COBALT INTERNATIONAL ENERGY, INC.

COBALT INTERNATIONAL ENERGY, INC.

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Company Overview
It is a private limited company primarily engaged in the extraction of crude petroleum and natural gas. Cobalt is a leading independent global exploration and production company with a highly prospective world-class portfolio in the deepwater U.S. Gulf of Mexico and offshore West Africa. Formed in November 2005, the US-based company has its head office located in Houston, Texas.
Its strategic objective is very clear: To create distinctive value for its investors by exploring for oil in the largest hydrocarbon rich plays in the deep offshore waters of the U.S. Gulf of Mexico and West Africa, with an emphasis on sub-salt and pre-salt exploration, development, and production. The company is competitively positioned to discover and produce deepwater hydrocarbon resources in its focus areas. It is executing to deliver on its promise to create distinctive value for its investors, and its partners.
Business Summary
Cobalt International Energy, Inc. is an independent, oil-focused exploration and production company. The Company has a below salt prospect inventory in the deepwater of the United States Gulf of Mexico and offshore Angola and Gabon in West Africa. The Company has a portfolio of 134 prospects, of 48 prospects located in the deepwater United States Gulf of Mexico and 86 prospects located in Blocks 9 and 21 offshore Angola and the Diaba Block offshore Gabon. All of its prospects are oil-focused. As of March 29, 2010, the Company had drilled as operator two exploratory wells (Ligurian #1 and Criollo #1) and participated as non-operator in three exploratory wells (Heidelberg #1, Shenandoah #1 and Firefox #1) and one appraisal well (Heidelberg #2), of which Firefox #1 and Heidelberg #2, were being drilled during the year ended December 31, 2009.
Description and history
Cobalt International Energy, Inc., incorporated in August 2009, is an independent, oil-focused exploration and production company. The Company has a below salt prospect inventory in the deepwater of the United States Gulf of Mexico and offshore Angola and Gabon in West Africa. The Company has a portfolio of 134 prospects, of 48 prospects located in the deepwater United States Gulf of Mexico and 86 prospects located in Blocks 9 and 21 offshore Angola and the Diaba Block offshore Gabon. All of its prospects are oil-focused. As of March 29, 2010, the Company had drilled as operator two exploratory wells (Ligurian #1 and Criollo #1) and participated as non-operator in three exploratory wells (Heidelberg #1, Shenandoah #1 and Firefox #1) and one appraisal well (Heidelberg #2), of which Firefox #1 and Heidelberg #2, were being drilled during the year ended December 31, 2009.

United States Gulf of Mexico Prospects

As of December 31, 2009, the Company owned working interests in 225 blocks within the deepwater United States Gulf of Mexico, covering approximately 1.3 million gross acres (0.6 million net acres). Its blocks are located primarily in the Green Canyon, Garden Banks, Walker Ridge and Keathley Canyon protraction areas. As of December 31, 2009, the Company had identified 48 prospects on its blocks: three Tahiti Basin Miocene trend prospects, 18 Adjacent Miocene trend prospects, 21 inboard Lower Tertiary trend prospects and six dual Miocene and Lower Tertiary trend prospects. The Tahiti Basin Miocene trend is a hydrocarbon bearing basin within the deepwater United States Gulf of Mexico. Discoveries in this area include Tahiti, Friesian, Caesar, Tonga, Knotty Head, Pony and Heidelberg #1. Ligurian/Heidelberg is a three-way prospect targeting Miocene horizons. Criollo is a three-way prospect targeting Miocene horizons located in Green Canyon blocks 685 and 729, where the Company is the operator and owns a 60% working interest. Firefox is a three-way prospect targeting Miocene horizons located in Green Canyon blocks 773, 817 and 818, where BHP Billiton (BHP) is the operator and the Company owns a 30% working interest.

The Adjacent Miocene trend is located adjacent to the Tahiti Basin Miocene trend. Rum Ramsey is a three-way prospect targeting Miocene horizons located in Green Canyon blocks 632, 633 and 676, where BHP is the operator and it owns a 24% working interest. Lyell is a four-way prospect targeting Miocene horizons located in Green Canyon blocks 550 and 551, where Anadarko Petroleum Corporation (Anadarko) is the operator and the Company owns a 15% working interest. Rocky Mountain is a three-way prospect targeting Miocene horizons located in Mississippi Canyon blocks 649, 693 and 737, where the Company is the operator and owns a 45% working interest. Saddelbred is a three-way prospect, targeting Miocene horizons located in Green Canyon blocks 457 and 458, where it is the operator and owns a 60% working interest. Sulu is a three-way prospect targeting Miocene horizons located in Green Canyon blocks 258, 259 and 302, where the Company is the operator and owns a 45% working interest.

The inboard Lower Tertiary is a trend located to the northwest of outboard Lower Tertiary fields, such as St. Malo, Jack and Cascade. Shenandoah is a three-way prospect targeting Lower Tertiary horizons located in Walker Ridge blocks 51 and 52, where Anadarko is the operator and the Company owns a 20% working interest. North Platte is a four-way prospect targeting Lower Tertiary horizons located in Garden Banks blocks 915, 916, 958, 959, 1002 and1003, where Cobalt is the operator and owns a 60% working interest. Racer is a three-way prospect targeting Lower Tertiary and Miocene horizons located in Green Canyon blocks 762 and 806, where BHP is the operator and the Company owns a 24% working interest. Percheron is a three-way prospect targeting Miocene and Lower Tertiary horizons located in Green Canyon block 957, where it is the operator and owns a 60% working interest.

Prospects Offshore West Africa

Gold Dust is a prospect targeting pre-salt horizons, where the Company is the operator and has a 40% working interest. Oasis is a prospect targeting pre-salt horizons, where the Company is the operator and has a 40% working interest. Riviera is a prospect targeting pre-salt horizons, where the Company is the operator and has a 40% working interest. Churchill is a prospect targeting Albian horizons, where it is the operator and has a 40% working interest. It has nine additional prospects targeting pre-salt horizons and 20 additional prospects targeting Albian horizons offshore Angola, in which the Company has a 40% working interest. The Company is the operator for all of these prospects.

Longhorn is a prospect targeting pre-salt horizons, where Total Gabon SA (Total Gabon) is the operator and it has a 21.25% working interest. Alamo is a prospect targeting Albian horizons, where Total Gabon is the operator and the Company has a 21.25% working interest. Fiesta is a prospect targeting Albian horizons, where Total Gabon is the operator and the Company has a 21.25% working interest. The Company has 25 additional prospects targeting pre-salt horizons and 14 additional prospects targeting Albian horizons offshore Gabon, in which it has a 21.25% working interest. Total Gabon is the named operator for all of these prospects.

Business Line
Engaged in the extraction of crude petroleum and natural gas
Subsidiary

Advisor
ERNST & YOUNG LLP
IPO date
12/2009
US SIC Code
1311
Company Address
Two Post Oak Central
1980, Post Oak Boulevard
City province or state postal code
77056, HOUSTON, TX
Phone: +1 713 579 9100
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.cobaltintl.com