NYSE: CIE www.cobaltintl.com Investor Presentation May 2016 NYSE: CIE MAY 2016 INVESTOR PRESENTATION 1
2016 Priorities Close Angola sale transaction(1) Fully engaged in completing all work to transition to new operator(s) Conclude remaining exploration drilling operations with costs largely covered by LOCs Preserve liquidity and cash…
Anticipate Government Approval for Sale Transaction(1) Successfully drilled Zalophus Pre-salt discovery on Block 20; currently drilling the Golfinho Pre- salt prospect, a potential large mound feature with Cameia-like fluid and…
Cobalts Cash Position (B) 2.9 1.0 B of cash as of the end of 0.45 0.50 1Q 2016 2.40 2.45 1.4 2.9 B in cash post Angola sale (as of 1Q 2016 on an as adjusted basis) 2016 total uses of cash from 1.2 0.5 continuing operations…
Significant Cost Savings and Efficiency Improvements Substantial well cost and drilling efficiency improvements realized to date 25% reduction in non-rig rate drilling costs in the GOM Improved drilling efficiency; North Platte…
Cobalts Proven Strategy Unchanged Continued focus on finding large deepwater oil fields Large oil fields provide competitive breakeven economics as costs align to oil price Once developed, would generate significant long term free cash…
Cobalts Continued Commitment to the Deepwater Gulf of Mexico Significant oil potential The worlds technology proving ground Existing infrastructure Stable fiscal terms and mature regulatory system Attractive assets even in todays…
Cobalt Net Discovered Resource of 500-650 MMBOE North Platte Anchor Shenandoah Heidelberg Garden Banks Area Green Canyon Area Walker Ridge Area Green Canyon Area North Platte Discovery Shenandoah 1 Anchor Discovery Shenandoah 5 and…
North Platte Delivers as an Advantaged Asset Cobalts exploration strategy Typical Inboard Lower Tertiary Column is to find and develop advantaged assets Well North Platte is a great example of this Oil strategy in the GOM Column…
Exploration Portfolio Holds Potential for Significant Additional Resources Goodfellow Eastern Central GOM Play Additional Attractive Prospects Keathley Canyon / Walker Ridge Areas Lloyd Ridge /Atwater Valley Areas South Anchor…
Competitive Advantage via Exploration Innovation and Knowledge Transfer 2006 to 2013 2014 to Present Gulf of Mexico Subsalt Eastern Central GOM New Play Gulf of Mexico Subsalt Angola Pre-salt Angola Pre-salt Cobalts…
2016 Priorities Close Angola sale transaction(1) Fully engaged in completing all work to transition to new operator(s) Conclude remaining exploration drilling operations with costs largely covered by LOCs Preserve liquidity and cash…
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