25 May 2012

Exploration success cheers Cove

05/10/2011 Robert Tyerman

Cove Energy (COV) says its share of recoverable gas resources at Mozambique's Rovuma Offshore Area 1 could now be 142 million barrels of oil equivalent. The AIM-quoted company has 8.5 per cent of the 2.6 million-acre Rovuma project, whose operator, Texas-based Anadarko Petroleum, with 56.5 per cent, has estimated a 'substantial' increase in overall recoverable reserves to at least 10 trillion cubic feet of gas.

These new estimates follow sucessful exploration and appraisal drilling at the project's Camarao well, which confirmed more than 116 metres of natural gas pay. The Rovuma partners are accelerating their drilling campaign by mobilising a second deep water drill ship to Area 1 and now target up to seven exploration and appraisal wells over the coming 12 months.

John Craven, London-based Cove's chief executive officer, declares 'our appraisal campaign is de-risking and substantially increasing resources and I am confident this will continue.' Cove's shares, which have traded between 112.75p and 61p over the past year, now change hands at 74p, up 7.25p this morning, valuing the company at £363.3 million.

They could reward a medium-term punt.

Tags: AIM market, Anadarko Petroleum, Gas, John Craven, Mozambique

Sector: Oil & Gas Producers

Companies: Cove Energy

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