Cobalt confirms Angola offshore license award

Cobalt International has signed a PSC with Sonangol for block 20 offshore Angola.

Offshore staff

LUANDA, Angola – Cobalt International has signed a PSC with Sonangol for block 20 offshore Angola.

Cobalt will operate with a 40% interest, in partnership with Sonangol, BP, and China Sonangol International Holding.

Chairman and CEO Joseph H. Bryant claimed this was the most sought-after block in the Angolan presalt bid round in Kwanza basin.

The partners have already initiated acquisition of a 4,100-sq km (1,575- sq mi) 3D seismic survey, and plan to drill the first well in 2013.

Block 20 is north of and adjacent to block 21 and 12 km (7.5 mi) from the Cobalt-operated Cameia-1 well location. Evaluation of this well has confirmed the existence of hydrocarbons.

After Cameia-1 operations are complete, Cobalt will spud the Bicuar-1 well on block 21 with the Diamond Offshore rig Ocean Confidence.

12/22/2011

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