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Cobalt International Energy, Inc. Announces Second Quarter 2012 Results And Successful Cameia #2 Appraisal Well Offshore Angola

Stocks in this article: CIE

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced a net loss of $141 million, or $0.35 per basic and diluted share, for the second quarter of 2012, compared to a net loss of $19 million, or $0.05 per basic and diluted share, for the second quarter of 2011. The current quarter included $99 million, or $0.24 per share, in charges for the impairment of expenditures associated with the Ligurian exploration prospect including $42 million in leasehold expenditures and $57 million in drilling related-expenditures for the Ligurian #1 and Ligurian #2 exploratory wells. Of the $99 million in charges, $69 million was incurred in prior quarters.

Total expenditures (excluding changes in working capital) for the quarter ending June 30, 2012 were approximately $124 million. These expenditures are consistent with previously announced full year 2012 estimated total expenditures of between $550 and $650 million. Cobalt’s cash, cash equivalents, and investments position at the end of the second quarter was approximately $1.7 billion. This included about $515 million designated for future operations held in escrow and collateralizing letters of credit, but excluded approximately $150 million in the TOTAL drilling fund for the U.S. Gulf of Mexico. Cobalt continues to have no outstanding debt.

Operations Update

Cobalt today provided an update on the status of its Cameia #2 appraisal well, located in Block 21 offshore Angola. The objectives of Cameia #2 were to (1) better define the areal extent of the Cameia discovered resources, (2) determine an oil-water contact deeper on the Cameia structure than the lowest known oil observed in Cameia #1, and (3) test deeper oil potential in untested zones in the Cameia field. Based on our preliminary wireline logging results, Cameia #2 was successful on the first and second objectives, and evaluation is ongoing to determine the potential of the deeper reservoir target.

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