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Cobalt International Energy, Inc. Announces Second Quarter 2013 Results And Provides Operational Update On Its Gulf Of Mexico And West Africa Drilling Operations

Stocks in this article: CIE

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced a net loss of $79 million, or $0.19 per basic and diluted share for the second quarter of 2013, compared to a net loss of $141 million, or $0.35 per basic and diluted share, for the second quarter of 2012. The current quarter included $17 million, or $0.04 per share for the impairment of expenditures associated with the Diaman #1 well, and $16 million, or $0.04 per share for the impairment of expenditures associated with the Cameia-2 DST.

Expenditures (excluding changes in working capital) for the quarter ending June 30, 2013 were approximately $204 million. These expenditures are consistent with previously announced 2013 cash expenditures of between $750 and $900 million for the year 2013. Cobalt’s cash, cash equivalents, and investments at the end of the second quarter were approximately $2.3 billion. This includes about $400 million designated for future operations held in escrow and collateralizing letters of credit, but excludes approximately $117 million in the TOTAL drilling fund for the Gulf of Mexico.

Operational Update

Cobalt today provided an update on its drilling operations. In the deepwater Gulf of Mexico, Cobalt is continuing its drilling operations on the Ardennes #1 exploratory well in Green Canyon 896. Ardennes #1 is targeting both Miocene and Inboard Lower Tertiary reservoirs. Results are expected in the third quarter of 2013. Cobalt, as operator, owns a 42 percent working interest in the Ardennes #1 well.

In West Africa, Cobalt is drilling two deepwater wells offshore Angola. On Angola Block 21, Cobalt commenced drilling the Mavinga #1 Pre-salt exploratory well with the Diamond Ocean Confidence rig on May 3, 2013. Additionally, Cobalt commenced drilling the Lontra #1 Pre-salt exploratory well on Angola Block 20 with the new-build Petroserv SSV Catarina rig on May 21, 2013. Results from both of these wells are expected in the second half of 2013. Cobalt, as operator, owns a 40 percent working interest in both the Mavinga #1 and the Lontra #1 wells.

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