Mozambique Approves PTT Bid for Cove

PTTEP Africa Investment Limited or PTTEP AI, a wholly owned subsidiary of PTTEP, has received written consent from the Republic of Mozambique’s Minister of Mineral Resources for its proposed takeover of Cove Energy.

The receipt of this consent required a result of the indirect change of control of Cove Mozambique interest in the Republic of Mozambique, if the recommended cash offer is finalized, the company said in a statement.

The receipt of this written consent can confirm that Mozambique’s government has strong confidence and trust in the capability of PTTEP, Thailand’s petroleum exploration and production company which strive to increase and strengthen the energy supply to both Thailand and the Republic of Mozambique, the company added.

PTTEP recently made a cash offer of about $1.93 billion for Cove Energy, which has 8.5% interest in the Rovuma Offshore Area 1 block in Mozambique, where Anadarko has said the resources are enough for a large-scale LNG development.

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LNG World News Staff, May 30, 2012; Image: Anadarko