You've got a cobra that's already coiled up, hood fully extended, and staring right at you. It's not attacking, but its behavior is clear that it is not cool with you being where you are.
As long as you hold your ground, don't make it advance stages from 'back the hell off' to 'I am biting you now', and you can easily get a minute to calm it down via Wild Empathy.
Also, bear in mind that since Wild Empathy's handled like a Diplomacy check, you'd probably also be able to rush it down to a full round action by taking a -10 on your roll.