Cobalt asset auction nets $577.9 million

Total E&P USA Inc., alone and in a combine with Statoil Gulf of Mexico LLC, led successful bidders for Gulf of Mexico properties sold at auction in the bankruptcy of Cobalt International Energy Inc., according to a court filing. Successful bids totaled $577.9 million.

Total E&P USA Inc., alone and in a combine with Statoil Gulf of Mexico LLC, led successful bidders for Gulf of Mexico properties sold at auction in the bankruptcy of Cobalt International Energy Inc., according to a court filing.

Successful bids totaled $577.9 million.

Alone, the Total subsidiary submitted successful bids of $181 million for Cobalt’s Anchor prospect on Green Canyon Blocks 762, 763, 806, 807, 850, and 851 and of $25 million for various exploration assets.

With Statoil, Total E&P USA bid $339 million for the North Platte prospect on Garden Banks Blocks 915, 916, 958, and 959.

The back-up bidder for all the Total bids was GOM Offshore Holdings LLC, an entity formed by a steering of Cobalt’s second-lien notes.

W&T Offshore Inc. submitted another successful bid, $31.1 million for the Heidelberg prospect on Green Canyon Blocks 859, 903, and 904 (OGJ Online, Mar. 12, 2018).

And Navitas Petroleum US LLC submitted the successful bid of $1.8 million for the Shenandoah prospect on Walker Ridge Blocks 51, 52, and 53.

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