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COV Cove Energy

239.50
0.00 (0.00%)
19 Mar 2024 - Closed
Delayed by 15 minutes
Cove Energy Investors - COV

Cove Energy Investors - COV

Share Name Share Symbol Market Stock Type
Cove Energy COV London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 239.50 00:00:00
Open Price Low Price High Price Close Price Previous Close
239.50
more quote information »

Top Investor Posts

Top Posts
Posted at 17/7/2012 10:11 by offerman
Hi All,

Congratualtions with the takeover here. if you want the next great stock that could get taken out check out PCI, many might know from Baldy days.

I`ll give you couple of highlights for the company and if you want to know more see the link:

- 2tcf gas find in Algeria, 180MBOE condensate find (Value for Isarene 14p current share price only 8p!!
- 2nd F.O to be announced before year end. 1st F.O was to ENEL 18% 100m$ with another 35m$ to come.
- Italy BAN NOW JUST LIFTED, Elsa has 65-100MBO already discovered. Rovasenda 250MBO potential, several more licences in Italy and 2 more recently awarded.
- KURDISTAN seismics underway now. Not far From Shaikan. Oil seeps. Anticline visible from space. Multi Billion barrell potential, pci 16%working interest.

65M$ in the bank, other aquisitions or farm ins being sought in MENA region.

Algeria find is worth twice current s.p, so cash, Italy, Kurdistan all being valued at nothing right now. For in depth info read recent Link below.
I think you will be please with this recommendation if you invest.
If you don`t invest i wish you A>T.B as fellow investors in whatever venture you might choose.
Posted at 10/6/2012 09:10 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 11/4/2012 15:20 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 15/3/2012 11:31 by sueyou
eelanguilla, WOTEVA!!

Mine is a heads-up to other O&G investors, NOT SPAM, clearly you are not an O&G investor your just a big mouth!!
Posted at 14/3/2012 18:41 by sueyou
FYI - Oilbarrel.com - could be the next Cove getting built up ....

March 14, 2012

Aminex Goes On The Acquisition Trail To Create Africa-Focused E&P

When Stuard Detmer took over as chief executive of London-listed Aminex late last year, he embarked on a tour of the company's assets (although he left out North Korea, for obvious reasons). At the end of this review, it was very clear that the company's future lies in Africa, where, in Tanzania, it already has a toehold in what Detmer calls a "white hot area". The ex-Sibir Energy boss is keen to leverage the experience gained in Tanzania, which was stone cold when Aminex made its first investments over a decade ago, and secure further assets in this resource-rich continent.

"We see a lot of opportunity down there," Detmer tells oilbarrel.com. "The type of opportunities that could quadruple, quintuple, or even make this company ten times more valuable than it is today."

Opportunities with that kind of growth potential don't exist elsewhere in the portfolio. North Korea remains a no-go area because of the political situation while its US asset base is mature and requires constant investment to maintain production. "The US assets are never going to really move the needle for us but for someone already operating in the US they do make sense as part of a larger portfolio," says Detmer, explaining the decision to now divest the properties. This process has already started with Aminex recently selling its stripper wells on the Somerset oilfield in Texas for US$700,000.

The new look Aminex plans to become an Africa-focused E&P, growing its portfolio through acquisition and then de-risking it through farm-outs and increased use of seismic ahead of drilling. Detmer reckons there's a 12-24 month window to achieve critical mass through acquisition in Africa, as the smaller companies that have pioneered the way across the Continent struggle with capital constraints and are ripe for consolidation. "We would like to be a consolidator," says Detmer, pointing out that the company's main London Stock Exchange listing is a real asset when competing for acquisition opportunities.

In addition to cash raised from the sale of the US assets, Aminex has a useful weapon in its armoury when it comes to making acquisitions. In late 2011, the London company raised US$3.1 million from new Asian investors at a 45 per cent premium to the market. The new investors now have a 4.76 per cent shareholding and may increase their stake to fund an African growth strategy.

Detmer sees these kinds of long term Strategic relationships with Strategic investors as key to growing the company. "We have a number of options. Our new Asian investors may take a larger Strategic stake or we might co-invest in new projects or bring in other co-investors," says Detmer, who points out that Aminex is an attractive vehicle for resource-focused investors. "We are the only Africa focused E&P of our size on the main list of the LSE. That's an advantage we have and as a relatively small company you have to leverage every opportunity you have."

As witnessed in the bidding war for AIM-quoted Cove Energy, which has an 8.5 per cent stake in a potential 30 TCF gas resource offshore Mozambique, Asian companies are scrambling over themselves to get a slice of the action in Africa, particularly East Africa, where giant deepwater gas finds are well-placed to feed booming Asia-Pacific LNG markets.

Aminex's Tanzanian assets are on a much smaller scale – for now. It has a modest gas discovery in the Nyuni licence, which it hopes to bring onstream this year. And it is currently drilling a high impact well, Ntorya-1 in the giant Ruvuma PSA. The well has already made a small gas discovery – three metres of net pay - and is being deepened to 3,000 metres to investigate a "prominent seismic event". Aminex and Solo Oil are deepening the hole without fellow joint venture partner Tullow Oil, which has no back in rights should this yield success. The big hope here is that the deeper level will find the oil that has so far proved elusive on this East Coast of Africa: traces have been found before, including the oil shows logged in Aminex's Likonde-1 well of 2010, drilled just 14 km to the north of Ntorya-1.

Regardless of the result, the company is already excited by the well which has proven for the first time that the gas fairway extends from the deep offshore to the onshore part of the basin. Following testing, the company plans a comprehensive seismic shoot to put some definition round the structure. This is central to Detmer's vision for the company, to derisk its portfolio by better use of seismic and help bring in farm-in partners to reduce its equity position in projects to the 25-30 per cent level. In the past, he admits, the company has "drilled stuff that was less than optimal" because time pressures had constrained seismic work.

To this end, the company now plans a large 800 km seismic programme over the Nyuni licence, where recent drilling has been disappointing. Some of this will be an ocean bottom cable survey over the shallow transition zone, where exploration work has focused to date for cost reasons, but 500 km of the seismic will cover the deep offshore, which marks a change of pace for Aminex. "Thirty per cent of the Nyuni PSA is in the deepwater right next door to where Ophir and RAKgas are working," says Detmer. This could open up an exciting new project for Aminex given the buzz surrounding the East African deep offshore in the wake of recent big gas finds.

This could shape up to be a real transition year for Aminex as it sheds past baggage and seeks to make new acquisitions that will shape its future. In the near term, all eyes will be on Tanzania and the much-anticipated testing of the deepened Ntorya-1 well.
Posted at 02/3/2012 14:43 by fraserdean
Merchant Securities has warned investors of east Africa-focused oil and gas group Cove Energy to watch the developments in Mozambique closely, after the firm confirmed the possibility of a tax charge levied by the government.

The tax is in connection with the proposed indirect transfer of the Cove's 8.5% participating interest in Rovuma Offshore Area One pursuant to a possible takeover of the company. Cove put itself up for sale in January and integrated oil and gas colossus Royal Dutch Shell looks like its preferred suitor.

"This is very upsetting news with very serious ramifications for explorers across Africa. By the standards of oil & gas tax-grabs, taxes on capital gains are the worst possible type and they are also the rarest," said Merchant analyst Brendan Long.

"This is worse than a retroactive modification of the tax parameters because it goes against the principles of tax agreements between oil companies and host governments and leaves companies with effectively no visibility," he said.

Long explains that the Ugandan "tax grab" on Heritage Oil was very damaging to the country's reputation and slowed development of Ugandan oil projects.

Nevertheless, the broker maintained its buy rating on the stock but warned investors to "watch this very closely".
Posted at 02/3/2012 12:43 by mattoil
We i.e. investors will not walk away, that is the point. The gains are too big, even with this tax shareholders in Cove have made a fortune and you suggest they will walk away out of principle? Get real!
Posted at 02/3/2012 09:51 by aaainvestment
Isn't the minister supposed to have said it to a reporter, it's not an official position or policy, hence Cove are making enquiries.

The minister may well wish to impose a tax but that doesn't mean its government policy or legally enforcable, all we are seeing today is a little panic and heavy shorting be those that have spotted an opportunity.

Government around the world a trying to tap into the huge profits being made by oil companies (mostly at the production end) and pushing for resource nationalisation - usually without paying a fair price.

Thats all well and good but there can be a heavy price to pay in fleecing ivestors and losing trust of investors, money moves away very fast as can be seen with Coves share price this morning.
Posted at 02/3/2012 08:44 by robs12
Mozambique need the gas/oil(!?) to flow in order to get cash. Then they will do well. They get (significant) tax revenue & further investment in the country. In order for that to happen they HAVE to have the cooperation of overseas investors (e.g. us shareholders). Start introducing (stunningly stoopid) surprises like this and the investors (we) will walk away. Everyone loses, but especially Mozambique. They cannot rewrite the rulebook once the game has started, or the players walk off & go play somewhere else.
I suspect a particular poli has decided they can win a few easy votes by suggesting this, rather than engaging brain. 'Tis the way with poli's...!
We shall see.
Posted at 25/2/2012 20:39 by plunger2
Well before we get into sums. Let's make it incredibly simple (which it probably won't be!)and pretend that no new bidders show up. So think about Shell approaching the Moz Govt looking for their blessing. Do they say "well we love you at 195p but not at 260p". Ha ha!
I think even Shell know that's out. So once they're looking for consent they really have to be prepared to go to 250+ = 260 (say). This is a massive gas province and they need to be "on side" for the future - when APC sell down a portion. They would simply have to re-bid (absent another bidder) and at a good level.
However if a new bidder emerges then I think we will have TRULY arrived in the auction room and thence "anything goes".
Stand up those investors still holding COV shares who never witnessed overpaying in contested auction!! :) ;)

JMHO DYOR

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