Cove Energy Share Discussion Threads

[robs12] 24/2/2012 10:22

Very.
Clearly there are a few (or more) that believe a higher bid is on the way...

[fraserdean] 24/2/2012 09:46

Interesting indeed

[plunger2] 24/2/2012 09:16

Well the volume has really tapered off. There are fewer sellers around at a higher price than yesterday.
The Peel Hunt analyst looks very sensible to me.
The Forms 8.3 do clearly suggest that some large funds including JP Morgan remain unconvinced that this 195p offer is the end game. There are probably many highly paid advisers with their potential bidders mulling over what to do next. But time is running out.
If you're an IOC or NOC this may be your last chance to get in on a massive E. African province. The pre-emption rights are gold dust; with them you've always got one hand on the reins.

JMHO DYOR

[lovegod] 24/2/2012 09:13

here,here..well done..

[pnetol] 24/2/2012 09:10

I have kept 1/3rd of holding and invested the rest into a new bathroom and bedroom for the misses. She is very happy and as luck would have it I got tickets for the England v Wales match tomorrow through my local club ballot :) all good news. Just remember the reason that we all do this and make sure that you take a bit out to treat yourself/partner this has been a fantastic result for all here and I am delighted for everyone,

[dizzylizzy2] 24/2/2012 08:42

sold all of mine but maybe should have kept some for 250p? anyway, I stuck them into BLVN for 200p+ bid.

[steeplejack] 24/2/2012 08:42

Yes,L2 shows bids at 195.25p for just under 280,000 shares

[gardenboy] 24/2/2012 08:27

bid is now over the offer price! - still got 20% of mine

[blue2000] 24/2/2012 07:51

Werner riding - analyst at Peel Hunt

Despite believing that shell s offer is competitive, Riding said a competitive offer remains a possibility and as such he has increased his price target for COVE to 215p

[exmooroil] 23/2/2012 22:13

Fanghorn,

Cove's data room was opened long before the formal sale process was announced.

Any major planning to enter Mozambique via Cove would eventually want much more than 8.5% equity, so discussions/horsetrading would have taken place with Anadarko in the meantime (if not a year before, when the first discovery was made) to establish how much equity they would be prepared to farmdown.

For that reason, this is probably already a done deal. I'm hanging in, partly in the hope of another bid, partly wondering where to park the proceeds.

[fangorn2] 23/2/2012 20:18

It will be intriguing if they also fall to the first bid. As Encore did. No competitor bids materialising is a tad surprising....

Call me suspicious but....if this first bid(and only bid) wins scenario continues it will lead to suspicions that all the majors have sat down, worked out what they each want, carved it up accordingly on the proviso that there are no competing bids...

[deckav] 23/2/2012 19:35

Looks like it will go through at 1.95 so.

[xenawarriorprincess] 23/2/2012 19:13

View from The Times today -

"February 23 2012 12:00AM
East Africa has become the most sought-after oil exploration area in the world as Shell prepares to expand its footprint there with a £1 billion takeover of Cove Energy.

Cove's management has recommended the 195p-a-share cash offer and shareholders are expected to rubber-stamp the deal. Michael Blaha, the chairman, and John Craven, the chief executive, have made no secret of their desire to sell and stand to net more than £30 million from the deal.

Other oil majors, including ExxonMobil, are circling Cove, which focuses on Mozambique, but analysts do not expect them to enter a bidding war. Korean, Chinese or Indian national oil companies could, however, enter the fray. Shell's £992 million bid is more than a 70 per cent premium to Cove's closing share price on January 4 when it announced plans to sell itself.

Cove's main asset is an 8.5 per cent stake in the Rovuma Offshore Area 1, in Mozambique, where Anadarko has found 30 trillion cubic feet of natural gas, more than three times the North Sea's remaining reserves. The Italian energy group ENI has also made two large discoveries near by.

Cove's shares closed up 25.5 per cent at 194p, just below the offer price, suggesting that the market expects the deal to go ahead.

Shell has exploration acreage in Tanzania but none in Mozambique or Kenya, where Cove also has interests. Shell said there was "significant potential" to export liquefied natural gas (LNG) from recent gas discoveries off Mozambique, and from new exploration positions in East Africa. It would require billions of pounds to develop the fields and build LNG terminals to ship the gas to Asia where demand is booming. Shell, which ships more LNG than any other international oil major, is keen to maintain its position.

Interest in East Africa from big oil groups has grown hugely as the region had been mainly occupied by independent explorers such as Cove, which do not have the funds to develop finds.

Cove's takeover, which is conditional on consent from the Mozambique Government, will heighten interest around Ophir Energy. The Tanzania-focused explorer, listed in London last summer, is evaluating its prospects. Its shares closed up 7.25 per cent at 392p yesterday."

[fraserdean] 23/2/2012 16:23

Classy, nicely done.

[jac1104] 23/2/2012 14:55

good luck utrecht - am sure will see ya around
will stick around for a wee bit ;>

[utrecht_00] 23/2/2012 14:12

benny, i hope for you that you do get 250p. I am happy with what i got, i just now need to figure out what to buy next! good luck and all the best to those who still hold, i hope you get a lot more than 195p, maybe I'll see some of you on some other boards. This has been a great story. Over and out.

[plunger2] 23/2/2012 13:59

Still here. Can the game really be over with this JP Morgan buying?
Why would they buy a further 9 mil shares taking them over 9%? They paid in the 1.94s for nearly all of them.

[benny62] 23/2/2012 13:31

Utrecht...think I will be having last laugh.
A bit hasty in getting rid of your holding..
This game is on again...... EXTRA time
We could finish with a penalty shoot out..
£2.50 on the cards.. ????

[talkman2] 23/2/2012 13:11

There seems to be an awful lot of buying today , maybe this story is not over yet ? Next offer please !

[jac1104] 23/2/2012 12:36

not wishful thinking noidea ;>

[noidea] 23/2/2012 11:56

With the bid at 194.00 I am just beginning to think another bid could be on the way, or is this wishful thinking ?

[rus4] 23/2/2012 08:57

it will be interesting to see if Anadarko match Shell

[lovegod] 23/2/2012 08:44

it says in the Mail today that Andarko had bid £1.60 a share

[exmooroil] 23/2/2012 07:45

PM,

That is absolutely right, it's the first time for Alpine, via 5.2m long position CFDs. It will be interesting to see how many holders before yesterday issue 8-3 notices today to advise changes.

Here's the latest positions I've recorded:

SAC Capital Advisers 1.68%
FMR LLC 5.41%
Wellington 1.96%
Black Rock 6.23%
Anthion Mgt 1.40%
Threadneedle 1.27%
F+C 6.31%
Dominion 1.05%
Four Capital Ptnrs 1.49%
John O'Brien 1.27%
Standard Life 5.60%
Susa FM 1.35%
Schroders 1.29%
JPM Asset Mgt 7.93%
Artemis Inv Mgt 0.87%
Ignis Inv Services 1.73%
Barclays 1.36%
Blakeney Mgt 1.50%
Octavian 1.33%
Eton Park 1.06%
Cheyne Capital Mgt 1.31%