Cove Energy Announces Update on Activities Offshore Mozambique
Cove Energy pic, the AIM quoted upstream oil and gas company, announces an update on activities in their 8.5 per cent participating interest in the Mozambique Offshore Area 1 block (“Rovuma Area 1”).
Cove reports that the latest appraisal well, Lagosta 2 (7.4km north of Lagosta 1), has spudded on 11 December 2011 and it is planned that this well will be completed towards late January 2012.
In line with its stated strategy Cove has opened a data room to certain parties who expressed an| interest in Cove’s participation in the Rovuma Area 1 project.
Early stage discussions with major LNG off-takers in the Asian and European markets are currently taking place to secure long term commercial contracts for the planned production from the Rovuma Area 1 project.
The Rovuma Area 1 partners also announced that long term drill ship capacity had been secured to continue the high impact appraisal, testing and exploration programme in the block to increase the recoverable gas resource beyond the current range estimate of 15 to 30+ trillion cubic feet.
UK Takeover Panel
The Company stated on 2 February 2010 that steps would be taken to clarify the applicability of the City Code on Takeovers and Mergers (the “Code”) to Cove. The requisite steps have now been taken, and following further discussions with the Takeover Panel, Cove can confirm that it is now the view of the Takeover Panel that the Code presently applies to the Company.
Subsea World News Staff , December 13, 2011; Image: Cove Energy