Cobalt International Energy Inc. has now filed to come public via an initial public offering. While terms were not disclosed, it said it would sell up to $1.15 billion worth of common stock. Shares will trade on the New York Stock Exchange under the ‘CIE’ stock ticker.
The independent oil exploration and production company has only been around since 2005, but it already has a portfolio of prospect inventory in deepwater U.S. Gulf of Mexico and in the waters off of West Africa. The proceeds will be used for operations in drilling and exploration.
Cobalt is not in revenue generation currently. If its exploratory wells are successful, then it expects to begin commercial production out in 2012 to 2014 at the U.S. deepwater sites and in 2014 to 2016 in its African water locations.
Normally, it is easy to be leery or suspect of emerging oil companies with no operations at this point. But the slate of underwriters is an impressive one: Credit Suisse, Goldman Sachs and J.P. Morgan.
JON C. OGG
In 20 Years, I Haven’t Seen A Cash Back Card This Good
After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.
A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.
Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.