Company Presentation March 2012 Cameia 1 Well Test Offshore Angola February 2012
Cobalts Deepwater Oil Portfolio Delivers Current Portfolio Characteristics Discoveries Emerging oil play with Cobalt 1st Mover Advantage Cameia World-class Pre-salt oil discovery 2012 Angola Large follow-on Pre-salt resource…
Cameia 1 An Exceptional Success Cameia 1 Drill Stem Test Results Sustained rate of 5,010 bopd and 14.3 mmcfd ( 7,400 boepd) Minimal bottom-hole pressure draw down Upon shut-in, bottom-hole pressure Picture of Flow Test reverted to…
Cameia 1 - Well Results Exceed Expectations U.S. Quarter Pre-Drill Results Reservoir 490 ft. Net Pay 1,200 ft. oil column Thickness (Mean case) 900 ft. Net Pay estimate 75% net-to-gross Reservoir Key Risk Highly permeable and…
Accelerating the Appraisal of Cameia Discovery Cobalt License Discovered Resources Potential Resources Cobalt Pre-salt Discovery Cobalt Upcoming Well Cobalt Upcoming Well Block 21 Cameia 2 appraisal well Currently Drilling 2 Miles…
Evaluation of Potential Cameia Development Options Underway Potential Cameia Development Concept Internal pre-concept development plans progressing Development model predicated on a phased development approach Sub-sea concept and…
Extensive Running Room in Pre-salt on Blocks 21 and 20 Cobalt License Pre-salt Discoveries Cameia discovery significantly Cobalt Prospects Block 20 de-risks Angola Pre-salt play Cobalt Pre-salt Discovery Lontra Baleia 1A Pre-salt…
Bicuar, North Cameia and Lontra Initial Follow-on Prospects on Blocks 20 and 21 Cameia 2 Appraisal DISCOVERY DISCOVERY Well Baleia 1A Lontra North Cameia Cameia 1 Bicuar (1996) Prospect Prospect (2012) Prospect N 2 S 15 miles 30…
Bicuar-1 Targets All Pre-salt Intervals Cobalt Cobalt Cobalt LicenseWell Upcoming Upcoming Well Potential Resources Cobalt Upcoming Well Cobalt Upcoming Well Prospect characterization Block 21 Objectives Multiple Pre-salt…
Angola Kwanza Basin Pre-Salt License Round Validates Cobalt's First Mover Position Pre-salt Blocks and Operators Named Angolas 2011 License Round Cobalt License New License 11 Pre-salt blocks offered in Kwanza and Benguela Industry…
Large Structures Characterize Gabon Pre-salt Inventory Cobalt License Pre-salt Discoveries Pre-salt play is already proven Cobalt Prospects onshore and near shore Gabon Pre-salt Discovery Rabi-Kounga field (940 MMBOE)1 Cobalt…
Cobalts Gulf of Mexico Portfolio Multiple Play Types, Numerous Oil-Focused Prospects Miocene Trend Key leaseholder in established GOM play 25 identified Cobalt prospects2 (includes Ligurian/Heidelberg discovery) Over 1 billion BOE…
Our GOM Lease Inventory A Source of Long-term Value 4th Largest Leaseholder Enviable Remaining in Deepwater GOM1 Lease Tenure Current Blocks Current Blocks Non-Operated Operated Blocks Remaining After 2015 We operate 75% of…
Ligurian / Heidelberg Appraisal of Cobalt's Initial Miocene Discovery in Progress Tonga West Ligurian 2 Heidelberg 1 Discovery (2009) Well encountered more than 200 ft. of net oil pay in Miocene reservoir Heidelberg 1 Cobalt Leases…
Greater North Platte Complex Dominant Position in the Emerging Inboard Lower Tertiary Play Cobalt Leases Williams Fork Latvian Cobalt Discovery Cobalt Prospects Cobalt Inboard Lower Tertiary Discovery Inboard Lower Tertiary…
Shenandoah Appraisal of Cobalts Initial Inboard Lower Tertiary Discovery Shenandoah 1 Shenandoah Discovery Discovery well (2009) encountered more than Shenandoah 2 300 ft. of net oil pay in Lower Tertiary reservoir Cobalt Leases…
Our Partners are the Worlds Largest and Most Experienced Deepwater Operators Cobalt Operated Prospects * Public Company Market Cap * * 100B…
Catalyst-Rich 2012-13 Drilling Program in Each Focus Area 1H 2012 2H 2012 2013 Cameia 1 Bicuar Block 21 Well (North Cameia) Cameia 2 (Drilling) North Platte Diaba Well (Mango or Mango S.) Heidelberg Appraisal Shenandoah 2 Block 9…
Balance Sheet Strength to Fund Multi-Year Exploration and Appraisal Program (B, Net) 0.5 1.1 - 1.4 West Africa 650-900 MM GOM 400-500 MM 1.5 Other (3) 50 MM 0.6 - 0.9 TOTAL Success Payments Cobalt has no debt…
Turning Our 2005 Vision into Shareholder Value Cobalt has an extraordinary portfolio of significant exploration assets with discoveries in both Angola and the Gulf of Mexico We are focused on the drill bit execution of our West…