2009-04-23-2009-04-22-2009-04-22

Formed JV concerning interest in 11 GOM leases, 2 blocks offshore Angola.

Privately held, Houston-based Cobalt International Energy LP and Sonangol E&P International Ltd., a subsidiary of Angola national oil company Sonangol have formed a joint venture concerning in the deepwater Gulf of Mexico and the deepwater offshore Angola. Cobalt will assign 25% of its working interest in 11 Gulf of Mexico deepwater leases to Sonangol E&P and Cobalt and Sonangol have agreed to a joint participation area in the Gulf of Mexico for future joint venture opportunities between the parties. Cobalt will remain operator of these blocks. Sonangol will assign a 40% working interest in the consortium for deepwater blocks 9 and 21 offshore Angola to Cobalt. Cobalt will be designated operator. Additionally, Sonangol and Cobalt have agreed to consider other joint participation opportunities between the parties offshore Angola. Cobalt and Sonangol anticipate drilling to begin on the jointly held Gulf of Mexico leases this summer and in Angola in 2010. Cobalt chairman and chief executive Joseph Bryant says, "We are extremely pleased to partner with Sonangol in their entry into the deepwater Gulf of Mexico and Cobalt's entry into the deepwater offshore Angola. The strength of such a partnership is clear. Our combined expertise and experience in both of these highly prospective basins will yield tremendous results." Sonangol chairman and CEO Manuel Vicente says, "Sonangol's entry into the Gulf of Mexico is a significant milestone in our growth as a global enterprise. To be able to partner with a company of Cobalt's reputation is an extraordinary opportunity for us. Through this partnership, we look forward to developing first hand knowledge of the Gulf of Mexico, which is one of the world's most prospective basins, utilizing state-of-the art exploration and development technology. At the same time, the partnership looks forward to exploring additional deepwater potential offshore Angola."