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SEC Terminates Cobalt International Investigation

Source: www.gulfoilandgas.com 1/28/2015, Location: Africa

Cobalt International Energy, Inc. (Cobalt) has received a termination letter from the United States Securities and Exchange Commission (SEC) advising Cobalt that the SECís FCPA investigation relating to Cobaltís operations in Angola has concluded and that the Staff does not intend to recommend any enforcement action by the SEC.

This formally concludes the SECís investigation, which began in 2011 in response to allegations of a connection between senior Angolan government officials and Nazaki Oil and Gaz, S.A., an Angolan company that, until 2014, held a working interest alongside Cobalt on Blocks 9 and 21 offshore Angola. As previously disclosed, Cobalt received a formal investigative order from the SEC in November 2011 and a Wells Notice on August 4, 2014.

Joseph H. Bryant, Cobaltís Chairman and Chief Executive Officer, stated, ďWe are of course pleased with the closure of the SECís investigation. We have the utmost respect for the SEC and its investigative process, and cooperated fully with the SEC. Cobalt remains committed to conducting operations and creating shareholder value transparently and in compliance with all applicable laws and regulations.Ē

Cobalt continues to cooperate with the United States Department of Justice with regard to its parallel investigation.

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