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Cobalt agrees US$500 million settlement with Sonangol
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On 19 December, US independent Cobalt International Energy announced a resolution to its long-running dispute with Angolan state oil company Sonangol. Cobalt will receive a US$150 million payment by 23 February 2018 and a further US$350 million by 1 July. In return, Sonangol will take ownership of the prolific deepwater Angolan Blocks 20 and 21. The deal is a positive step for both sides. Cobalt will receive an injection of much-needed cash, which buys it more time for its Chapter 11 restructuring and Sonangol can start looking for an operator with the cash and know how to progress a viable development.
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