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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cove Energy | LSE:COV | London | Ordinary Share | GB0034353531 | ORD 1P |
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| 0.00 | 0.00% | 239.50 | 0.00 | 01:00:00 |
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 239.50 | GBX |
Cove Energy (COV) Share Charts1 Year Cove Energy Chart |
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1 Month Cove Energy Chart |
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| Date | Time | Title | Posts |
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| 20/3/2013 | 16:14 | Cove Energy | 7,863 |
| 19/9/2012 | 17:08 | test | - |
| 24/5/2012 | 13:48 | Covered Warrants - How are people doing with these?? | 7 |
| 21/2/2010 | 17:08 | gas | - |
| 13/12/2004 | 12:33 | Covered Warrants - How are people doing with these?? | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 17/8/2012 13:46 by cashandcard Folks, I'd suggest those of you looking for a new home for your cash to look at these four; AOI (tsx), PCL (asx), RMP (aim) and AEX (aim). The theme is East-Africa. First one is a class outfit with a big discovery on its hands and a new well about to follow-up. Second company has just started drilling the giant Mbawa prospect offshore Kenya. The first two are partnered by Tullow in some of the hottest exploration acres in the world right now. Third (RMP) is more risky, but at current market value less cash (£13mln), it is arguably one of the cheapest oil co's on aim. It is actively involved in oil drilling campaign in East-Africa right now with an AOI subsiduary, over an area thought to be a replica of Yemen's multi-billion barrel basins. They virtually hold all the prospective acres in this corner of Africa. A discovery would, quite simply, transform them overnight. AEX, some of you probably know, has reserve potential similar to that of Cov although maybe not the single giant discovery potential you saw at WLBC or Golfinho/Atum. But its a good price to buy in.I hold stock in all four. AOI and RMP are my pick of the bunch - AOI massive drill campaign about to begin to follow-up Ngamia success in kenya - this is led by Tullow, who have just delivered over 100m netpay at Nagmia. RMP, low market cap, low share count, cash of circa A$17mln? Currently drilling ahead in Shabeel North and result expected soon, a confirmed oilstrike will transform them overnight. Possibility of further well after Shab North in the highly regarded Nugaal basin to the south. Well done and good luck whatever you do. Cash |
Posted at 10/6/2012 10:10 by southern lad2 Fastnet Oil & Gas, a new company backed by seasoned Irish exploration investors, will begin trading tomorrow in London and Dublin after raising £10m (12.4m).The placing at 11p a share values Fastnet at 25m. The company has appointed Dr Stephen Staley, a non-executive director of Cove Energy, as chief executive and Cathal Friel, a co-founder of corporate advisors RaglanCapital, as non-executive chairman. Fastnet, which has interests in Ireland and is looking at opportunities in Africa, will list on London's AIM market via a reverse takeover of Terra Energy. It will also list on the Enterprise Securities Market of the Irish Stock Exchange in what is a rare boost from an indigenous float. The listing brings together some of the shrewdest exploration investors in Ireland. Tommy O'Gorman, an early backer ofPetroceltic and Cove Energy, is a significant shareholder; Michael Nolan, a Cove founder and director is on its board; and John Craven, the petroleum geologist who is CEO of Cove, is an adviser. About 28 oil and gas institutional investors including multibillion funds Henderson Global Investors, CQS Asset Management and BlackRock Investment Management are all shareholders in the new venture. Raglan Capital owns about 12 per cent of the company on the behalf of Friel and private investors. "We're hoping this will reignite the Irish exploration sector," O'Gorman said. "We're coming on the back of a great story at Cove Energy." Fastnet has three Celtic Sea licence options applications pending and is also in talks over deals in Africa, where its backers have considerable experience. "Given the providence of Tommy O'Gorman and the Cove guys in Africa, we can see deal flow," Friel said. "There is nothing definite in Africa yet but we are hopeful we will be able to make some announcements." Fastnet is examing potential investments in East andNorth Africa where its board and advisers have considerable experience. "We are listing in Ireland to give us access to Euro dominated funds," Friel said. It also suits the firm's Irish investors, he added, who have been staunch supporters of exploration in Ireland for decades. "From an investor point of view, it is very exciting," said the Newry-based O'Gorman. "Fastnet has a very bright future." Michael Edelson, the millionaire non-executive director of Manchester United -- a man known as the "Shellmeister", because he has backed so many cash shell companies -- is the forth member of Fastnet's board. Paul Griffiths, the founder and ex-chief executive of Island Oil & Gas is, like Craven, an adviser to the company. Cove Energy, meanwhile, is currently the subject of an ongoing 1.5bn takeover battle because of its exciting interests in Tanzania, Mozambique and Kenya.Thailand's PTT Exploration and Production and Royal Dutch Shell are among the bidders reporting to be circling it. East Africa is expected to become one of the world's largest gas exporters to China after a string of major discoveries across Mozambique and Tanzania. Cove has an 8.5 per cent stake in a massive gas find offshore of northern Mozambique as well as interests in Kenya. |
Posted at 23/5/2012 07:18 by steelwatch £2.40 counter offer in:-- Further to PTTEP's announcement dated 24 February 2012 made under Rule 2.4 of the Code of a proposed cash offer for the entire issued and to be issued share capital of Cove (the "Possible Offer Announcement"), PTTEP and Cove are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by PTTEP AI (a wholly-owned subsidiary of PTTEP) for the entire issued and to be issued share capital of Cove. -- Under the terms of the Acquisition, Cove Shareholders who accept the Offer will be entitled to receive: o for each Cove Share held, 240 pence in cash. -- The Acquisition values the entire issued and to be issued share capital of Cove at approximately GBP1,221.4 million. -- The Offer Price represents a premium of approximately: o 9.1 per cent. to the offer of 220.0 pence per Cove Share announced by Shell Exploration and Production (XL) B.V. on 24 April 2012 (the "Shell Offer") which the directors of Cove have previously recommended; |
Posted at 28/4/2012 21:55 by liquid millionaire Terra Energy was established in February 2008 and will be renamed Fastnet Oil & Gas following a reverse takeover of AIM shell Sterling Green Group plc [SGG]Fastnet Oil & Gas is a new junior explorer established by the directors of Cove Energy plc to initially focus on the Celtic Sea and longer term East and North Africa where the Directors and Advisory Board have significant experience. The Advisory Board and Board will include key members of the Cove Energy team: John Craven - Advisory Board (CEO of Cove Energy); Stephen Staley - CEO (NED of Cove) and Michael Nolan - NED (FD of Cove). The company's existing assets include small interests in the Celtic Sea and applications have been lodged for three highly prospective licensing options also in the Celtic Sea. The Directors expect these licences to be approved after Admission on AIM (and the ESM in Ireland). The issue is well over subscibed and likely to go absolutely mental on AIM This is obviously really great news for LEG who are founder shareholders in Terra Energy aka Fastnet Oil & Gas. Watch LEG make new highs next month or even better buy now and enjoy the major re-rating in the LEG share price. My short term share price target for LEG is 0.5p |
Posted at 11/4/2012 16:20 by deckav From Bloomberg....Cove Energy Rises Most in 6 Weeks on Mozambique Tax Decision By Brian Swint - Apr 10, 2012 5:17 PM GMT Cove Energy Plc (COV), the U.K. oil and gas explorer that offered itself for sale in January, rose the most in six weeks in London trading after the Mozambique government clarified taxes applicable in the event of a deal. Cove climbed 4.2 percent, the most since Feb. 24, to 219 pence by the close. The company faces a 12.8 percent tax on capital gains from a potential sale, Cove said today in a regulatory statement. Its main asset is an 8.5 percent interest in a natural-gas block off Mozambique with as much as 30 trillion cubic feet of the fuel. "The rate is very good and a lot less than the market was expecting," said Gerry Donnelly, an analyst at FirstEnergy Capital in London. "The country is in the nascent stages of developing what could be the biggest gas find of the past decade. They don't want to scare away existing players and future investors." PTT Exploration & Production Pcl (PTTEP) bid 1.1 billion pounds ($1.8 billion) for Cove in February, topping an offer from Royal Dutch Shell Plc. (RDSA) Cove shares have dropped about 10 percent since Mozambique's Mineral Resources Minister Esperanca Bias said March 1 that the company would face a tax if it's sold. "Discussions with possible offerers are ongoing," London- based Cove said in the statement. "There can be no certainty that any offer will be made for the company, nor as to the level of any proposal or offer that may be made." To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net |
Posted at 29/2/2012 11:50 by mattoil New Analysis on Wentworth Resources, with quite high price target! ABG Sundal Collier Wentworth Resources (WRL.OL) Research Report Recommendation: BUY (unchanged) Share price: USD 1.5 Target price: USD 3.7 (2.9) Riding the East African gas play In our view, Wentworth Resources (WRL) is one of the few pure gas play investments that can be made in the new emerging gas hot spot that East Africa has become. With a 34% discount to underlying values and an estimated exploration potential worth three times the current market cap, the risk vs. reward appears highly favourable at the moment. The company is currently drilling its first exploration well which could boost the valuation by as much as NOK ~30 per share in an area surrounded by world class gas discoveries. We have raised our target price to USD 3.7 (NOK 23 per share) and reiterate our BUY recommendation. Restructuring done rewards likely Small cap gas case coming to an end after extensive restructuring, WRL has transformed itself into a company that is set to grow by what we estimate to be NOK 34 per share in terms of value over the next 12 months. With minimal debt and USD ~40m in cash currently on its balance sheet, the company looks to be fully funded for its planned activities in 2012 and 2013. Triggers in line to increase valuation substantially gas reserves proven to the company currently stand at 213 Bcf. With the current drilling programme, the company is targeting up to 700 Bcf, which could increase our valuation by NOK 30 per share. The drilling of its first well is underway; we expect news flow in the next 2-3 weeks. Located in East Africa the current asset base consists of acreage and producing fields in Tanzania and Mozambique. The region has seen a drastic surge in large gas discoveries of late with volumes close to 60 Tcf in total discovered volumes offshore Tanzania and Mozambique. Valuation Following the company's recent asset swap with Cove Energy and the divestment of its power plant in Tanzania, we have raised our target price to USD 3.7 (2.9) or NOK 23 per share. Due to the company's restructuring, our 2012e-'13e estimates have significantly changed as assets have been sold or swapped during the past few months. Risks The main risk to our BUY case is that the first exploration well in Tanzania, which is currently underway, is dry. Analysts Anders Holte, anders.holte@abgsc.n |
Posted at 28/2/2012 16:34 by energiser01 Sounds like they are still involved to me......and it would be cash.....STATEMENT REGARDING COVE ENERGY PLC Response to press speculation regarding Cove Energy plc ("Cove") ONGC Videsh Limited ("OVL") and GAIL (India) Limited ("GAIL") (together the "Consortium") note the recent press speculation and confirm that they are currently participating in the formal sale process announced by Cove on 5 January 2012. At this stage, no decision has been made by the Consortium whether to make an offer for Cove or the price at which any such offer may be made. Therefore, there can be no certainty that the Consortium will make an offer for Cove, or as to the terms of any offer. If an offer for Cove were to be made by the Consortium, it would be made in cash. The Panel on Takeovers and Mergers has granted certain dispensations in connection with the formal sale process (detailed in the announcement made by Cove on 5 January 2012) and has confirmed that the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code will not apply to the Consortium in respect of this announcement. dyor etc.. |
Posted at 23/2/2012 19:13 by xenawarriorprincess View from The Times today - "February 23 2012 12:00AM East Africa has become the most sought-after oil exploration area in the world as Shell prepares to expand its footprint there with a £1 billion takeover of Cove Energy. Cove's management has recommended the 195p-a-share cash offer and shareholders are expected to rubber-stamp the deal. Michael Blaha, the chairman, and John Craven, the chief executive, have made no secret of their desire to sell and stand to net more than £30 million from the deal. Other oil majors, including ExxonMobil, are circling Cove, which focuses on Mozambique, but analysts do not expect them to enter a bidding war. Korean, Chinese or Indian national oil companies could, however, enter the fray. Shell's £992 million bid is more than a 70 per cent premium to Cove's closing share price on January 4 when it announced plans to sell itself. Cove's main asset is an 8.5 per cent stake in the Rovuma Offshore Area 1, in Mozambique, where Anadarko has found 30 trillion cubic feet of natural gas, more than three times the North Sea's remaining reserves. The Italian energy group ENI has also made two large discoveries near by. Cove's shares closed up 25.5 per cent at 194p, just below the offer price, suggesting that the market expects the deal to go ahead. Shell has exploration acreage in Tanzania but none in Mozambique or Kenya, where Cove also has interests. Shell said there was "significant potential" to export liquefied natural gas (LNG) from recent gas discoveries off Mozambique, and from new exploration positions in East Africa. It would require billions of pounds to develop the fields and build LNG terminals to ship the gas to Asia where demand is booming. Shell, which ships more LNG than any other international oil major, is keen to maintain its position. Interest in East Africa from big oil groups has grown hugely as the region had been mainly occupied by independent explorers such as Cove, which do not have the funds to develop finds. Cove's takeover, which is conditional on consent from the Mozambique Government, will heighten interest around Ophir Energy. The Tanzania-focused explorer, listed in London last summer, is evaluating its prospects. Its shares closed up 7.25 per cent at 392p yesterday." |
Posted at 22/2/2012 15:26 by monts12 Reproduced with permission from Mike Walters (well worth the subscription):Onwards and Upwards - Cove Energy (COV) 21/2/2012 (119264) Onwards and Upwards Cove Energy (COV) is doing so well that it is becoming a touch disturbing. How can chief executive John Craven and his board be contemplating selling this baby when it such a bundle of joy for shareholders? Comforting as it might be for subscribers who have bought in at any stage when Cove was recommended here (time and again from the teens and twenties and all of the way up), the prospect of being taken out of this stock at a premium looks disappointing. Every piece of news simply gets better and better, adding to the bounce in baby. Now the management is understandably delighted to report that the Lagosta-3 appraisal well hit 577 net feet of natural gas pay not the biggest find so far, but still pretty chunky and the eighth hydrocarbon find in eight attempts. The gas sands were not well imaged by seismic but confirm that there is gas to the western limits of the area, and suggest that there is a massive gas reservoir extending through Lagosta 3 to Lagosta 1 and 2 and to the Windjammer and Camarao wells. It also links up with the enormous find to the west by ENI, the Italian giant, which recently announced success with a second well in the area. Now with a second rig in operation, the Anadarko-led team (where Cove has an 8.5% interest) is proceeding to drill-stem test the Barquentine-2 well and preparing to drill the Barquentine-4 appraisal well. Craven says the latest result adds confirmation to the 15 to 30-plus Trillion Cubic Feet (TCF) recoverable gas resource for the Rovuma area, while the project continues to provide significant upside potential. Wow! Is that all there is? There are so many (was it 50) prospects identified in the area, and offshore Mozambique is clearly becoming one of the world's most significant gas areas, situated nicely for eventual sale to India or the Far East, where demand is scheduled to soar. And Cove has put this lot up for sale? No wonder there were reports from a chap at Standard Chartered Bank, advisers to Cove, that there is 'a lot of serious interest' with the world's biggest listed oil companies and national oil producers sniffing around. There has been press speculation about all sorts of names, including ONGC of India a name which will generate a shudder among subscribers who are holding Vialogy (VIY) and appear condemned to enduring Indian government indecision for all eternity. It has been suggested here several times that Cove is worth 200p a share or more indeed, that the Mozambique assets (Rovuma) could be worth at least 200p, ignoring Cove's other assets. Irish broker Dolmen, the sort of firm with an ear attuned to the gossip in the Dublin pubs (Cove is Dublin based) has also been resolute in suggesting that any bid ought to come in at not less than 200p. Week by week, this looks more concrete. And suggesting it brings nothing new to the table, despite the fact that many highly-paid oil analysts continue to pitch their target price for Cove at less. The well-informed Cenkos, for example, is sticking today at 180p, though news like that released now can only add to the potential value. The 200p, though, has been quietly indicated by the company itself for months, and formed the basis for many comments here. Simply go to the December presentation on the Cove website (www.cove-energy.com Go, too, to page 36 and look at the chart. That suggests there could be a sharp uplift in value between February and October as exploration and appraisal wells de-risked the project. We are not there yet, but everything is going that way. Obviously the chart is not precise, but it appears to envisage an increase in value to around $1.8bn by October. That would be equivalent to more than 200p a share by then, of course, only the Mozambique assets would really be in play. This, too, does not appear to make any mention of striking oil. There has already been a show of oil in one well to the south of the area. A real strike would boost values beyond the goodies from gas alone. Though there has been no formal confirmation, the Cove directors are well aware that they could have a Rovuma mark two in the shape of the licences off Kenya. While the market is assuming a bid for all of Cove, it is still possible that the Mozambique assets could be sold, and the Kenyan licences retained. There is no exploration in that area yet, but seismic is coming in. There are reasons to hope only hope, mind, no guarantees that the Kenyan structures could prove rewarding. The fun is spreading north, up the coast of East Africa. Already BG Group is excited about blocks offshore Tanzania, and today announced it planned to spend $500m there this year, with three gas discoveries. Statoil also has a Tanzanian gas strike. Cove has a greater share in the Kenyan licences than in those offshore Mozambique. If the whole company should be sold, the Cove directors will want decent potential value for Kenya. And, of course, full value for the Mozambique possibilities. All of which suggests that subscribers should ignore various broker estimates of a Cove take-out at under 200p. It could be wrong, of course, but the chances look increasingly like something better than 200p (or a big chunk for Mozambique and a continuing play offshore Kenya financed by Mozambique money). If the oil price should slump, there will be a hiccup in the price, even though it is geared mainly to strong potential future Far East gas demand. And if no-one should meet the Cove price, the shares might fall. Any setback from the current 155p, though, should be short-lived as more wells are drilled and the true potential grows clear and Cove has cash enough for this year at least. Have fun. I have a holding in Cove Energy. Ends |
Posted at 22/2/2012 07:10 by southern lad2 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTIONTHIS ANNOUNCEMENT IS BEING MADE UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE"). IT DOES NOT REPRESENT A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER CODE. ACCORDINGLY, THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL ULTIMATELY BE MADE, EVEN IF THE PRE-CONDITION IS SATISFIED OR WAIVED. FOR IMMEDIATE RELEASE 22 February 2012 PROPOSED CASH OFFER by Shell Exploration and Production (XL) B.V. ("Shell Bidco") (a wholly-owned subsidiary of Royal Dutch Shell plc ("Shell")) for Cove Energy plc ("Cove") 1. Highlights · Proposed Offer of 195 pence in cash for each Cove share.* · The Proposed Offer values the entire issued and to be issued share capital of Cove at approximately £992.4 million and would represent a premium of: · 73.3 per cent. to the closing price of 112.5 pence per Cove share as of 4 January 2012, the last business day prior to Cove's announcement of the sale process for the company; and · 28.5 per cent. to the average closing price of 151.75 pence per Cove share over the five business days ending on 21 February 2012, the last business day prior to the date of this announcement. · The making of an announcement of a firm intention to make the Proposed Offer by Shell Bidco (the "Firm Intention Announcement") is subject to, and conditional upon, the receipt of written consent of the Republic of Mozambique's Minister of Mineral Resources (or through one or more delegated representatives) as required under Article 24.1 of the Exploration and Production Concession Contract relating to Cove's 8.5 per cent participating interest in the Mozambique Rovuma Offshore Area 1 Block (the "Rovuma Area 1 Interest"), such consent to be in a form satisfactory to Shell Bidco (the "Mozambique Consent"). · The Board of Cove believes that the level and nature of the Proposed Offer are such that it is in its shareholders' interests to progress matters with Shell Bidco to the point where such an offer can be made. Accordingly, the Board of Cove would expect to recommend the Proposed Offer of 195 pence in cash per Cove share, if made. It has been agreed that, if the Board of Cove does so recommend the Proposed Offer of 195 pence in cash per Cove share, each director of Cove will provide a hard irrevocable undertaking to accept the offer in respect of his own entire beneficial holdings of Cove shares and those of his family members and related trusts. · Notwithstanding this announcement, the formal sale process, including the dispensations granted by the Panel on Takeovers and Mergers in connection therewith (as detailed in the announcement by Cove on 5 January 2012), shall continue. * Pursuant to Rule 2.5(a) of the Takeover Code, Shell Bidco reserves the right to reduce the level of the consideration to be paid with the recommendation of the Board of Cove. 2. Introduction The Boards of Cove and Shell Bidco are pleased to announce the outline terms of a proposed cash offer for the entire issued and to be issued share capital of Cove (the "Proposed Offer"). Shell Bidco is an indirect wholly-owned subsidiary of Shell. The announcement of this Proposed Offer follows the decision announced by Cove on 5 January 2012 to conduct a formal sale process for the company. Shell Bidco is a participant in the formal sale process and, as a result of such participation, Shell Bidco and Cove are near agreement on the full terms and conditions of a recommended cash offer by Shell Bidco for Cove. Shell Bidco is making this announcement regarding its Proposed Offer as it requires additional time to ascertain the timetable and process for obtaining the Mozambique Consent and the terms of such consent. Notwithstanding this announcement, the formal sale process, including the dispensations granted by the Panel on Takeovers and Mergers in connection therewith (as detailed in the announcement by Cove on 5 January 2012), shall continue. 3. The Proposed Offer The Proposed Offer is expected to be structured as a recommended cash offer from Shell Bidco to acquire the entire issued and to be issued share capital of Cove. Under the terms of the Proposed Offer, each Cove shareholder would be entitled to receive: for each Cove share 195 pence in cash* The Proposed Offer values the entire issued and to be issued share capital of Cove at approximately £992.4 million and would represent a premium of: · 73.3 per cent. to the closing price of 112.5 pence per Cove share as of 4 January 2012, the last business day prior to Cove's announcement of the sale process for the company; and · 28.5 per cent. to the average closing price of 151.75 pence per Cove share over the five business days ending on 21 February 2012, the last business day prior to the date of this announcement. * Pursuant to Rule 2.5(a) of the Takeover Code, Shell Bidco reserves the right to reduce the level of the consideration to be paid with the recommendation of the Board of Cove. 4. Pre-condition to making the Proposed Offer The making of the Firm Intention Announcement is subject to, and conditional upon, the receipt of written consent of the Republic of Mozambique's Minister of Mineral Resources (or through one or more delegated representatives) as required under Article 24.1 of the Exploration and Production Concession Contract relating to the Rovuma Area 1 Interest, such consent to be in a form satisfactory to Shell Bidco (the "Pre-Condition"). Shell Bidco reserves the right to waive, in whole or in part, the Pre-Condition at any time at its sole discretion. Even if the Pre-Condition is satisfied or waived, Shell Bidco has no obligation to make the Firm Intention Announcement. 5. Position of Cove Directors The Board of Cove believes that the level and nature of the Proposed Offer are such that it is in its shareholders' interests to progress matters with Shell Bidco to the point where such an offer can be made. Accordingly, the Board of Cove would expect to recommend the Proposed Offer of 195 pence in cash per Cove share, if made. It has been agreed that, if the Board of Cove does so recommend the Proposed Offer of 195 pence in cash per Cove share, each director of Cove will provide a hard irrevocable undertaking to accept the offer in respect of his own entire beneficial holdings of Cove shares and those of his family members and related trusts. Cove has agreed, for as long as the Board of Cove expects to recommend the Proposed Offer, to assist Shell Bidco in relation to obtaining any required governmental consents, including the Mozambique Consent, as soon as reasonably practicable after the release of this announcement. 6. Background to, and reasons for, the Proposed Offer Shell's decision to announce this Proposed Offer for Cove fits with Shell's strategic aim to drive forward with its investment programme, to deliver sustainable growth and to provide competitive returns to shareholders. East Africa is a major prospective hydrocarbon province, which has seen a significant increase in exploration activity in recent years. Shell already has interests in Tanzania, and the acquisition of Cove would mark Shell's entry into exciting new hydrocarbon provinces in Kenya and Mozambique, with significant potential for new LNG from recent gas discoveries offshore Mozambique, and further complementary exploration positions in East Africa. In Mozambique, the Rovuma offshore basin is a frontier exploration area that holds large resources of natural gas reserves, suitable for LNG projects. According to Cove, the play represents the potential for 30+ tcf and 6 LNG trains. Shell understands that bringing these resources on stream is a strategic priority for the Mozambican Government in order to foster further economic and community development in the country, and Shell is committed to being a partner in that process. Shell is one of the world's largest LNG producers, with one of the most diverse LNG portfolios and access to strategic global markets with equity sales volumes of 18.83 mtpa of LNG in 2011. Shell holds the largest equity share of LNG capacity among IOCs - currently holding some 20.5 mtpa of equity LNG capacity on-stream. Adding Cove's assets to Shell's portfolio would strengthen and further diversify Shell's existing global LNG portfolio of production and development projects. Furthermore, Shell has set industry records for LNG plant construction times and operational start-ups, safely delivering projects from concept to first production for/with its partners. In joint ventures with partners, Shell currently produces LNG in Australia, Brunei, Malaysia, Nigeria, Oman, Russia and Qatar, with excellent production reliability performance achieved at all these plants. In addition to Shell's technical expertise, its marketing and shipping know-how is designed to enable the delivery of long-term added value together with project partners. Shell has access to the key LNG markets of Europe, Asia Pacific and North America. In 2011, Shell joint ventures supplied more than 30 per cent. of global LNG volumes. Shell would also bring its extensive project finance experience across the LNG value chain. Shell's experience in LNG project finance extends over many projects, e.g.: Oman LNG, Nigeria LNG, Qatargas 4, Sakhalin. Shell management is confident that its innovative technologies, leading plant designs, unmatched LNG operational experience and proven commercialisation strategies, combined with the experience of the operator of the Mozambique Rovuma Offshore Area 1 Block and the joint venture partners can add significant value to the project. 7. Financing of the Proposed Offer Shell Bidco is expecting to finance the Proposed Offer, if made, from its existing resources. 8. Sources and bases (a) The value attributed to the fully diluted issued share capital of Cove is based on 490,995,300 Cove shares in issue and 17,917,647 Cove shares being subject to options under the share option schemes of Cove, in each case as at 21 February 2012, being the last business day prior to the publication of this announcement. (b) The stated share prices for Cove shares have been derived from the Daily Official List and represent closing prices on the relevant date(s). A further announcement will be made as and when appropriate. This announcement is being made under Rule 2.4 of the Takeover Code. It does not represent a firm intention to make an offer under Rule 2.7 of the Takeover Code. Accordingly, there can be no certainty that any offer will ultimately be made, even if the Pre-Condition is satisfied or waived. Enquiries Shell Shell Media Relations +44 207 934 5550 +31 70 377 8750 Shell Investor Relations Europe +31 70 377 3996 United States +1 713 241 2069 Morgan Stanley & Co. Limited (Financial adviser to Shell Bidco) +44 207 425 8000 Michael O'Dwyer Ian Hart Andrew Foster - Corporate Broking Cove Michael Blaha - Executive Chairman +44 20 3008 5260 John Craven - CEO +353 1 662 4351 Michael Nolan -Finance Director +353 1 662 4351 Standard Chartered (Financial adviser to Cove) +44 20 7885 8888 Amer Baig Geraldine Murphy Rob Tims Hein Pieter Boers Aditya Yadav Cenkos Securities plc (Nominated adviser and broker to Cove) Jon Fitzpatrick +44 20 7397 8900 Ken Fleming +44 13 1220 6939 Joe Nally (Corporate Broking) +44 20 7397 8900 FTI Consulting (Cove Media Relations) +44 20 7831 3113 Billy Clegg Edward Westropp |
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