sidetrack 2 operations in the deepwater Gulf of Mexico in May 2017. This well was drilled .5 mile updip of the North Platte #4 Sidetrack 1 and encountered ~400 feet of high quality Lower Wilcox pay. Following abandonment of the wellbore, the Rowan Reliance rig was released from operations in late June.
In July, Cobalt and Chevron entered into an agreement to unitize Cobalt's two leases…
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