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Sonangol and Cobalt Announce US$500 Million Settlement

HOUSTON–(BUSINESS WIRE)–The Angolan National Concessionaire Sociedade Nacional de Combustíveis
de Angola — Empresa Pública (“Sonangol”) and Cobalt International
Energy, Inc. (“Cobalt”) today announced the signing of an agreement to
resolve all disputes and transition Cobalt’s interests in Blocks 20 and
21 offshore Angola to Sonangol for $500 million. The settlement is
subject to approval by the U.S. Bankruptcy Court for the Southern
District of Texas. An initial non-refundable payment of $150 million is
to be paid by Sonangol no later than February 23, 2018 with the final
$350 million payment to be received no later than July 1, 2018.

Mr. Carlos Saturnino, Chairman and Chief Executive Officer of Sonangol
said: “I would like to thank Mr. Tim Cutt and Cobalt team for all
efforts made to conclude with success, the settlement of all issues
related to the Angolan offshore oil concessions, i.e., Block 21/09 and
Block 20/11. Sonangol will continue the development of strategies and
actions with all stakeholders to relaunch the stability and
attractiveness of the hydrocarbons industry in Angola.”

“I want to thank Mr. Carlos Saturnino for his leadership in decisively
and successfully resolving the outstanding issues between our companies.
I also wish to thank Sonangol’s Board of Directors. I believe this
resolution is in the best interest of our stakeholders,” said Timothy J.
Cutt, Cobalt’s Chief Executive Officer. “We look forward to working with
Sonangol to implement this agreement and wish them all the best in
developing these world class assets.”

For more information about this announcement, see Cobalt’s Form 8-K to
be filed with SEC.

About Cobalt

Cobalt is an independent exploration and production company active in
the deepwater U.S. Gulf of Mexico and offshore West Africa. Cobalt was
formed in 2005 and is headquartered in Houston, Texas.

Forward-Looking Statements

This press release includes “forward-looking statements” within the
meaning of the federal securities laws, including the safe harbor
provisions of the Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 — that is, statements related
to future, not past, events. Forward-looking statements are based on
current expectations and include any statement that does not directly
relate to a current or historical fact. In this context, forward-looking
statements often address Cobalt’s expected future business and financial
performance, and often contain words such as “anticipate,” “believe,”
“may,” “will,” “aim,” “estimate,” “continue,” “intend,” “could,”
“expect,” “plan,” and other similar words. These forward-looking
statements involve certain risks and uncertainties that ultimately may
not prove to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. For further
discussion of risks and uncertainties, individuals should refer to
Cobalt’s SEC filings. Cobalt disclaims any obligation or undertaking,
and does not intend, to update these forward-looking statements to
reflect events or circumstances occurring after this press release,
other than as required by law. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. All forward-looking statements are qualified
in their entirety by this cautionary statement.

Contacts

Investor Relations:
Aaron Skidmore, +1 713-457-4426
Director,
Investor Relations