Cobalt Announces Significant Deepwater U.S. Gulf of Mexico Oil Discovery and Provides Update on Its Drilling Operations

HOUSTON--(BUSINESS WIRE)--

Cobalt International Energy, Inc. ("Cobalt") CIE today announced a very large oil discovery at its Anchor prospect in the deepwater U.S. Gulf of Mexico. The Anchor #2 Well, located in Green Canyon Block 807, was drilled to a total depth of 33,749 feet and encountered significant high quality pay in multiple Inboard Lower Tertiary Wilcox Sands. The Anchor discovery well is located approximately 140 miles from the Louisiana coast in 5,183 feet of water.

This is Cobalt's fourth significant subsalt discovery in the deepwater Gulf of Mexico. Cobalt owns a 20 percent working interest in the Anchor Unit. Partners include Chevron U.S.A. Inc., as Operator (55 percent), Samson Offshore Anchor, LLC (12.5 percent) and Venari Resources LLC (12.5 percent).

“The Anchor discovery well is clearly one of the best wells we've drilled to date in the deepwater Gulf of Mexico. This exceptional discovery is the result of many years of hard work to identify and mature this exciting prospect and to successfully acquire and unitize the Anchor leases. I am so proud of the entire Cobalt team whose efforts resulted in this exciting discovery,” said James W. Farnsworth, Chief Exploration Officer. “Cobalt's outstanding portfolio of deepwater Gulf of Mexico discoveries, which includes Heidelberg, Shenandoah, North Platte and now Anchor, is among industry's best opportunities to provide long term growth in high value Gulf of Mexico barrels. We look forward to the 2016 commencement of production from Heidelberg, as it will represent Cobalt's first production and revenue.”

Also in the deepwater Gulf of Mexico, Cobalt anticipates spudding the first appraisal well on its North Platte Inboard Lower Tertiary discovery in the first quarter of 2015 with the new-build Rowan Reliance drillship. This appraisal well will be drilled in Garden Banks Block 959.

In Angola Block 21, the Mupa #1 exploratory well encountered a non-commercial hydrocarbon bearing zone and has been plugged and abandoned. Cobalt moved the Petroserv SSV Catarina rig to Angola Block 20 where it is currently drilling the Orca #2 appraisal well. This is Cobalt's first appraisal well drilled on its significant Orca Pre-salt discovery in the Kwanza Basin that Cobalt announced last year.

Block 21 is operated by Cobalt (40 percent) in partnership with Sonangol Pesquisa e Produção S.A. (60 percent). Block 20 is operated by Cobalt (40 percent) in partnership with Sonangol Pesquisa e Produção S.A. (30 percent) and BP Exploration Angola (Kwanza Benguela) Limited (30 percent).

About Cobalt

Cobalt is an independent exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address Cobalt's expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt's SEC filings. Cobalt undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release, other than as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

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