Palm Beach, FL 12/20/11 (StreetBeat) -- Cobalt International Energy Inc. (NYSE: CIE), the deep-water oil explorer whose biggest investors include Goldman Sachs Group Inc., had its largest intraday increase after an exploration well off the coast of Angola struck oil.Cobalt surged 25 percent to $12.63 at 9:39 a.m. in New York. Before today, the shares had fallen 17 percent this year.
Cobalt said today in a statement that it’s evaluating results from the Cameia-1 well. Last month, the company estimated the prospect holds at least 1 billion barrels of crude. Angola selected the company to operate an additional offshore block, Cobalt said in the statement.
“The results thus far confirm the existence of hydrocarbons and are very encouraging,” the company said in the statement. After the well is sealed, Cobalt said it plans to move Diamond Offshore Drilling Inc. (DO)’s Ocean Confidence rig to the nearby Bicuar-1 prospect to begin another well.
Cobalt is 19 percent owned by Goldman and 19 percent owned by private-equity firm Riverstone Holdings LLC, both New York- based, according to data compiled by Bloomberg. Cobalt was founded in 2005 and first sold shares to the public in December 2009.
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