25 May 2012

Cove Energy up for sale

05/01/2012 Robert Tyerman

Directors of Cove Energy (COV) have initiated a formal sale process for the company, with promising assets in Mozambique and Tanzania.

Steered by chief executive officer John Craven, the London-based company, whose interests include 8.5 per cent of Mozambique's Rovuma Offshore Aea1 gas block, has been providing data on Rovuma to potential buyers of the asset and now says it is 'appropriate' to consider as well the alternative of sellng the whole company.

Texas-based Anadarko Petroleum, Rovuma's operator with a 56.5 per cent holding, recently upgraded its estimate of potential recoverable resources there to betwen 15 and more than 30 trillion cubic feet of gas, following results from appraisal well Barquentine-3.

Analysts at broker Peel Hunt now put the value of Rovuma to AIM-quoted Cove at nearly £554 million, or 113p a share, with other interests taking the total to £813 million or 166p a share, against today's price of 120.25p, up 7.75p this morning, valuing the company at £590.4 million, with other brokers' estimates ranging from 122p to 144p.

Growth Company Investor highlighted Cove's shares at 74p in October. Hold on for now.

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

Sector: Oil & Gas Producers

Companies: Cove Energy

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