Cobalt Announces Closing of DOJ Investigation

HOUSTON--(BUSINESS WIRE)--Feb. 9, 2017-- Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced that it has received a letter from the United States Department of Justice (“DOJ”) advising Cobalt that the DOJ has closed its FCPA investigation into Cobalt’s operations in Angola. This formally concludes the DOJ investigation, which was the last remaining FCPA investigation by any U.S. regulatory agency into Cobalt’s Angolan operations. No regulatory action has been taken against Cobalt as a result of these investigations.

As previously disclosed, the DOJ and the United States Securities and Exchange Commission (“SEC”) began investigating Cobalt’s operations in Angola in 2011 in response to allegations of a connection between senior Angolan government officials and Nazaki Oil and Gaz, S.A., an Angolan company that, until 2014, held a working interest alongside Cobalt on Blocks 9 and 21 offshore Angola. The SEC investigation concluded in January 2015 without any enforcement action.

Timothy J. Cutt, Cobalt’s Chief Executive Officer, stated, “Like the SEC, the Department of Justice has decided to close its investigation into Cobalt’s Angolan operations. We are obviously pleased with this resolution and the closure of this investigation. Cobalt has been and is firmly committed to conducting its operations in compliance with all applicable laws and regulations, including the FCPA.”

About Cobalt

Cobalt is an independent exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore West Africa. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address Cobalt’s expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “intend,” “could,” “expect,” “plan” and other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt’s SEC filings. Cobalt disclaims any obligation or undertaking, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after this press release, other than as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Source: Cobalt International Energy, Inc.

Cobalt International Energy, Inc.
Investor Relations:
Rob Cordray, +1-713-579-9126
Director, Investor Relations
Media Relations:
Lynne L. Hackedorn, +1-713-579-9115
Vice President, Government and Public Affairs

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