Cobalt Energy -7% as losses widen, receives Wells Notice

• Cobalt Energy (NYSE:CIE) -6.9% premarket after reporting a greater than expected Q2 loss, as dry-hole costs and seismic expenses rose.
• CIE says it is moving forward on development of its Cameia project, targeting the formal sanction of the project by the end of 2014 and first production from the development in 2017.
• In connection with a previously disclosed investigation, CIE says it has received a Wells Notice from the SEC that an enforcement action has been instituted against the company; CIE says its activities in Angola have complied with all laws, including the U.S. Foreign Corrupt Practices Act.