According to a Form 4 filing, John Paulson of Paulson & Co. sold 757,900 shares of Cobalt International Energy last week at prices in the range of $6.57-to-$7.00 per share, cutting the fund’s overall stake in the company to 40.99 million shares.
The freshly-cut stake accounts for 9.89% of the company’s outstanding common stock. The independent exploration and production company has operations in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa, but the company has not started production yet.
Cobalt International Energy Inc. (NYSE:CIE) owns a 9.375% non-operated working interest in the Heidelberg project in the U.S. Gulf of Mexico, which is anticipated to commence production in the second quarter of 2016. The company reported a net loss from continuing operations of roughly $49.7 million for the third quarter of 2015, which was down by 26% as compared to the same period a year ago.
Meanwhile, the stock appears to be following the ups and downs of crude oil prices, and has lost 29% so far in 2015.
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