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Angola govt fails to approve $1.75bn Cobalt deal

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London - Cobalt International Energy said the proposed $1.75bn sale of a 40% stake in two offshore oil blocks in Angola to the state oil company was terminated as it did not get the necessary approvals from the country's government.

The deal was automatically terminated after the Angolan government did not give the approvals within one year, Cobalt said on Tuesday.

The oil and gas producer announced in August last year the sale of its 40% stake in the fields to Angola's Sonangol, which holds the remaining stake.

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