Reuters: Regulatory News: UPDATE 1-Cobalt denies wrongdoing in Angola; shares slide

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UPDATE 1-Cobalt denies wrongdoing in Angola; shares slide Apr 16th 2012, 14:18 Mon Apr 16, 2012 10:18am EDT April 16 (Reuters) - Cobalt International Energy Inc said it "strongly refuted" allegations that three Angolan officials held concealed shares in an oil venture linked to the company. Shares of Cobalt were down more than 7 percent on Monday after a Sunday Financial Times article on the allegations. The stock had surged in recent months after the company announced a big oil discovery off the coast of Angola. The Financial Times said the recently departed head of the national oil company and an influential general confirmed that they, along with another general, have held shares in Nazaki Oil and Gaz, the local partner in Cobalt's oil venture in the country. The article said Manuel Vicente, head of state-owned Sonangol until his appointment in January as minister of state for economic co-ordination, and General Manuel Helder Vieira Dias Junior, known as Kopelipa, head of the presidency's military bureau, had confirmed their holdings in letters. The FT identified the third official as General Leopoldino Fragoso do Nascimento. Vicente and General Kopelipa are cited as saying they exerted no influence over the award of Cobalt's oil rights. Their interests were held through Grupo Aquattro Internacional. Aquattro, the FT said, was named as a Nazaki shareholder in two company documents from 2007 and 2010. U.S. authorities are investigating the Goldman Sachs backed explorer's Angolan operations, the FT said. On Monday, Cobalt denied any allegations of wrongdoing and said it was in compliance with all laws in the areas where it operates. Cobalt shares were down 7.4 percent at $26.29 in morning trading. Link this Share this Digg this Email Reprints

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