Cobalt Announces Closing of DOJ Investigation

Source: www.gulfoilandgas.com 2/9/2017, Location: Africa

Cobalt International Energy, Inc. (Cobalt) has received a letter from the United States Department of Justice (DOJ) advising Cobalt that the DOJ has closed its FCPA investigation into Cobaltís operations in Angola. This formally concludes the DOJ investigation, which was the last remaining FCPA investigation by any U.S. regulatory agency into Cobaltís Angolan operations. No regulatory action has been taken against Cobalt as a result of these investigations.

As previously disclosed, the DOJ and the United States Securities and Exchange Commission (SEC) began investigating Cobaltís operations in Angola 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. The SEC investigation concluded in January 2015 without any enforcement action.

Timothy J. Cutt, Cobaltís Chief Executive Officer, stated, ďLike the SEC, the Department of Justice has decided to close its investigation into Cobaltís Angolan operations. We are obviously pleased with this resolution and the closure of this investigation. Cobalt has been and is firmly committed to conducting its operations in compliance with all applicable laws and regulations, including the FCPA.Ē

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