Angola: Cobalt International Energy announces conditional award and operatorship of Block 20 offshore Angola
Cobalt International Energy has been conditionally awarded a 40% working interest and has been indicated as operator of Block 20 offshore Angola. Eight other companies submitted bids to obtain a working interest in the block as part of Angola’s Pre-salt Licensing Bid Round.
Following Monday morning’s ceremony in Luanda, Angola, the respective successful companies will begin to work with Sonangol, Angola’s national oil company, to negotiate definitive agreements that will govern the exploration, development and production operations on the awarded blocks. Cobalt’s Block 20 award will not be final until the definitive agreements have been executed. Cobalt understands that such agreements are targeted to be finalized by the end of the second quarter of 2011.
'Cobalt is extremely pleased to have reached this milestone in our efforts to capture a working interest and indicated operatorship of Block 20' said Joseph H. Bryant, Cobalt’s Chairman and Chief Executive Officer. 'Given our interests in Blocks 9 and 21, access to Block 20 would create an expanded operated position for Cobalt in the heart of Angola’s highly prospective Pre-salt play and, if awarded, will offer a tremendous value creation opportunity for our shareholders.'
Block 20 is approx. 1.2 million acres (4,900 sq km) in size (or the equivalent of approx. 200 U.S. Gulf of Mexico blocks) and is centered approx. 75 miles west of Luanda in the deepwater Kwanza Basin. It is located immediately north of Block 21.
For information on Cobalt's existing operations in Angola, see the Company's latest Presentation.
Source: Cobalt International Energy
