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Wednesday, May 10, 2017
The sale saga regarding Angola’s Block 20 and 21 continues with Cobalt International Energy filing a request for arbitration (RFA) with the International Chamber of Commerce (ICC) for breach of agreement by Sonangol E.P.
Cobalt announced in March that it had submitted a Notice of Dispute to Sonangol E.P., pursuant to the Purchase and Sale Agreement executed in August 2015 for the sale by Cobalt to Sonangol E.P. of the entire issued and outstanding share capital of Cobalt’s indirect wholly–owned subsidiaries, CIE Angola Block 20 and CIE Angola Block 21, which respectively hold Cobalt’s 40% working interest in each block.
Subsequently, Cobalt filed a RFA with the ICC against Sonangol E.P. for breach of the Agreement. Through this arbitration proceeding, Cobalt is requesting an award against Sonangol E.P. in excess of $2 billion dollars, plus applicable interest and costs. Cobalt also filed a separate RFA with the ICC against Sonangol P&P seeking recovery of over $174 million, plus applicable interest and costs, representing the joint interest receivable owed to Cobalt for operations on Block 21 offshore Angola.
The company said that unless the situation is resolved to its satisfaction, it intends to vigorously prosecute these claims in arbitration and seek all available remedies in law and equity.
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