Cobalt International Energy Inc. (NYSE: CIE) continues getting knocked against the ropes by federal investigations, a $1.6 billion impairment, possible delisting from the New York Stock Exchange and its troublesome divestment of its Angola assets.
Cobalt is already marketing its Shenandoah asset in the U.S. Gulf of Mexico (GoM) to find more funds. But the company could go much further, CEO Timothy J. Cutt said.
Cutt said the company has three strategies open to it: sell assets to fund its core projects; merge with another company with cash flow to fund developments; or sell the entire company.
“Cobalt has enough cash available to continue to progress its development plans into 2018, so for development of Cobalt’s highest value assets we are currently marketing our position in Shenandoah and Angola to lower capital spend and help fund the developments at North Platte and Anchor,” Cutt said.