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What: Shares of Cobalt International Energy
So what: The company will be abandoning one of two wells in Angola because of a technical problem. This puts into question when drilling might resume on a new well -- and therefore pushes out any cash flow potential.
Now what: That will impact the future, but reported results for the second quarter, which also came out today, were actually better than expected. Cobalt reported a $0.05 loss per share, which beat estimates by $0.03. But that little bit of good news was quickly overshadowed by the failure in Angola.
Interested in more info on Cobalt International Energy? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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