Cobalt Energy Issues Offical Response to Financial Times Articles; Shares Down 9%


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Cobalt International Energy Inc. ( CIE ) shares are down 8% but off a day low of $25.16. Shares slumped earlier following articles by The Financial Times that talked about potential wrong doings in Angola, by Cobalt's local partner.

In response to the allegations of wrongdoing, CIE issued a response claiming that "The company began an investigation into its Angolan business relationships in 2007 and continues to maintain rigorous due diligence in its worldwide operations."

And, in response to The Financial Times articles, Cobalt added in a statement that "Prior to publication of these articles, Cobalt went on the record asking for any documentation that the Financial Times could offer which was at odds with its position. The Financial Times declined Cobalt's repeated requests for supporting documentation. In fact, in the course of these communications, Cobalt informed the Financial Times of certain egregious, demonstrably false allegations that it provided to Cobalt."

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This article appears in: Investing , Commodities

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