Cobalt & Total Report Gulf Find, McMoRan’s Plains Purchase Questioned: Energy Business Review

Cobalt International Energy (NYSE:CIE) and Total (NYSE:TOT) announce a large-scale oil find in their most recent exploration probe in the deep-water United States Gulf of Mexico at the North Platte 1 well which was drilled to a total depth of around 34,500 feet in water depths of approximately 4400 feet at Garden Banks Block 959. The bore met several hundred feet of net oil pay in Lower Tertiary sands, which include a number high-quality intervals, according to the partners. Chief Executive James Farnsworth of Cobalt commented that the discovery is ”an important reminder that the Gulf of Mexico continues to hold prolific hydrocarbon potential”.

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Freeport-McMoRan Copper & Gold’s (NYSE:FCX) $9 billion acquisition of Plains Exploration & Production (NYSE:PXP) is not sitting well with Evy Hambro, a managing director at BlackRock, which is one of the former’s biggest shareholder groups. In a conference call on the purchase, the director said that, “I haven’t heard anything on this call that in any way justifies why these companies should be put together.”

In a wednesday release, Uranium Energy Corp. (AMEX:UEC) said that it has received final authorization for production at its Goliad ISR Project in South Texas, including all of the required authorizations from the Texas Commission on Environmental Quality and an aquifer exemption. The firm is also awaiting AE concurrence from the Environmental Protection Agency Region 6.