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Cobalt IDs 2016 Budget; Talks 4Q Angola Sale, GOM Startups
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Cobalt International Energy, Inc. reported its fourth quarter and full year 2015 results.
Key Points: Angola Sale update - plans to cease operations by late summer 2016 We expect capital expenditures to be approximately $450 to $500 million in 2016 Cobalt has identified approximately $100 million of reduced expenditures for 2016, which are reflected in our 2016 capital expenditure guidance Cobalt also announced that initial oil and gas production commenced from the Heidelberg field in the deepwater Gulf of Mexico in January 2016, representing Cobalt's first production and revenue. Angola Sale StatusCobalt also provided an update on the status of its sale of Angola Blocks 20 and 21 to Sonangol. As announced on August 24, 2015, Cobalt and Sonangol executed a purchase and sale agreement…
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