Cobalt International Energy has been conditionally awarded a 40% working interest and operatorship of Block 20, offshore Angola.
Block 20 is positioned to the north of Block 21, and is about 1.2 million acres in size.
As a part of Angola’s Pre-salt Licensing Bid Round, eight other companies submitted bids to obtain a working interest in the block.
The respective successful companies will begin to work with Sonangol, Angola’s national oil company, and negotiate definitive agreements that will govern the exploration, development and production operations on the awarded blocks.
The Block20 award to Cobalt will be finalized by the end of the second quarter of 2011.
Cobalt chairman and CEO Joseph Bryant said as the company has interests in Blocks 9 and 21, access to Block 20 will create an expanded operated position for Cobalt in the heart of Angola’s highly prospective Pre-salt play and will offer a tremendous value creation opportunity for its shareholders.