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What: Shares of oil explorer Cobalt International Energy
So what: Cobalt and six other oil companies signed contracts for blocks in Angola's pre-salt ultra-deepwater fields, believed to be similar to what has been discovered off Brazil's coast. The company will be the operator of Block 20 with a 40% working interest, partnering with Sonangol Pesquisa e Producao S.A. (30%), BP Exploration Angola (20%), and China Sonangol International (10%).
Now what: If this field is as big and successful as some believe, the company will be in a prime position with Block 9, Block 21, and now Block 20. The company is planning to drill its first well in 2013, and after finding encouraging results in Block 21, production should expand. Other firms such as Statoil
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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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