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Cobalt Reports Drill Stem Test Results for Well Offshore Angola

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Cobalt International Energy, Inc. announced that its drill stem test of the lowest interval drilled in the Cameia #2 well in Block 21, offshore Angola, did not produce measurable hydrocarbons. The Cameia #2 drill stem test did however confirm the existence of a lower interval potentially capable of high flow rates across the basin. This interval had not previously been penetrated or tested in the Kwanza Basin.

The Cameia #2 well did confirm the presence of the same high quality hydrocarbon bearing mound reservoir that was penetrated by the original Cameia #1 discovery well.

"While I am disappointed this deep interval did not flow oil to the surface, I am encouraged by this interval's potential for significant flow rates across the basin. This information is important as we continue the evaluation of the Kwanza Basin Pre-salt's upside potential," noted James W. Farnsworth, Cobalt's chief exploration officer. "In addition, as we previously announced, Cameia #2 confirmed the extension of the same exceptional mound reservoir as seen in Cameia #1."

The results of this drill stem test have no bearing on the commerciality of the Cameia Mound Development Project and Cobalt is continuing to work with the Concessionaire to move this project to sanction.

The Diamond Offshore Ocean Confidence (UDW semisub) is now in the process of temporarily abandoning the Cameia #2 well. The wellbore will be used as part of the Cameia Mound Development Project, which is expected to be sanctioned in early 2014. Following this operation the Ocean Confidence will move to and commence drilling the Mavinga #1 Pre-salt exploratory well located adjacent to and north of the Cameia discovery.

Update on Other Well Operations

Cobalt anticipates that the Pre-salt Lontra #1 exploratory well in Angola Block 20 will spud as planned in the second quarter of 2013. Lontra #1 will be drilled with the Petroserv SSV Catarina (UDW semisub), which is currently in Angola undergoing final acceptance testing.

In addition, the Ocean Rig Olympia (UDW drillship) has spud the Diaman #1 well, located on the Diaba block, offshore Gabon. Diaman #1, which is operated by Total Gabon, will be the first deepwater Pre-salt well drilled in Gabon.

Finally, drilling operations continue in the deepwater Gulf of Mexico on the Ardennes Prospect, located in the prolific Inboard Lower Tertiary play. Cobalt plans to spud three additional wells during 2013 in the West African Pre-salt and the Gulf of Mexico Inboard Lower Tertiary trends.

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