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ATUM WELL - A MAJOR GAS DISCOVERY

11/06/2012 7:00am

UK Regulatory (RNS & others)


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RNS Number : 0482F

Cove Energy PLC

11 June 2012

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".

For further information, please contact:

   Cove Energy plc                                         Tel: +44 (0)20 7831 3113 

John Craven, CEO

c/o Billy Clegg

Cenkos Securities

   Jon Fitzpatrick                                               Tel: +44 (0)20 7397 8900 
   Ken Fleming                                                  Tel: +44 (0)131 220 9772 
   FTI Consulting                                            Tel: +44 (0)20 7831 3113 

Billy Clegg / Edward Westropp

John Craven, Chief Executive Officer of Cove, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Craven is a petroleum geologist with approximately 37 years' experience.

Notes to Editors:

Cove has established a strong position in East Africa with exploration interests in Area 1 Offshore Mozambique, which contains the Prosperidade gas complex (Windjammer, Barquentine, Lagosta, and Camarao), Golfinho, Atum and Tubarao gas and Ironclad oil discoveries where drilling, appraisal and well testing operations are planned to continue through 2012.

Cove also holds exploration and production interests in Mozambique Onshore and Kenya Offshore. An interest in the Mnazi Bay Gas Field in Tanzania is under sale to Wentworth Resources.

Cove Energy has a strong management team with a wealth of experience in the oil and gas business and the operation and management of companies in the public arena. Michael Blaha, Executive Chairman and formerly Country Chairman for Royal Dutch Shell Group in Algeria, is a Petroleum Engineer with thirty one years industry experience, most of his career spent working at Shell. John Craven, Chief Executive Officer was previously CEO and founder of Petroceltic International plc, and is a petroleum geologist with thirty seven years experience in senior technical and executive positions in major and junior oil and gas companies.

The relevant section of the Anadarko's press release is copied below.

Anadarko Announces New Natural Gas Discovery Offshore Mozambique

Establishes Second Major Natural Gas Complex in the Offshore Area 1

HOUSTON, June 11, 2012 - Anadarko Petroleum Corporation (NYSE: APC) today announced the Atum exploration well discovered another significant natural gas accumulation within the Offshore Area 1 of the Rovuma Basin. The Atum discovery well encountered more than 300 net feet (92 meters) of natural gas pay in two high-quality Oligocene fan systems. Preliminary data indicates this latest discovery is connected to the partnership's recent Golfinho discovery located approximately 10 miles (16.5 kilometers) to the northwest in the Offshore Area 1.

"The combined success at Atum and Golfinho and apparent connectivity of these Oligocene fan systems, indicate these discoveries represent our partnership's second major natural gas complex offshore Mozambique," said Sr. Vice President, Worldwide Exploration Bob Daniels. "We estimate this new complex, which is located entirely within the Offshore Area 1 block, holds 10 to 30-plus trillion cubic feet (Tcf) of incremental recoverable natural gas resources. We plan to immediately commence a four-well appraisal program of this complex, which has the potential to underpin a large LNG development."

The Atum exploration well was drilled to a total depth of approximately 12,665 feet (3,860 meters), in water depths of approximately 3,285 feet (1,000 meters). Once operations are complete at Atum, the partnership plans to commence appraisal activities that are expected to be followed by a drillstem testing program in the Golfinho and Atum complex.

"With this latest discovery at Atum and a successful upcoming appraisal program, we believe the total estimated recoverable natural gas resource in Mozambique's Offshore Area 1 is between 30 and 60 Tcf, and the current upside for total gas in place for the discovered reservoirs on the block is approaching 100 Tcf. We still have additional exploration opportunities that could expand the resource potential further," said Anadarko President and CEO Al Walker. "A recoverable resource base of this scale supports our initial two-train development plans, as well as significant future expansions. Our current activity is focused on achieving reserve certification and a Final Investment Decision in 2013, as the partnership works toward expected first sales of LNG in 2018."

Anadarko is the operator in the Offshore Area 1 with a 36.5-percent working interest. Co-owners include Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V. (10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and Cove Energy Mozambique Rovuma Offshore, Ltd. (8.5 percent). Empresa Nacional de Hidrocarbonetos, ep's 15-percent interest is carried through the exploration phase.

A map of Anadarko's position in the Offshore Area 1 of the Rovuma Basin and the Atum discovery will be available under the "Media Center/Anadarko News" tab at www.anadarko.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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