Cobalt International Energy, Inc. Provides Update on its Gulf of Mexico Drilling Operations

HOUSTON--(BUSINESS WIRE)--Apr. 9, 2015-- Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced that it has plugged and abandoned its North Platte #2 appraisal well in the deepwater Gulf of Mexico due to a seal failure in the riser connection system. The well, which was being drilled with the Rowan Reliance drillship, was at a depth of 20,701 feet when the problem with the riser was detected. The well was permanently abandoned prior to reaching any geological targets.

Cobalt is currently permitting the North Platte #3 well approximately 200 feet from the surface location of the North Platte #2 well. Assuming timely receipt of permit approval, Cobalt anticipates spudding the North Platte #3 well within two weeks and continues to expect well results in the second half of 2015.

The North Platte #1 discovery well was drilled in 2012 and encountered over 550 net feet of oil pay in multiple high-quality Inboard Lower Tertiary reservoirs. Cobalt, as operator, holds a 60% working interest in North Platte.

About Cobalt

Cobalt is an independent exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. 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 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,” “intend,” “expect,” “plan,” “will” or 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 undertakes no obligation 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.

For 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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