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What: Shares of Cobalt International Energy
So what: The company said it had extended its lease with Diamond Offshore Drilling
Now what: The news from Maersk Oil hasn't been confirmed yet, but judging by the market's reaction the numbers should be fantastic. Cobalt was unsuccessful in an initial well, and the hope is that the current wells being drilled will pay off big. I'm not buying on rumor, but if Cobalt can strike a rich well in the region, it could be a game changer.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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