July 30, 2013 / 11:12 AM / 4 years ago

Oil explorer Cobalt posts smaller loss on lower expenses

July 30 (Reuters) - Oil explorer Cobalt International Energy Inc reported a smaller second-quarter loss as its expenses more than halved.

The company’s net loss narrowed to $79 million, or 19 cents per share, in the quarter ended June 30, from $141 million, or 35 cents per share, a year earlier.

Cobalt has no oil and gas revenue as its assets are yet to begin production.

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