Deal insight

Sonangol acquires Cobalt's Angola discoveries for US$1.75 billion

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Report summary

On 24th August 2015, Sonangol and Cobalt signed an agreement for Sonangol to acquire Cobalt's 40% participating interest in blocks 21 and 20 offshore Angola for US$1.75 billion. The blocks contains five fields with commercial reserves estimated at 785 mil bbl. The deal is effective January 1, 2015 and our base case valuation of the deal is US$958 million (discounted at 10% from Jan 2015). Our valuation excludes technical reserves on the blocks of 4.7 tcf of gas and 650 mil bbl of liquids.

What's included

This report contains

  • Document

    Sonangol acquires Cobalt's Angola discoveries for US$1.75 billion

    PDF 338.60 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
    • Cobalt
    • Sonangol
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Blocks 20 and 21

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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