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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cove Energy | COV | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 239.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 239.50 |
| Top Posts |
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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 14/5/2012 23:44 by cashandcard Any of you still looking for a new investment after COV, look no further than RMP in London and Africa Oil 'AOI' and their subsiduary Horn Petroleum 'HRN' on TSX. Further news due very soon on Kenya and Puntland 'oil discoveries'.For those of you who have not seen the latest AOI presentation - released last Friday evening after market closed - it is one of the most upbeat I have seen in years. It really does exhibit the oil riches that Tullow/AOI have discovered and the vast basin/s they have just unlocked in East-Africas great rift system. Please, do not take my word for it alone - check out the presentation here (read the whole thing, its mind-boggling): Not only has the Tullow/AOI Ngamia well confirmed the prospectivity of the area, but far exceeded their (Tullow/AOI) own expectations. But then, in this interview with Tullow, it just gets better and better, (from 3:00); Angus McCoss - Tullow exploration director: "We currently have an inventory of over 80 Leads & prospects in the Kenya/Ethiopia rift basin. In a month or two time, we'll have over 100 leads and prospects because the seismic data is continuing to come in" "We've had a very successful acquisition of the WORLDS LARGEST Full Tensor Gradiometry (FTG) Gravity survey which has thrown-up a number of leads, the outlook for Kenya is looking pretty good" It seems Ngamia well in Kenya is just the 'tip of the iceberg' in the rift system. Puntland shallow oil discovery and deeper oil shows in the primary and secondary zones will only add to that success. RMP, AOI, HRN are the best leveraged plays to Puntland. AOI gives unmatched exposure to Kenya and Puntland together. Cash |
Posted at 25/4/2012 21:49 by woodster71 Cash - I am only in 3 stocks after selling COV a few weeks back, AEX, RRL and HRN.....spooky - If you are going to invest in Puntland only then go for HRN as they have 60% but on TSX If you want to trade Puntland go RMP as AIM, very volatile but only 20% interest, but a bit of Georgia as well If you want Puntland and some derisk, then RRL who have fingers in a number of pies with big deal in Columbia to be announced soon and 20% Punty if you want to keep in East Africa and not far from COV acreage then AEX who have huge onshore blocks and have just first onshore Tanz gas. Am i trying to ramp a little,course i am COV was my first share, so always has a place in my heart, just wish there were more John Craven's out there W |
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 02/3/2012 08:29 by liam1om Storm in a teacup:Fox Davies Capital (LON:COV) (COV LN, 226.0p, ▼ 6.6%): Clarification on the press speculations The Company has denied the recent press statements which report that Cove is liable to tax in connection to the proposed indirect transfer of the Company's 8.5% interest in the Rovuma Offshore Area 1 block in Mozambique. Cove Energy has said in the release today, that it is seeking clarity on the issue from the government and will make an official announcement when appropriate. We expect positive movements today. |
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 21/2/2012 08:00 by verymaryhinge CenkosCOVE ENERGY (COV LN £769m 156.75p Cenkos Brokership BUY) - Drilling result - Cove's Lagosta-3 well (operated by Anadarko) has produced another major drilling success. 2 miles West of Lagosta-1 and 9 miles South of Camarao-1 in the Rovuma Basin Block-1 offshore Mozambique the well has encountered a massive 577 feet of net gas pay. Whilst not as big as the 777 feet of net pay from Lagosta 2 this was a well intended to determine the Western extent of the Lagosta complex and therefore theoretically towards the edge of the reservoir, these sands described as "high quality" were not properly imaged on the 3D seismic and therefore confirm the extension of the gas accumulation into an unknown area. Pressure readings confirm reservoir continuity of Lagosta-3 to Lagosta-1 and 2 and importantly to the Windjammer and Camarao wells to the North. Cove comment that with the second rig on location they are starting to drill-stem test the Barquentine-2 well and preparing to drill the Barquentine-4 well. ENI reported earlier this week their latest drilling success in Mozambique, which is on the Eastern extent of the Lagosta deposit as so far explored. Cove is in the middle of a sale process to monetize their Mozambique assets, ENI's announcement and this latest discovery can do nothing but increase the markets enthusiasm for Mozambique as a new Global basin and the Rovuma 1 licence in particular. We remain BUY on Cove. |
Posted at 09/8/2011 09:16 by madigansar From the interactive investor site:Analysts predict more gloom for oil prices By Fiona Bond | Mon, 08/08/2011 - 17:31 To describe the past week as tumultuous would be an understatement. In the midst of a US downgrade, growing fears for the eurozone debt crisis and a plunging FTSE 100 index (UKX), the oil sector has been thrown into disarray. Oil prices have plunged in the face of growing concerns about economic growth in the US after Standard & Poor's shocked the world by slashing the the global superpower's prized AAA rating. This, coupled with growing fears of the sovereign debt crisis spreading to Italy and Spain, sparked a sharp sell-off in the crude markets. WTI crude oil has lost 4% and is trading at less than $84 a barrel, while Brent is hovering just above $106 a barrel - a far cry from the two-and-a-half-year highs above $120 seen earlier this year. Indeed, for the oil market the sudden compression of risk has resulted in benchmark prices shedding between $10-15 over the span of just 10 days as traders fret over the state of the global economy. And unfortunately for oil bulls, analysts at Commerzbank offered a bleak outlook: "Further losses can be expected in the near term, as financial investors should reduce risk positions on the back of high risk aversion and the uncertain economic outlook." This was already witnessed in the week ending 2 August, which was dominated by the debt debate in the US. Net long positions in WTI fell by 22.9 thousand to 157,139 contracts. Crude traders often look to stock prices as an indicator of overall investor confidence and falling indices across Europe as well as the sharp sell-off across Asian stockmarkets has done little to settle their nerves. Amrita Sen, analyst at Barclays Capital, said: "We expect near-term pressure on prices to persist until the flurry of negative economic data in both the US and eurozone subsides." Deutsche Bank agrees there could be more misery on the horizon if the US continues to battle GDP downgrades and economic woes. "Our team has revised its forecasts for 2011 fourth-quarter GDP growth from 4.3% to 3%. On our estimates this will reduce US oil demand growth in the second half of this year by as much as 200,000 barrels per day.” "This weakness in US oil demand provides a cautionary tale to US growth optimists, given that the last time US demand was falling was in 2007 and early 2008. "In our view, this was a leading indicator of the economic troubles that would hit the US. Consequently we find this precedent worrying since total oil demand has been trending lower since last summer. In fact, the year-over-year growth rate turned negative in April 2011 and shows little indication of turning positive." Analysts at Bank of America released a note in which they suggested Brent oil prices could sink to as low as $80 a barrel in a recessionary scenario. And the prognosis is even worse for WTI crude oil which could fall to $50 a barrel as OPEC supplies are of little relevance to the supply demand dynamics for crude oil in the Midwest and shale output increases substantially. "There will be substantial political and economic pressure to push oil prices lower to help the economic recovery. Emerging markets are highly sensitive to oil and energy prices and lower oil prices will help to lower inflation in developing and other markets," said Fairfax analyst John Meyer. But it's not just oil prices that have fallen victim to the uncertainty in the markets. The exploration and production sector has also witnessed its fair share of downturn over the last few days, somewhat disproportionate to the drop in the main markets. Evolution Securities said the likes of Afren (AFR), Cairn Energy (CNE), Dragon Oil (DGO), Petrolatina (PELE), Premier Oil (PMO), President Petroleum (PPC) and SOCO International (SIA) are all trading at discounts to its core value of $90 per barrel Brent. "Clearly market sentiment is moving away from giving value to risked upside. The market is looking for the industry to set benchmarks to underpin value for undeveloped resources but the lack of M&A activity suggests the industry doesn’t want to pay – so the market things the sector’s overvalued," analyst Keith Morris explained. Jonathan Jackson, head of equities at Killik & Co., said that in the midst of the downturn, it is important to look at large cap stocks that offer attractive, well-covered dividend yields. He cites BP (BP.) and Royal Dutch Shell (RDSB) as two of his picks. The former provides an “exposure to our positive view on the oil price, while the prices being achieved during the $30 billion disposal programme highlight the inherent value within the group’s assets that is not currently being reflected in the share price.” For Anglo-Dutch giant Shell, he cites the group's “ambitious investment programme” with 20 projects under construction. "Shell is financially strong and the shares currently offer a dividend yield of 5.4%, covered 2.6 times by earnings."” |
Posted at 08/12/2010 20:35 by shutittrev Another article reproduced from MichaelWalters.com ,with his kind permission. He tipped this at around the 20p mark. The article was written on 30/11/10.Well worth my subscription fee. Enjoy. Cove Hits Another Winner Cove Energy (COV) continues to hit winner after winner off the coast of East Africa. Each reduces the risk of future failure and raises the probability that Cove is sitting on massively valuable exploration prospects off the coast of Mozambique. The shares closed at a peak 99p, and have multiplied four-fold or better (depends on the timing) since featuring here in the summer of 2009. As ever, take profits if you wish. This market is unsettling, and there could be a dip at some stage. But it looks wrong to be out of this one for long, and the prospects of further sizeable gains are good. It looks as if operator Anadarko was so pleased that it rushed out the news that the Lagosta well in the Rovuma Basin, off Mozambique, has hit gas, the third gas find in three attempts. Drilling is not yet complete they are at 13,850 feet and plan to go to 15,900 to evaluate a deeper zone but already they have hit a total of more than 550 feet of natural gas pay in multiple high-quality Tertiary sands. This is big stuff, make no mistake. One or two brokers have added a few pence to their notional asset value of Cove shares (Cove has 8.5% of this), but that looks way too conservative. Such a show is equivalent to the find with Windjammer, the first well. We could be looking at an extra 6TCF (trillion cubic feet) of gas, not the puny one or two TCF suggested in some places. Look at the map, and see Lagosta sitting 16 miles to the south of Barquentine and not much further from Windjammer. There is a real possibility of a massive gas area stretching between the two, a possibility encouraged by the way relevant formations and depths are related. The latest find was in the Oligocene fan zone, and the previous finds at Barquentine and Windjammer were in the Oligocene. It will take another ten days or so for the current well to reach full target depth, deeper into the geology, penetrating the lower Eocene sands. There is some chance that there will be oil shows at that level, and there could be more gas. The lower Eocene is close to the lower Cretaceous area where there could be oil. So far, some brokers appear to be suggesting that there is a total of around 10TCF of gas in all three discoveries. That could be a significant under-estimate. Something in the region of 15TCF is already coming into view. It requires perhaps 5TCF to warrant the construction of a Liquefied natural gas plant, and these discoveries are well past that. Anadarko is talking about an emerging world-class natural gas province, and encouraging potential LNG plant construction. It is currently making presentations in London. After Lagosta, the Belford Dolphin drill ship will move 17.5 miles to the south-west to the Tubarao prospect. That is likely to spud (start drilling) around the third week in December, and there could be news in the third or fourth week of January. The real target will be the Eocene sands which are being confirmed as a promising new zone with the Rovuma Basin. And which could be oil-bearing. Though there has been confirmation through the Ironclad well (oil, but a poor quality reservoir which would not flow well) in August that there is oil in the area, it is a matter of locating it more precisely. Oil is more valuable than gas, and can be monetised more quickly. A significant oil discovery would send Cove rocketing. Assuming Tubarao is successful, the rig is likely to move to the Baracuda prospects. That is further south, close to the Collier (capped in April without a clear result because of safety issues) and Ironclad, with hopes of finding oil. Then there are likely to be appraisal wells and additional 3D seismic to help locate new targets. An oil find would probably accelerate everything, and additional drilling rigs would be brought into the area. All of this underlines the busy and exciting programme ahead of Cove shareholders. The company raised an additional £110m early in November by placing 144m shares at 76p. That attracted strong institutional support, and means Cove has cash enough to sit alongside operator Anadarko and finance a share of any developments well into 2012. Chief executive John Craven has executed a textbook play on how to build an oil company at breath-taking place. He raised cash quickly to buy assets when the market was depressed. Those assets proved highly productive, and Cove has raised further tranches of cash to stay in the game as the discoveries have rolled in and the share price has risen. Along the way Craven has bought additional and potentially highly valuable assets offshore Kenya to support the current exciting action. Cove has become a leading edge play on the new major oil area off East Africa, and there is much yet to come. Each well so far, even if it has not trumpeted a major discovery, has contributed to a greater understand of the geology of the area. Each step has validated the underlying assumptions which suggest that this is a vastly important play. Brokers are suggesting that what Cove already has could be worth 80p to 90p a share. Panmure Gordon appears to be leading the pack, raising the target price to 150p. That does not look over-generous, given the enormous potential of the licences. The company has already established a history of successful discoveries, and has a series of wells and other initiatives lined up to generate news throughout the next 12 months and beyond, all securely financed. Further fund-raising is not required, though an oil find could change that. If Cove should hit oil, the shares could rocket and the action could speed up with the prospect of a bid likely to appear. Any oil share is speculative. Much depends on the unpredictable price of oil (though short of a new world economic slump any prolonged significant fall looks improbable), and no-one can guarantee that exploration and hydrocarbon recovery rates will prove successful. Beyond that, Cove still appears to be an outstanding player in a most exciting arena. Be prepared for the price to fluctuate (though the downside looks modest), and go for it. |
Posted at 04/11/2010 20:58 by sagem LOOKING VERY GOOD INDEED...wow We believe that Cove Energy is sitting on a major new hydrocarbon fairway that has the potential of generating significant shareholder value," the broker said. Cove raises funds for deepwater drilling Thu 04 Nov 2010 COV - Cove Energy Latest Prices Name Price % Cove Energy 80.50p +1.58% FTSE AIM 100 3,805 +1.43% FTSE AIM 50 3,186 +0.97% FTSE AIM All-Share 832 +1.27% Mining 25,937 +5.15% LONDON (SHARECAST) - Oil and gas company Cove Energy has raised £110m (gross) through a placing of shares at a modest discount to the prevailing mid-market price. The company placed 144.7m shares at 76p, a 4.1% discount to the closing mid-market price of 79.25p on the day before the placing was announced. The funds from the issue will be used to finance the company's share of anticipated costs relating to its existing assets in Mozambique, Tanzania and Kenya and also give it the flexibility to exploit potential new opportunities. "The new funds will ensure that Cove is adequately financed allowing the company to continue the successful high impact exploration and appraisal deepwater drilling programme with its joint venture partners in offshore Mozambique where, following the Barquentine success, gas commercialisation options are now being actively considered," said John Craven, chief executive officer of Cove. Part of the proceeds from the placing will also be used to bring forward the acquisition of new 3D seismic data over Cove's recently acquired Kenyan acreage, in order to firm up future drilling prospects. Operations have now commenced on the Lagosta 1 well in the central area of the Mozambique Rovuma Offshore Area 1 block, the company added. Broker Panmure Gordon welcomed the development, which will enable the company to take advantage of the "considerable success with the drill bit" it has enjoyed over the course of the year to date. "Although the discoveries have proven to be gas, we believe that there are sufficient reserves to justify an LNG [liquefied natural gas] scheme. However, the company has not stopped there and has identified more than 50 prospects and leads to drill. The rig is currently drilling the Lagosta prospect to the South of Windjammer/Barquenti The broker, which rates Cove's shares as a "buy", thinks the revised drilling programme is "likely to encompass more wells than was foreseen at the last fund raising (11 March), when Anadarko Petroleum increased the drill programme from four to six wells." "The company will also have sufficient funds to conduct a 3D seismic survey over its acreage offshore Kenya, with the hope that this can be drilled as early as 2012. The company has acquired a 15% working interest in five contiguous blocks. With further wells obviously planned, the management of Cove Energy has decided that it is better to raise the money now in anticipation of a more active drilling programme. We believe that Cove Energy is sitting on a major new hydrocarbon fairway that has the potential of generating significant shareholder value," the broker said. |
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