Sonangol, Cobalt Announce $1.75 Bln Transaction - Quick Facts

(RTTNews) - Sonangol and Cobalt International Energy, Inc. (CIE) announced the signing of a Sale and Purchase Agreement for Sonangol to acquire all of Cobalt's 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 billion with an effective date of January 1, 2015.

This transaction is subject to customary Angolan government approvals which are expected prior to the end of the year.

The Sale and Purchase Agreement provides for a smooth transition to a new operator and underscores the parties' commitment to attain the final investment decision for the Cameia development in Block 21/09 by year end 2015 in order to deliver first oil from Cameia in 2018. Notwithstanding Cobalt's continuing as operator for an interim period, all costs going forward will be borne by Sonangol.

Commenting on the transaction, Francisco Lemos José Maria, Chairman and Chief Executive Officer of Sonangol said, "Over the past seven years, Cobalt International Energy has had outstanding exploration success in Angola's pre-salt, which will accrue considerable prosperity to the Angolan people over coming generations. We are thankful and appreciative of their efforts and dedication to the task and wish them well in their future endeavors in the global industry."