Cobalt International Energy, Inc. Presents at UBS Global Oil and Gas Conference, May-21-2013 10:35 AM. Venue: Four Seasons Hotel, 98 San Jacinto Blvd., Austin, Texas, United States. Speakers: John P. Wilkirson, Chief Financial Officer, Principal Accounting Officer and Executive Vice President.

Cobalt International Energy, Inc. reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported operating loss of $112,452,000 against $37,715,000 a year ago. Net loss before income tax was $128,087,000 against $36,531,000 a year ago. Net loss was $128,087,000 or $0.31 per basic and diluted share against $36,531,000 or $0.09 per basic and diluted share a year ago. Net cash used in operating activities was $104,584,000 against $57,444,000 a year ago. For the quarter, the company reported impairment of expenditures associated with the Cameia-2 DST of $66 million or $0.16 per share. Of these expenditures, $34 million were incurred in earlier periods.

Cobalt International Energy, Inc. announced that its drill stem test of the lowest interval drilled in the Cameia #2 well in Block 21, offshore Angola, did not produce measurable hydrocarbons. The Cameia #2 drill stem test did however confirm the existence of a lower interval potentially capable of high flow rates across the basin. This interval had not previously been penetrated or tested in the Kwanza Basin. The Cameia #2 well did confirm the presence of the same high quality hydrocarbon bearing mound reservoir that was penetrated by the original Cameia #1 discovery well. The results of this drill stem test have no bearing on the commerciality of the Cameia Mound Development Project and Cobalt is continuing to work with the Concessionaire to move this project to sanction. The Diamond Offshore Ocean Confidence drilling rig is now in the process of temporarily abandoning the Cameia #2 well. The wellbore will be used as part of the Cameia Mound Development Project, which is expected to be sanctioned in early 2014. Following this operation the Ocean Confidence will move to and commence drilling the Mavinga #1 Pre-salt exploratory well located adjacent to and north of the Cameia discovery. The company anticipates that the Pre-salt Lontra #1 exploratory well in Angola Block 20 will spud as planned in the second quarter of 2013. Lontra #1 will be drilled with the Petroserv Catarina rig, which is currently in Angola undergoing final acceptance testing. In addition, the Ocean Rig Olympia drilling rig has spud the Diaman #1 well, located on the Diaba block, offshore Gabon. Diaman #1, which is operated by Total Gabon, will be the first deepwater Pre-salt well drilled in Gabon. Finally, drilling operations continue in the deepwater Gulf of Mexico on the Ardennes Prospect, located in the prolific Inboard Lower Tertiary play. The company plans to spud three additional wells during 2013 in the West African Pre-salt and the Gulf of Mexico Inboard Lower Tertiary trends.