Cobalt Names COO

- Cobalt Names COO

Wednesday, September 07, 2011
Cobalt International Energy Inc.

Cobalt announced that Van P. Whitfield has been promoted to the new position of Chief Operating Officer. Mr. Whitfield previously held the position of Executive Vice President, Operations and Development.

Joseph H. Bryant, Cobalt Chairman and Chief Executive Officer said, "Van has been an indispensable member of Cobalt's management team from the earliest days of the company, and I believe this new role will take advantage of the full range of his management talent and experience. Van's many years of senior management experience in worldwide operations will serve him well in his expanded role. As Cobalt executes its deepwater exploration program in two of the world's highest potential basins, the Board of Directors and I are very pleased that Van has accepted this position, and are confident that he will excel in this new role."

Mr. Whitfield joined Cobalt in May 2006. Mr. Whitfield has 37 years of experience leading oil and gas production operations and marketing activities in North America, the United Kingdom and Europe, Africa, the Middle East and Asia. Prior to joining Cobalt, Mr. Whitfield served in executive positions at CDX Gas LLC, BP Exploration (Angola) Limited, and was seconded to ExxonMobil Saudi Arabia (Southern Ghawar) Ltd in the position of Vice President, Power and Water. Mr. Whitfield has also held the positions of Senior Vice President of BP Global Power, President and General Manager of Amoco Netherlands BV and Production Manager of Amoco (U.K.) Exploration Company. In addition, he has held numerous operational and technical leadership positions in various Amoco Production Company locations throughout the globe. Mr. Whitfield has a Bachelor of Science Degree—Petroleum Engineering from Louisiana State University and is a graduate of the Executive Program at Stanford University.

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Cobalt Kicks Off Drilling Ops Offshore Angola

- Cobalt Kicks Off Drilling Ops Offshore Angola

Monday, August 29, 2011
Cobalt International Energy Inc.
by SubseaIQ

Cobalt provided the following update on its West Africa drilling program.

Cobalt has initiated drilling operations on its Cameia No. 1 well in Block 21, Offshore Angola. Well operations are being conducted with the Diamond Ocean Confidence drilling rig. After drilling and evaluating the Cameia-1 prospect, Cobalt will drill the Bicuar-1A well to test the Bicuar prospect, also in Block 21. Both wells are targeting pre-salt objectives.

As previously announced, Cobalt expects each well to take 80 to 100 days to drill and an additional 10 to 20 days to evaluate, if successful. Cobalt is the operator of Cameia and Bicuar and has a 40% working interest in each prospect.

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Cobalt to Abandon Angola Well, Updates GOM Ops

- Cobalt to Abandon Angola Well, Updates GOM Ops

Wednesday, July 27, 2011
Cobalt International Energy Inc.

Cobalt announced a net loss of $19.5 million, or $0.05 per basic and diluted share for the second quarter of 2011, compared to a net loss of $41.8 million, or $0.12 per basic and diluted share, for the second quarter of 2010.

Cash expenditures (excluding changes in working capital) for the quarter ended June 30, 2011 were approximately $22 million and about $33 million year-to-date. For the full year 2011, Cobalt expects to spend $325 to 400 million which includes the cash expenditures associated with Block 20 offshore Angola. The timing of expenditures in the second half depends primarily on when the Block 20 Production Sharing Agreement is signed and when Cobalt recommences Gulf of Mexico drilling activities.

Cash, cash equivalents and investments at the end of the second quarter were approximately $1.64 billion. This includes about $339 million designated for future operations held in escrow and collateralizing letters of credit, but excludes approximately $196 million in the TOTAL drilling fund for the Gulf of Mexico. Cobalt expects it is well-funded to execute on its planned exploration and appraisal program, including expenditures relating to Block 20 offshore Angola, through the end of 2013.

Operational Update

On April 15, 2011, Cobalt completed a registered underwritten offering of 35,650,000 shares of its common stock at a public offering price of $14.00 per share, resulting in proceeds of approximately $499 million before expenses.

On May 3, 2011, Cobalt announced that the national oil company of Angola, Sociedade Nacional de Combust•veis de Angola-Empresa Publica (Sonangol), had approved Cobalt's drilling plans for its two initial pre-salt exploratory wells, Bicuar #1 and Cameia #1, on Block 21 offshore Angola. Subsequent to the end of the second quarter, on July 19, 2011, Cobalt commenced its initial two well pre-salt exploratory drilling program on Block 21 offshore Angola by spudding the surface hole of the Bicuar #1 exploratory well. On July 20, 2011, after setting the 36" conductor casing and drilling approximately 210 meters of surface hole, Cobalt encountered an over pressured water sand resulting in a water flow with limited quantities of natural gas. No safety or environmental issues resulted from the incident. Cobalt is focused now on its abandonment procedures for the Bicuar #1 exploratory well surface location. Given the unique nature of encountering pressured water sands in Angolan waters, Cobalt has agreed with Sonangol that Cobalt will take its learnings from this incident and reexamine its shallow hazard analysis of proposed Cameia and Bicuar drilling locations before moving the drilling rig to Cameia or a different surface location on Bicuar.

With respect to Cobalt's U.S. Gulf of Mexico drilling program, Cobalt believes it has satisfied all of the remaining requirements of the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) related to its North Platte #1 and Ligurian #2 applications for permit to drill (APD's), except for the submission of the U.S. Coast Guard Certificate of Compliance for the Ensco 8503 drilling rig, which cannot be obtained until the rig returns to the U.S. Gulf of Mexico. Cobalt does not anticipate any issues related to obtaining this routine U.S. Coast Guard certification and it expects that after its submission the BOEMRE will promptly issue the APD's for both the North Platte #1 and Ligurian #2 exploratory wells. Cobalt expects that the Ensco 8503 drilling rig will be returned to Cobalt in the U.S. Gulf of Mexico late in the third quarter of 2011. Upon its return, the submission of the U.S. Coast Guard Certificate of Compliance, and the issuance of the APD's for the North Platte #1 and Ligurian #2 exploratory wells, Cobalt plans to drill the Ligurian #2 exploratory well. After drilling the Ligurian #2 exploratory well, Cobalt plans to move the rig to the North Platte #1 well location to drill that prospect. Cobalt anticipates that each of the Ligurian #2 and North Platte #1 exploratory wells will take approximately six months to drill.

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Cobalt to Spud GOM Well in 3Q

- Cobalt to Spud GOM Well in 3Q

Wednesday, June 29, 2011
Cobalt International Energy Inc.

Cobalt provided the following update on its U.S. Gulf of Mexico drilling program.

U.S. Gulf of Mexico Drilling Program

On June 8, 2011, Ensco Offshore Company entered into a settlement agreement with the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) among other federal defendants. As part of the settlement agreement, the BOEMRE agreed to "take action" with respect to a number of drilling permits, including Cobalt’s Application for Permit to Drill (APD) for its North Platte #1 exploratory well and its APD for its Ligurian #2 exploratory well, which means that the BOEMRE must initially either approve the APDs, deny the APDs or return the APDs to Cobalt with a statement specifically identifying all then-existing deficiencies within 30 days of the settlement agreement. If an APD is returned with deficiencies and is thereafter resubmitted by Cobalt, the BOEMRE must again take action within 30 days. As part of the agreement, the BOEMRE is not permitted to identify additional deficiencies during its review of the resubmission that existed during, but had not been identified in, the initial review.

North Platte #1. Cobalt formally submitted the North Platte #1 APD on June 3, 2011. Subsequent to the execution of the settlement agreement, Cobalt has been advised by the BOEMRE that Cobalt’s APD for its North Platte #1 exploratory well, Garden Banks 959 #1, is complete. The BOEMRE has identified two remaining deficiencies or further requirements that must be satisfied prior to it approving the APD. The first requirement is that the Ensco 8503 drilling rig obtain an American Bureau of Shipping (ABS) certification. This certification has been obtained. The second requirement is that Cobalt obtain a Coast Guard Certificate of Compliance for the Ensco 8503 drilling rig. The inspection required to obtain this certificate will take place upon the Ensco 8503’s return to the U.S. Gulf of
Mexico. Cobalt does not anticipate any issues related to obtaining this routine Coast Guard certification.

As previously announced, the Ensco 8503 drilling rig is currently drilling a well in French Guiana pursuant to a sublet agreement between an affiliate of Ensco Offshore Company and a subsidiary of Tullow Oil plc. Cobalt expects that the Ensco 8503 drilling rig will be released and returned to the U.S. Gulf of Mexico late in the third quarter of 2011. As noted previously, Cobalt believes that it will have satisfied all requirements stipulated by the BOEMRE for issuance of the APD. Based on information available today, Cobalt believes that it should be able to spud its North Platte well by the end of the third quarter depending on when the Ensco 8503 returns to the U.S. Gulf of Mexico.

Cobalt expects the North Platte #1 exploratory well to take approximately six months to drill. Cobalt is the operator of North Platte and has a 60% working interest in the prospect. TOTAL E&P USA, INC. owns the remaining 40% working interest.

Ligurian #2. Cobalt formally resubmitted the Ligurian #2 APD on June 9, 2011. Under the terms of the above-mentioned settlement agreement, Cobalt expects the BOEMRE to provide Cobalt with any remaining requirements with respect to the APD for its Ligurian #2 exploratory well, Green Canyon 814, on or before July 10, 2011. Cobalt expects that any such remaining requirements will be promptly addressed and resubmitted to the BOEMRE for it to take action on the Ligurian #2 APD within 30 days thereafter. If the BOEMRE approves the Ligurian #2 APD prior to the return of the Ensco 8503 drilling rig and spud of the North Platte #1 exploratory well, then Cobalt plans to drill the Ligurian #2 exploratory well prior to drilling the North Platte #1 exploratory well.

Cobalt expects the Ligurian #2 exploratory well to take approximately six months to drill. Cobalt is the operator of Ligurian and has a 45% working interest in this prospect. TOTAL E&P USA, INC. owns a 30% working interest and Sonangol Exploration and Production International, LTD. owns the remaining 25% working interest.

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Cobalt Anticipates Rig Arrival Offshore Angola

- Cobalt Anticipates Rig Arrival Offshore Angola

Wednesday, June 29, 2011
Cobalt International Energy Inc.

Cobalt has received notification that the Ocean Confidence drilling rig, which is currently under assignment to an Angolan affiliate of Total S.A., will be returned to Cobalt on Block 21 on or about July 12. Upon its return, Cobalt will immediately commence its initial two well pre-salt deepwater exploration drilling program on Block 21 offshore Angola. Given the proximity of the two exploratory well locations, Cobalt plans to drill the surface hole of the Bicuar #1 exploratory well, move the drilling rig to the Cameia #1 exploratory well to drill and evaluate that prospect, then return to the Bicuar #1 exploratory well to drill and evaluate it. Cobalt expects each well to take 80 to 100 days to drill and an additional 10 to 20 days to evaluate if successful. Cobalt is the operator of Cameia and Bicuar and
has a 40% working interest in each prospect.

In addition, Cobalt anticipates the execution of the production sharing agreement for its 40% working interest and operatorship of Block 20 offshore Angola will occur early in the third quarter of 2011.

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Sonangol Okays Cobalt's Offshore Angola Plans

Sonangol Okays Cobalt's Offshore Angola Plans

Tuesday, May 03, 2011
Cobalt International Energy, Inc.

Cobalt International Energy, Inc. on Tuesday announced that Sonangol has approved the drilling plans for the Cobalt-operated Cameia-1 and Bicuar-1 pre-salt exploratory wells on Block 21 offshore Angola.

Given the proximity of the well locations, Cobalt plans to drill the surface hole of Bicuar-1, move the rig to Cameia-1 to drill and evaluate the prospect, then return to Bicuar-1 to drill the well to total depth. Cobalt anticipates drilling operations offshore Angola to commence in the second quarter, in-line with previously disclosed guidance.

Also during the second quarter, Cobalt anticipates the signing and formal award of its 40% working interest and operatorship in Block 20 offshore Angola.

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.

Cobalt Posts Smaller Loss for Q1

Cobalt Posts Smaller Loss for Q1

Tuesday, May 03, 2011
Cobalt International Energy, Inc.

Cobalt International Energy, Inc. on Tuesday announced a net loss of $16.1 million, or $0.05 per basic and diluted share for the first quarter of 2011, compared to a net loss of $29.7 million, or $0.09 per basic and diluted share, for the first quarter of 2010.

Cash expenditures (excluding changes in working capital) for the quarter ended March 31, 2011 were approximately $11 million compared to guidance of $20 25 million. For the full year 2011, expected cash expenditures (excluding changes in working capital) including the cash expenditures associated with Block 20 offshore Angola are $325 to 400 million. The range depends principally on when Cobalt recommences Gulf of Mexico drilling activities in the second half of 2011, and the testing and appraisal expenditures associated with any discoveries offshore Angola.

Cash, cash equivalents and investments at the end of the first quarter were approximately $843 million. This excludes approximately $349 million designated for future operations held in escrow and collateralizing letters of credit, as well as approximately $196 million in the TOTAL drilling fund for the Gulf of Mexico. In addition to these balances, Cobalt closed a common stock offering on April 15, 2011, which resulted in total gross proceeds to Cobalt before underwriting discounts and offering expenses of $499.1 million. Cobalt has no short or long-term debt. Including the proceeds from the offering, Cobalt holds cash, cash equivalents and investments of over $1.67 billion which Cobalt expects will be sufficient to fund its planned exploration and appraisal program, including expenditures relating to Block 20 offshore Angola, through the end of 2013.
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.