This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cobalt International Energy, Inc. Announces Execution Of Production Sharing Contract For Block 20 Offshore Angola And Provides Update On Cameia-1 Well, Offshore Angola

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) announced that at an official signing ceremony today in Luanda, Sonangol and Cobalt executives signed the Production Sharing Contract for Block 20 offshore Angola. Cobalt has been named the operator of Block 20 and has a 40% working interest in the block under this agreement. Other partners in Block 20 include Sonangol Pesquisa e Produção, S.A. (30%), BP Exploration Angola (Kwanza Benguela) Limited (20%) and China Sonangol International Holding Limited (10%).

Chairman and Chief Executive Officer Joseph H. Bryant said, “Cobalt is extremely pleased to be awarded operatorship of Block 20, which was the most sought after block by industry in the Pre-salt Bid Round. Together with our current positions in Blocks 9 and 21 and the Diaba Block in Gabon, Cobalt has the pre-eminent Pre-salt portfolio in West Africa.” Bryant added, “The Block 20 partnership has already initiated the acquisition of a 4,100 square km (1,575 square mile) 3D seismic program following Sonangol’s conditional award of Block 20 earlier this year. We are planning our first well in Block 20 in 2013.”

Block 20 is located immediately north of and adjacent to Block 21 and 12 km (7.5 miles) from the Cobalt-operated Cameia-1 well location. Block 20 is Cobalt’s third operated block in the Angolan Pre-salt Kwanza Basin, along with Blocks 21 and 9.

Cobalt is currently evaluating the results of Cameia-1 in Block 21. The results thus far confirm the existence of hydrocarbons and are very encouraging.

After Cameia-1 operations are complete, Cobalt will spud its Bicuar-1 well on Angola Block 21 with the Diamond Offshore Ocean Confidence drilling rig. Other partners in Block 21 and Cameia-1 include Sonangol Pesquisa e Produção, S.A. (20%), Nazaki Oil and Gáz, S.A. (30%), and Alper Oil, Limitada (10%).

About Cobalt

Cobalt is an independent oil exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs