Cobalt International Energy Inc. (NYSE: CIE) said the proposed $1.75 billion sale of a 40% stake in two offshore oil blocks in Angola to the state oil company was terminated as it did not get the necessary approvals from the country's government.
The deal was automatically terminated after the Angolan government did not give the approvals within one year, Cobalt said on Aug. 23.
The oil and gas producer announced in August last year the sale of its 40% stake in the fields to Angola's Sonangol, which holds the remaining stake. But, three weeks back Cobalt warned that it was unlikely to close the deal.
RELATED: Cobalt Blues: Company Resets As Angola Sale Crumbles
RELATED: Cobalt Leaves Angola Coast For Gulf Of Mexico In $2 Billion Deal
Cobalt said on Aug. 23 it has begun the marketing and sale process of the assets.
The company's shares had tumbled more than 40% on Aug. 2 when the company first said that the deal was unlikely to close. Since then the stock has pared most of it's losses through close on Aug. 22.
Recommended Reading
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.