Cobalt Energy was conditionally awarded a 40% working interest and has been indicated as operator of Block 20 offshore Angola. Eight other companies submitted bids to obtain a working interest in the block as part of Angola's pre-salt licensing bid round. The companies will begin to work with Sonangol, Angola's national oil company, to negotiate definitive agreements that will govern the exploration, development and production operations on the awarded blocks.
Cobalt's Block 20 award will not be final until the definitive agreements have been executed. Cobalt understands that such agreements are targeted for finalization by the end of the second quarter of 2011. Block 20 spans nearly 1.2 million acres (4,900 square kilometers) and is centered about 75 miles (121 kilometers) west of Luanda in the deepwater Kwanza Basin.
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