Cobalt Q2 Loss Widens - Quick Facts

(RTTNews) - Oil explorer Cobalt International Energy, Inc. (CIE) Tuesday reported second-quarter net loss which widened, due mainly to increased seismic and exploration expenses as well as higher impairment charges

For the three months to June, net loss was $94.76 million or $0.23 per share, wider than $78.82 million or $0.19 per share a year earlier.

On average, fourteen analysts polled by Thomson-Reuters estimated the company's loss to be $0.17 for the quarter. Analysts' estimates typically exclude one-time items.

The company is finalizing operations on its successful Cameia #3 appraisal well and will move the Petroserv SSV Catarina rig to drill the Loengo #1 Pre-salt exploration well on Block 9, Cobalt said in a statement.

Cobalt also said that it's moving forward on the Cobalt operated Cameia project development, targeting the formal sanction of the Cameia project by the end of 2014 and first production from the development in 2017.