Cobalt International Energy Inc. (fka CIEIQ)

[threewheeler]

CIEIQ ($150 Million $$$$ NON-Refundable) On February 21, 2018, the Company received the Initial Payment from Sonangol. As required under the Agreement, within 48 hours of receipt of the Initial Payment, the Company will (i) notify the relevant International Chamber of Commerce (“ ICC ”) arbitral tribunal of the agreement between the Company and Sonangol to terminate the proceedings related to the joint interest receivable owed to the Company for operations on Block 21 offshore Angola (ICC Case No. 22782/TO) (the “ JOA Arbitration ”) and (ii) notify the relevant ICC arbitral tribunal of the agreement between the Company and Sonangol to extend the procedural timetable by an additional four months for the proceedings related to the purchase and sale agreement for the sale by the Company to Sonangol of the Angola Assets (ICC Case No. 22781/TO) (the “ PSA Arbitration ”). yes peeps need to understand this is Chapter 11 BK A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Them getting the first $150 milly u know they will get the next $350 mil also and back on Nasdaq $5-10 PPS
Item 7.01 Regulation FD Disclosure.
As previously disclosed, Cobalt International Energy Angola Ltd., a wholly-owned subsidiary of Cobalt International Energy, Inc. (the “ Company ”), and certain other subsidiaries of the Company named therein, executed a settlement agreement, dated December 19, 2017 (the “ Agreement ”), with the Angolan National Concessionaire Sociedade Nacional de Combustíveis de Angola — Empresa Pública and Sonangol Pesquisa e Produção, S.A. (collectively, “ Sonangol ”) to resolve all disputes and transition the Company’s interests in Blocks 20 and 21 offshore Angola (the “ Angola Assets ”) to Sonangol for $500 million. Pursuant to the Agreement, Sonangol was required to pay an initial non-refundable payment of $150 million on or before February 23, 2018 (the “ Initial Payment ”) and is required to pay the final payment of $350 million on or before July 1, 2018 (the “ Final Payment ”). https://backend.otcmarkets.com/otcapi/company/sec-filings/12569828/content/html