Last €7.87 EUR
Change Today +0.371 / 4.95%
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cobalt international energy (C10) Snapshot

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52 Week High
02/27/14 - €14.28
52 Week Low
12/16/14 - €6.00
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cobalt international energy (C10) Details

Cobalt International Energy, Inc., is engaged in the exploration and production of oil-focused and below-salt exploration prospects. Its project portfolio comprises North Platte, Heidelberg, and Shenandoah in the deepwater of the U.S. Gulf of Mexico; Cameia, Lontra, Mavinga, Bicuar, and Orca in the offshore Angola; and Diaman in the offshore Gabon. The company has strategic relationship with TOTAL E&P USA, INC. Cobalt International Energy, Inc. was founded in 2005 and is based in Houston, Texas.

178 Employees
Last Reported Date: 02/27/14
Founded in 2005

cobalt international energy (C10) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $1.5M
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $540.0K
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $852.5K
Executive Vice President of Execution & Appra...
Total Annual Compensation: $726.3K
Chief Exploration Officer and Executive Vice ...
Total Annual Compensation: $726.3K
Compensation as of Fiscal Year 2013.

cobalt international energy (C10) Key Developments

Levi & Korsinsky, LLP Notifies Investors of Class Action against Cobalt International Energy, Inc. and Board of Directors and a Lead Plaintiff Deadline

Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of investors who purchased Cobalt International Energy, Inc. securities between February 21, 2012 through November 4, 2014. The complaint alleged that Cobalt and certain of its officers violated securities laws by failing to disclose certain facts regarding the true value of its Lontra and Loengo wells in Angola and reports of questionable business practices. On December 3, 2013, Cobalt shares dropped $4.72 Â to close at $17.51 per share after the company revealed the Lontra well held large amount of gas, as opposed to previously held predictions of billions of barrels of oil. On August 5, 2014, the SEC issued the Company a Wells Notice which recommended enforcement action against Cobalt for possible violation of securities laws relating to its practice of gaining access to Angolan wells by partnering with shell companies in Angola that were partially owned by high-level Angolan officials. This news caused Cobalt stock to drop again, to close at $14.22. Finally on November 4, 2014, the company's stock fell another $1.21 to close at $10.07 when it was revealed that the Loengo well had neither oil nor gas, despite claims that it was rich in both.

Cobalt International Energy, Inc. Announces Deepwater U.S. Gulf of Mexico Oil Discovery and Provides Update on its Drilling Operations

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

Pomerantz LLP Files Class Action against Cobalt International Energy, Inc. and Certain Officers

Pomerantz LLP has filed a class action lawsuit against Cobalt International Energy, Inc. and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 14-cv-03488, is on behalf of a class consisting of all persons or entities who purchased Cobalt securities between February 21, 2012 and August 4, 2014, inclusive. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.


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