Sonangol $1.75 billion acquisition of Cobalt assets

Overview:

• State-owned Angola oil and gas group Sonangol has backed out of acquiring $1.75 billion of assets from US-based Cobalt.
• The assets would have consisted of all of Cobalt's 40% interest in blocks 20/11 and 21/09 offshore of Angola.
• The blocks had been expected to start producing oil by 2018.
• The deal was first announced in August, 2015.

Kurt Stumpo - Journalist