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Stockreport

Cobalt Energy files for arbitration against Angola for $2B-plus [Seeking Alpha]

COBALT INTL (CIE)  More Company Research Source: Seeking Alpha
US:NYSE Investor Relations: cobaltintl.com/investor-center
PDF Cobalt Energy (NYSE: CIE ) files requests for arbitration seeking more than $2B from Angola's state-run oil firm after failing to reach an agreement on license deadline extensions on two deepwater blocks. CIE claims its years-long efforts to find a buyer for its 40% stakes in Blocks 20 and 21 offshore Angola were "negatively impacted by the uncertainty surrounding the extension." A deal to sell the licenses to Angola's Sonangol in a $1.75B deal collapsed in 2016 because required approvals from the government did not come in time. Now read: Transocean: Getting Paid To Wait » [Read more]

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