Cobalt International Energy, Inc. Announces Agreement to Expand the Anchor Unit
July 12 2017 - 4:15PM
Business Wire
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today
announced that it has entered into a definitive agreement with its
co-owners in the Anchor development to unitize and include Cobalt’s
two leases immediately south of the current Anchor unit (Green
Canyon blocks 850 and 851) into the existing Anchor unit. The
transfer of interests in the two leases and the revised Anchor unit
are subject to customary regulatory approval. Following such
approval, Cobalt will retain a 20% working interest in the revised
Anchor Unit.
Timothy J. Cutt, Cobalt’s Chief Executive Officer, stated,
“Expansion of the Anchor unit to include Cobalt’s two blocks to the
south is key to optimizing the development plan and increasing oil
recovery from Anchor as the reservoir clearly extends onto these
blocks. This agreement makes Anchor even more attractive of a
development going forward, whether for us or for a potential
purchaser in our ongoing sales efforts.”
About Cobalt
Cobalt International Energy, Inc. (NYSE:CIE) is an
independent exploration and production company active in the
deepwater U.S. Gulf of Mexico and offshore West
Africa. 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 federal securities laws, including 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,” “may,” “will,”
“aim,” “estimate,” “continue,” “intend,” “could,” “expect,” “plan,”
and 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 disclaims any obligation or
undertaking, 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.
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Cobalt International Energy, Inc.Investor Relations:Aaron
Skidmore, +1 (713) 457-4426Director, Investor RelationsorMedia
Relations:Lynne L. Hackedorn, +1 (713) 579-9115Vice President,
Government and Public Affairs