Mozambique OKs PTTEP’s Acquisition of Cove’s Rovuma Area Stake

Thailand’s PTTEP has received written consent from the Republic of Mozambique’s Minister of Mineral Resources related to the indirect acquisition of Cove Energy’s interest in Rovuma Offshore Area 1 which would arise on the takeover of the company.

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.

Last Wednesday Thai oil giant offered an USD 1.92 billion takeover bid for all Cove’s issued or to be issued shares. PTTEP said in its press release that “the directors of Cove unanimously recommended to Cove Shareholders that they accept the Offer”.

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Offshore Energy Today Staff, May 30, 2012