Cove Energy Share Discussion Threads

[eelanguilla] 24/4/2012 07:37

* The announcement of this recommended Offer follows the decision announced
by Cove on 5 January 2012 to conduct a formal sale process for the company
and the subsequent release of the Possible Offer Announcement by Shell
Bidco and Cove. The formal sale process has now been concluded. The end of
the formal sale process means that the data room which has been open to
participants will be closed with effect from 7.00 am on 24 April 2012.
Other potential offerors can still nonetheless announce competing offers
for Cove.

the last bit - dont know how likely that is tho .....

[strollingmolby] 24/4/2012 07:32

Recommended 220p offer from Shell announced. What happened to PTT's higher offer?

(Edit - just realised PTT offered 220p as well didn't they?)

[85gary] 23/4/2012 18:22

General info...

[ducatiman] 21/4/2012 09:05

Help needed please. I am researching these to compare with another gas play that looks undervalued. To save me srolling through all the news can someone who knows the story here let me know the proven gas reserves attributable to cove and the probable reserves. I am looking at fep who have 3.4tcf proven and imminent seismic results which are rumoured to show an extra 20tcf yet they are valued at only £20m. I have heard that cov have similar so cannot understand the huge disparity in valuations. True, the Chineese have made some unscrupulous claims to the fep asset at sc72 which contains the reserves but if similar to cov reserves it does not explain £880m difference.
Thanks in advance, duc.

[fraserdean] 20/4/2012 11:46

Speculative buy rec in the IC today

[deckav] 11/4/2012 16:20

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 [e-mail]

[fraserdean] 10/4/2012 20:51

Excellent news today, tax rate better than feared, sale process can continue and no companies scared off, happy days

[b1llyboy] 10/4/2012 11:37

Hedge.............
So what's your position then.............So sad.
I would say that is about 2 weeks out of date.

[randommunkey] 09/4/2012 22:22

Rus4 : please can you copy he article here, the link won't work

[rus4] 09/4/2012 20:24

The above is telling us that the tax has been settled at 12.8% and that bidding will resume.

[hedgebetter] 08/4/2012 10:46

Short interest is high - . Looks like an intersting potential purchase - but maybe not just now for me. However if there is good news then the shorters will of course have to buy back and that could spike...DYOR.

[deckav] 07/4/2012 08:36

What are Goodbody's thinking ????? Cove overvalued and should be 95p. Odd that it still remains a buy with them even though they believe it is overvalued by 58%.

[fraserdean] 04/4/2012 12:22

sadly i will earn no money from it

[steve73] 04/4/2012 04:50

so what if he does - it's a pretty useful news consolidation site...