The risk services agreements govern Cobalt’s 40% interest in and operatorship of blocks 9 and 21 offshore Angola and form the basis of Cobalt’s exploration, development and production operations on these blocks.
The terms of the executed agreements are substantially the same as the terms that were finalized and initialed by Sonangol EP and Cobalt in October 2009 and disclosed as part of Cobalt’s initial public offering.
Joseph Bryant, chairman and CEO of Cobalt, said: “We are delighted to announce the execution of the risk services agreements for blocks 9 and 21 offshore Angola. We have worked closely with Sonangol for the past several years regarding the pre-salt play offshore Angola, beginning before the announcement of the Tupi discovery offshore Brazil.
“We are pleased that these agreements have been signed so that we can now embark with Sonangol and the contractor group on a robust drilling program to prove the Angolan pre-salt play on these blocks as soon as possible.”
Cobalt is an independent oil exploration and production company focusing on the deepwater US Gulf of Mexico and offshore Angola and Gabon.
