Pressure Mounts on Cobalt Amid Lower Tertiary Challenges

摘要

Pressure is mounting on offshore explorer Cobalt International Energy to find a solution to its ongoing financial troubles as doubts grow over the company’s ability to divest some of its most prized assets in the deepwater US Gulf of Mexico for a good return. Cobalt’s stock price has fallen by almost 95% since the start of the year. Last week, the company received a continued listing notice from the New York Stock Exchange as its market capitalization has languished below the $50 million minimum threshold for more than 30 days. The company said it will submit a business plan within 45 days to show how it intends to regain compliance.