Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of oil and gas explorer Cobalt International Energy (NYSE:CIE) fell 14% today after the company updated exploratory well progress.

So what: The biggest news was that the Ardennes #1 exploratory well didn't find any commercial hydrocarbons despite reaching a depth of 36,552 feet. The Gulf of Mexico has offered a number of major discoveries lately, but Cobalt missed out on this well, so it's on to other prospects for the driller.  

Now what: This is the risk with oil explorers: Sometimes you strike it big and sometimes you come up with sand. The company did announce finding hydrocarbons in West Africa at the Diaman #1B well, although full details aren't known yet. The risk used to drill Ardennes #1 will also be moved to Aegean #1 where the company has a 60% working interest. Obviously this isn't good news, but Cobalt has a number of strong developments, so pulling back from near a 52-week high isn't the end of the world.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.