Houston-based independent oil E&P firm Cobalt Energy is expanding its Anchor development in the Gulf of Mexico to include two leases to the south.
Cobalt said it has entered into an agreement with its partners in Anchor to include Green Canyon blocks 850 and 851 in the existing unit.
The major partner (and sole operator) in Anchor is Chevron with a 55% stake, Cobalt’s share is 20% and two other companies – Samson Offshore Anchor and Venari Resources – have 12.5% each.
The Anchor discovery, drilled in 5,183 feet of water, is Cobalt’s fourth significant find in the Gulf of Mexico.
Earlier this year Cobalt was warned by the New York Stock Exchange (NYSE) that its share price had fallen too low.
It regained its NYSE compliance by doing a 1-for-15 reverse stock split.
The company had also been contemplating selling some assets, merging with another company or selling up altogether.