Cobalt Starts Drilling Program Offshore Angola

Cobalt International Energy, Inc.today provided the following update on its West Africa drilling program.

Cobalt has initiated drilling operations on its Cameia No. 1 well in Block 21, Offshore Angola. Well operations are being conducted with the Diamond Ocean Confidence drilling rig. After drilling and evaluating the Cameia-1 prospect, Cobalt will drill the Bicuar-1A well to test the Bicuar prospect, also in Block 21. Both wells are targeting pre-salt objectives.

As previously announced, Cobalt expects each well to take 80 to 100 days to drill and an additional 10 to 20 days to evaluate, if successful. Cobalt is the operator of Cameia and Bicuar and has a 40% working interest in each prospect.

About Cobalt

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

Source: Cobalt, August 29, 2011;

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