Cove Energy Share Discussion Threads

[mcbeanburger] 06/7/2012 12:12

Hi All,

cove managemant are already on looking for their next play... as you would expect.

keep an eye on marauder resources east coast. MES on the vancouver exchange.

don't buy it but watch.

cheers

McB

[hermana3] 06/7/2012 09:14

Any increased bid from Shell puts Cove at a serious price. A 290p bid would put it a 90% premium from closing price on day of initial bid from giant Shell.

[lucky_punter] 28/6/2012 12:26

Mid cap oil and gas stocks should emerge as more robust value propositions next year, according to French broker Société Générale.

[fraserdean] 18/6/2012 11:03

Cove Energy – Shell are considering upping its bid for Cove Energy to GBP 2.75 per share. (Express)

[fraserdean] 14/6/2012 09:01

Shell extends offer for another two weeks at 220p. Must mean they are just asking for more time to decide.

Not sure if they are going for oil now. After Atum they said they will drill foru appraisal wells and since they are trying to fast-track this for LNG rather than Prosperidade it may mean exploration is delayed for a while as they need one rig for the appraisal and the other is theoretically testing for several months to come.

[rus4] 13/6/2012 10:04

Hi Benny , good to see you back
Are they due to go back to Ironclad in the near future ?

[benny62] 13/6/2012 06:12

"OIL IN THEM THERE HILLS " ........Should the bidders hang on for much longer
we will have found Oil in the south and then where does the price go ?????
I am back in with a vengeance..
Anadarko are a great partner to have on board.

[eelanguilla] 12/6/2012 00:01

Tips the balance for a higher offer imo .. thats the gut feeling

[fraserdean] 11/6/2012 10:14

Well looks like the offer at 260 isn't seen as the most likely next outcome, reserves could have been doubled since the bidding started. Happy days.

[robs12] 11/6/2012 07:53

Shell's offer extension closes 13th June. They didn't have too much in the way of acceptances last time they announced (4%?).
I suspect (hope!) the bar just got raised?

[rus4] 11/6/2012 07:29

Atum results. What's next ?

[pro_s2009] 11/6/2012 07:26

11 June 2012

Cove Energy plc

Atum Well A Major Gas Discovery

Offshore Mozambique

Golfinho & Atum Results confirm Second Major Natural Gas Complex Entirely in Offshore Area 1

Associated Resource Upgrade

Cove Energy plc ("the Company" or "Cove", AIM:COV), the AIM quoted upstream oil and gas company, together with the operator Anadarko Petroleum Corporation, is delighted to provide an update of the results of the Atum exploration well located approximately 16.5 kilometers south of the recently announced Golfinho discovery well in the northern part of Area 1 Rovuma Offshore, Mozambique ("Area 1").

Atum Highlights

-- 300+ net feet (92 meters) of Natural Gas Pay encountered in two high quality Oligocene deep water fans

-- Connected to the Golfinho Oligocene gas reservoirs with estimated recoverable gas resources of 10 to 30 plus Trillion cubic feet (Tcf)

-- Area 1 block wide recoverable gas resources now estimated to be between 30 and 60 Tcf

-- Current upside for total gas in place for the discovered reservoirs on the block is approaching 100 Tcf

-- Twelfth successful well in Area 1

-- Golfinho/Atum gas complex entirely located in Area 1 and near to planned onshore development infrastructure

-- Immediate 4 well appraisal/testing programme

John Craven CEO Cove Energy commented;

"Atum is another outstanding success both in terms of reservoir quality and areal distribution in that the Oligocene pay zones are connected to those at the Golfinho discovery some 16.5 kilometers north. In addition the combination of the discovery being located entirely within Area 1 Rovuma Offshore block and its proximity to planned shore based infrastructure, provide significant commercial advantages to our partnership.

"Given the continued predictive success utilizing the new northern 3D seismic I am confident that the associated appraisal programme will deliver more success".

[southern lad2] 10/6/2012 10:10

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.

[the monkster] 31/5/2012 11:00

doubt any of the suitors would want that tho. the longer it takes the more reserves get proven up.

[fraserdean] 31/5/2012 10:45

He said he expects the bidding war to finish this year, nice if it goes on that long.

[peter anthony] 31/5/2012 07:49

PTT CEO states that they are still competing with Shell to acquire Cove - Bloomberg ticker

[fraserdean] 29/5/2012 13:37

I'm sure they will win unless another major decides to enter, just be interesting to see how much Golfinho changed the game and if it can carry on long enough so results from Atum come in too. In a way Shell have to finish it quickly so reserves don't grow.

[fraserdean] 25/5/2012 16:33

They seem to like going up in 20ps so you'd guess 260 is next given that Shell aren't ones to do anything rash.

[hermana3] 24/5/2012 13:57

Shell reviewing their options.£3 would put the Thais to the sword once and for all.

[lucky_punter] 24/5/2012 13:48

Shell extends offer and mulls options in chase for Cove

[lucky_punter] 24/5/2012 13:46

The battle for East African oil and gas assets was reignited today as global giant Shell was gazumped by a rival bidder in its quest to secure Cove Energy (LON:COV).
Thai energy group PTT Exploration and Production has made a £1.22 billion cash offer for the East-Africa focused junior.

[rus4] 23/5/2012 21:59

Glad to see that Peter Anthony isn't off in the sun spending his money
When will Shell show their hand ?