Cobalt falls on Angola claims

Cobalt International Energy said yesterday it "strongly refuted" allegations of wrongdoing after reports that three Angolan officials held concealed shares in an oil venture linked to the company. New York listed shares in Cobalt shares dropped as much as 10 per cent yesterday after allegations of a relationship between Angolan officials and Nazaki Oil and Gaz, one of its partners in the country, that Cobalt says it was first told of in late 2010. Cobalt shares had tripled in value since it announced a big oil discovery off Angola's coast late last year.