The test of Cobalt's operating model is taking place today at the frontiers of oil and gas development. With a team of geo-scientists, technologists and IT specialists applying our advanced technology and tools, Cobalt captured a substantial acreage position in the Gulf of Mexico below the salt. We are also reviewing potential pre-salt opportunities in deepwater West Africa, an area where we have vast experience in hydrocarbon exploration, development and production.

A number of subsalt and pre-salt discoveries have been made globally, one of them in the five to seven billion-barrel ranges, with several others close behind.