Sonangol and Cobalt Announce US$1.75 Billion Transaction
The Sale and Purchase Agreement provides for a smooth transition to a new operator and underscores the parties’ commitment to attain the final investment decision for the Cameia development in Block 21/09 by year end 2015 in order to deliver first oil from Cameia in 2018. Notwithstanding Cobalt’s continuing as operator for an interim period, all costs going forward will be borne by Sonangol.
Commenting on the transaction, Mr. Francisco Lemos José Maria, Chairman
and Chief Executive Officer of Sonangol said, “Over the past seven
“We are proud of the tremendous success that our partnership with
Sonangol has achieved in opening the pre-salt play in the
For more information about this announcement, see the Angola Transaction Investor Presentation, which can be found on Cobalt's website at www.cobaltintl.com in the Investor Center-Publications & Presentations section.
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
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Cobalt International Energy, Inc.
Rob Cordray, +1 713-579-9126
Director, Investor Relations
Lynne L. Hackedorn, +1 713-579-9115
Vice President, Government and Public Affairs