Energy Business Recap: Cobalt’s Malfunctioning Rig, Quicksilver Partners With Shell
Shares of Cobalt International Energy, Inc. (NYSE:CIE) drop on word of the continuing malfunction at its Cameia #2 well offshore of Angola. Until such a time that an additional drilling rig can be contracted or the current rig is repaired, Cobalt will be unable to conduct a production evaluation or announce production results by the end of 2012.
Talisman Energy Inc. (NYSE:TLM) shares continue Friday’s slide, following Chief Exevcutive Hal Kvisle’s comment that his firm is not in talks about selling out. Instead, Kvisle intends to identify assets, such as those in the North Sea, that need additional investment. In July, Talisman arranged with Sinopec to spend $1.5 billion in the North Sea assets in exchange for a 49 percent stake.
Quicksilver Resources Inc. (NYSE:KWK) and Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) reach an agreement to jointly develop oil and gas properties in the Sand Wash Basin of northwest Colorado. The companies will each own half interest in about 330,000 acres, with the Shell division operating the largest portion of the properties, and establishing an area of mutual interest that will cover some 850,000 acres in the basin.
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