Cobalt International Energy, Inc. : Provides Update on its Gulf of Mexico and West Africa Drilling Operations

06/12/2012| 06:25pm US/Eastern

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Cobalt International Energy, Inc. ("Cobalt") (NYSE:CIE) today announced that its Ligurian #2 exploratory well on Green Canyon Block 814 in the U.S. Gulf of Mexico had reached objective total depth after having drilled through all of the targeted Miocene formations. The well did not encounter commercial hydrocarbons and operations are underway to plug and abandon the wellbore.

Once these plugging operations are finished, Cobalt will move the Ensco 8503 drilling rig to its North Platte #1 exploratory well location on Garden Banks Block 959. The North Platte Prospect is a large 4-way Inboard Lower Tertiary structure. This well lies within Cobalt's greater North Platte complex, consisting of the North Platte Prospect, as well as four adjacent Inboard Lower Tertiary prospects. Per an independent third-party assessment, the gross unrisked resources for the North Platte Prospect are estimated to be 400 - 850 million barrels of oil equivalent (mean to high range), and the combined gross unrisked resources for the greater North Platte complex is estimated to be more than two billion barrels of oil equivalent. The North Platte #1 well, which is expected to take five to six months to drill and evaluate, is located approximately 40 miles northwest of Cobalt's Shenandoah discovery.

Drilling operations at Cobalt's Cameia #2 appraisal well in Block 21, offshore Angola continue. Cobalt expects to announce the results of this appraisal well as soon as drilling operations are completed and logging/test results have been evaluated, sometime in the next 30 to 60 days.

Following completion of operations on the Cameia #2 well, the Diamond Ocean Confidence drilling rig will be released to another operator for approximately 120 days for the drilling of one offshore Congo well. The Ocean Confidence rig will then return to Cobalt and will be used to drill Cobalt's next two Angolan pre-salt wells. In addition, Cobalt has tendered for and is currently evaluating bids for additional drilling rig capacity for its 2013+ Angolan pre-salt drilling campaign. It is anticipated that a rig selection announcement will be forthcoming in the third quarter.

About Cobalt

Cobalt is an independent oil exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. 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 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 SEC filings. Cobalt undertakes no obligation 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.

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

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