Cobalt International Energy, Inc. Announces Second Quarter 2012 Results and Successful Cameia #2 Appraisal Well Offshore Angola
Total expenditures (excluding changes in working capital) for the
quarter ending
Operations Update
Cobalt today provided an update on the status of its Cameia #2 appraisal
well, located in Block 21 offshore
The well was drilled approximately 3.5 kilometers south from the Cameia #1 pre-salt discovery well to the target total depth of 5,475 meters in basement. Logging results have (1) confirmed the presence of a large hydrocarbon accumulation in what is a high quality reservoir, and (2) confirmed lowest known oil to be at least 135 meters deeper than that which was observed in Cameia #1. In pursuit of our third objective, analysis of data obtained from drilling operations and wireline logging indicates hydrocarbon charge and pressure separation from the uphole reservoir section in the deepest reservoir target. Cobalt is currently preparing for a production drill stem test to be performed in August. Cobalt will evaluate the results of all data collected to determine the reservoir potential, if any, of this new zone.
Sociedade Nacional de Combustíveis (Sonangol E.P.) is the concessionaire
for Block 21/09. Partners include
Cobalt also announced today that it has executed, subject to formal
Sonangol E. P. approval, a three year drilling rig contract for use of
the deepwater semi-submersible SSV Catarina to support its Angolan
exploration, appraisal and development operations. The rig is expected
to arrive in
On
Cobalt is also participating in the Anadarko-operated Shenandoah #2
appraisal well on
Cobalt participated in the
Conference Call
A conference call for investors will be held today at
The call can be accessed live over the telephone by dialing (877)
705-6003, or for international callers, (201) 493-6725. A replay will be
available shortly after the call and can be accessed by dialing (877)
870-5176, or for international callers, (858) 384-5517. The passcode for
the replay is 396946. The replay will be available until
Interested parties may also listen to a simultaneous webcast of the conference call by accessing the Investors-Presentations and Publications section of Cobalt’s website at www.cobaltintl.com. A replay of the webcast will also be available for approximately 30 days following the call.
About Cobalt
Cobalt is an independent oil exploration and production company focusing
on the deepwater U.S. Gulf of
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
Consolidated Statement of Operations Information: |
||||||||||||||||||||
For Three Months Ended | For Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||
Oil and gas revenue | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Seismic and exploration | 12,006 | 4,813 | 29,355 | 7,253 | ||||||||||||||||
Dry hole expense and impairment | 111,355 | 2,506 | 116,679 | 5,019 | ||||||||||||||||
General and administrative | 18,482 | 13,038 | 33,322 | 24,656 | ||||||||||||||||
Depreciation and amortization | 312 | 179 | 513 | 363 | ||||||||||||||||
Total operating costs and expenses | 142,155 | 20,536 | 179,869 | 37,291 | ||||||||||||||||
Operating income (loss) | (142,155 | ) | (20,536 | ) | (179,869 | ) | (37,291 | ) | ||||||||||||
Other income: | ||||||||||||||||||||
Interest income | 1,432 | 1,058 | 2,615 | 1,755 | ||||||||||||||||
Total other income | 1,432 | 1,058 | 2,615 | 1,755 | ||||||||||||||||
Net income (loss) before income tax | (140,723 | ) | (19,478 | ) | (177,254 | ) | (35,536 | ) | ||||||||||||
Income tax expense | — | — | — | — | ||||||||||||||||
Net income (loss) | $ | (140,723 | ) | $ | (19,478 | ) | $ | (177,254 | ) | $ | (35,536 | ) | ||||||||
Basic and diluted income (loss) per share | $ | (0.35 | ) | $ | (0.05 | ) | $ | (0.44 | ) | $ | (0.10 | ) | ||||||||
Weighted average common shares outstanding | 406,122,827 | 386,731,150 | 400,113,132 | 366,127,558 | ||||||||||||||||
Consolidated Balance Sheet Information: |
||||||||
June 30, 2012 | December 31, 2011 | |||||||
($ in thousands) | ||||||||
Cash and cash equivalents | $ | 242,070 | $ | 292,546 | ||||
Short-term restricted funds | 118,725 | 69,009 | ||||||
Short-term investments | 842,198 | 858,293 | ||||||
Total current assets | 1,317,621 | 1,335,094 | ||||||
Total property, plant and equipment | 931,327 | 863,326 | ||||||
Long-term restricted funds | 395,074 | 270,235 | ||||||
Long-term investments | 81,854 | 47,232 | ||||||
Total assets | 2,731,611 | 2,527,944 | ||||||
Total current liabilities | 160,239 | 238,069 | ||||||
Total long-term obligations | 168,238 | 210,961 | ||||||
Total stockholders’ equity (406,488,531 and 387,531,630 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively) | 2,403,134 | 2,078,914 | ||||||
Total liabilities and stockholders’ equity | 2,731,611 | 2,527,944 | ||||||
Consolidated Statement of Cash Flows Information: |
||||||||||
Six Months Ending June 30, | ||||||||||
2012 | 2011 | |||||||||
(Unaudited) | ||||||||||
($ in thousands) | ||||||||||
Net cash provided by (used in): | ||||||||||
Operating activities | $ | (75,164 | ) | $ | (39,004 | ) | ||||
Investing activities | (464,798 | ) | (550,917 | ) | ||||||
Financing activities | 489,486 | 478,317 |
Source:
Cobalt International Energy, Inc.
Investor Relations:
Richard
A. Smith, +1 713-452-2322
Vice President, Investor Relations and
Planning
or
Media Relations:
Lynne L. Hackedorn, +1
713-579-9115
Vice President, Government and Public Affairs