Sonangol and Cobalt sign $1.75 billion transaction

The Angolan National Concessionaire Sociedade Nacional de Combustíveis de Angola – Empresa Pública (Sonangol) and Cobalt International Energy Inc. (NYSE: CIE) have signed a sale and purchase agreement (SPA) 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 Jan. 1.

The SPA provides for a 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.

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

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