The exploratory well was spud on February 10, 2010. Cobalt has a 30% working interest in the well, which is operated by BHP Billiton Petroleum.
The company also said that its board of directors has approved the Ligurian #2 exploratory well, which it expects to drill in 2010. It has previously approved the drilling of the North Platte #1 exploratory well.
The order of drilling operations will be dependent on when the drilling permit for Ligurian #2 is obtained relative to accepting the Ocean Monarch drilling rig from its current operator. All permits for the North Platte #1 exploratory well have been approved and obtained by the company.
Cobalt is the operator of both of these wells with a working interest of 60% in North Platte #1 and a working interest of 45% in Ligurian #2.
