July 31 Oil explorer Cobalt International Energy
Inc's second-quarter loss rose more than seven times on
Seismic and exploration expenses in the quarter tripled,
while its dry hole and impairment expenses soared to $111.3
million from $2.5 million.
Cobalt's Chief Executive Joseph Bryant said operations
continued to gain momentum in Angola, Gabon and the Gulf of
Mexico in the second quarter.
An appraisal well, located in Block 21 offshore Angola,
pointed to "a high-quality reservoir" extending over a broad
area, the company said.
Net loss widened to $141 million, or 35 cents per share, in
the second quarter, from $19 million, or 5 cents per share, a
year earlier. The company has no oil and gas revenue.
Goldman Sachs Group Inc and private equity firms
Riverstone and First Reserve own a stake in Cobalt.
Cobalt International shares, which have nearly doubled in
the last year, closed at $24.15 on Monday on the New York Stock