Cobalt International Energy, Inc. (NYSE:CIE) Files An 8-K Termination of a Material Definitive Agreement

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Cobalt International Energy, Inc. (NYSE:CIE) Files An 8-K Termination of a Material Definitive Agreement

Item 1.02 of the Current Report on Form 8-K of the Company filed
on June16, 2017 (the Original 8-K). In Item 1.02 of the Original
8-K, as a result
of a typographical error, the provision of the Agreement to which
TOTAL terminated the Agreement was incorrectly referenced. This
Form 8-K/A amends Item 1.02 of the Original 8-K for the sole
purpose of referencing Section7.2(d) as the correct provision to
which TOTAL terminated the Agreement, in place of the reference
to Section7.2(b) in Item 1.02 of the Original 8-K. Other than as
described in this Explanatory Note, Item 1.02 of this Form 8-K/A
is identical to Item 1.02 of the Original 8-K. This Form 8-K/A speaks as
of the original filing date of the Original 8-K, does not reflect
events that may have occurred subsequent to the original filing
date, and does not modify or update in any way disclosures made
in Items 5.03, 7.01 or 9.01 of the Original 8-K. Unless otherwise
defined, terms used in this Explanatory Note are defined
below.

Item1.02. Termination of a Material Definitive
Agreements.

On June12, 2017, Total EP USA,
Inc. (TOTAL) exercised its option to terminate the Gulf of Mexico
Program Management and AMI Agreement (the Agreement), dated
April6, 2009, between Cobalt International Energy, L.P. (Cobalt
LP), a wholly-owned subsidiary of Cobalt International Energy,
Inc. (the Company), and TOTAL.TOTAL terminated the Agreement in
accordance with its rights to Sections 7.1 and 7.2(d) of the
Agreement.The Agreement was terminated effective June12,
2017.

On April6, 2009, Cobalt LP and
TOTAL entered into a long-term alliance through a series of
transactions in which Cobalt LP and TOTAL combined certain of
their respective U.S. Gulf of Mexico exploratory lease inventory
through the exchange of a 40% interest in Cobalt LPs leases for a
60% interest in TOTALs leases. to the Agreement, Cobalt LP formed
a reciprocal area of mutual interest with TOTAL that covered
substantially all of the deepwater U.S. Gulf of Mexico, subject
to certain exclusions. TOTALs obligations under the Agreement
consisted principally of paying its share of certain general and
administrative costs relating to the Companys operations in the
deepwater U.S. Gulf of Mexico.

The foregoing description of
the Agreement is not complete and is qualified in its entirety by
reference to the Agreement filed as Exhibit 10.8 to the Companys
Registration Statement on FormS-1/Afiled with the Securities and
Exchange Commission on October9, 2009 and is incorporated herein
by reference.


About Cobalt International Energy, Inc. (NYSE:CIE)

Cobalt International Energy, Inc. is an independent exploration and production company. The Company has its operations focused in the deepwater United States Gulf of Mexico. The Company also has a non-operated interest in the Diaba Block offshore Gabon in West Africa. The Company’s exploration efforts in the United States Gulf of Mexico has resulted in four oil and natural gas discoveries including the North Platte, Shenandoah, Anchor and Heidelberg fields. The Heidelberg field commenced its production and the North Platte, Shenandoah and Anchor field are in various stages of appraisal and development. The Company has drilled nine exploratory wells, three appraisal wells and four development wells (one of, which was drilled to be used as a pressure-maintenance well in the Cameia development) in the northern pre-salt Kwanza Basin offshore Angola, and one exploratory well in the pre-salt deepwater region offshore Gabon. The Company’s fifteen wells has been finding pre-salt hydrocarbons.

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