Cove Energy Commences 3D Seismic Acquisition At L10A, L10 Billion In Kenya

Cove Energy PLC (COV.LN), the AIM quoted upstream oil and gas company focused on East Africa, Thursday said 3D seismic acquisition has commenced in offshore Kenya licence areas L10A and L10B.

MAIN FACTS:

-After completion of the 3D survey, the vessel will be reconfigured and will commence 2D seismic acquisition in the western portion of the areas.

-L10A and L10B licences were awarded to Cove Energy Kenya Limited, operator BG Group and other joint venture participants on May 17, with an effective date of Aug. 17.

-Joint Venture has been pursuing a "fast track" exploration programme and BG Group has already mapped ten strong "leads" and five diverse "play types" using existing seismic data.

-Most of the leads will be covered by the new seismic surveying.

-Seismic data will be fully processed by mid 2012 and interpretation and mapping will be completed later that year.

-Aim of the survey is to fully map a number of prospects prior to drilling.

-L10A and L10B joint ventures consist of: BG Group (BG.LN), Premier Oil (PMO.LN) Cove and Pancontinental Oil & Gas NL (PCL.AU).

-Shares of Cove at 1151 GMT down 2 pence or 2.04% at 84 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel [phone], [e-mail]