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Houston, Texas –Cobalt International Energy, L.P., and TOTAL E&P USA Inc., today announced they entered into several agreements that will combine their respective exploratory lease holdings through a long term strategic alliance across the entire Gulf of Mexico. Cobalt will generally hold a 60 percent interest while TOTAL will generally hold a 40 percent interest across 214 joint Gulf of Mexico deepwater leases in which they currently have varying working interests. Cobalt is designated as operator on behalf of the alliance.
Cobalt and TOTAL have also agreed to a Joint Participation Area for any future opportunities between the parties in the Gulf of Mexico.
“We are pleased with the opportunity to establish a long term alliance with TOTAL in the Gulf of Mexico. We will execute our program utilizing state-of-the-art technology to realize the full potential and value of our combined Gulf of Mexico assets” said Joseph H. Bryant, Cobalt’s Chairman and Chief Executive Officer. “The combined portfolio contains numerous prospects with significant working interests positioned in key play fairways. This alliance is another significant milestone establishing Cobalt as a leading long term participant and operator in the deepwater Gulf of Mexico.”
Cobalt and TOTAL anticipate that a multi-well program on the combined portfolio will begin this summer utilizing a TOTAL supplied drilling rig. This transaction is subject to approval of the United States Minerals Management Service and other customary closing conditions.