Cobalt International Energy has plugged and abandoned its North Platte #2 appraisal well in the deepwater Gulf of Mexico due to a seal failure in the riser connection system.

The well, which was being drilled with the Rowan Reliance drillship, was at a depth of 20,701 feet when the problem with the riser was detected. The well was permanently abandoned prior to reaching any geological targets.

Cobalt is currently permitting the North Platte #3 well approximately 200 feet from the surface location of the North Platte #2 well. Assuming timely receipt of permit approval, Cobalt anticipates spudding the North Platte #3 well within two weeks and continues to expect well results in the second half of 2015.

The North Platte #1 discovery well was drilled in 2012 and encountered over 550 net feet of oil pay in multiple high-quality Inboard Lower Tertiary reservoirs. Cobalt, as operator, holds a 60% working interest in North Platte.

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