25 May 2012

Mozambique cheer for Cove

17/01/2012 Robert Tyerman

Cove Energy (COV) says appraisal of its gas prospects in the Rovuma Bason offshore Mozambique is producing encouraging results.

The AIM-quoted company cites 237 net metres of natural gas pay encountered in the Lagosta 23 appraisal well, the largest pay count so far in Rovuma's Windjammer, Lagosta, Barquentine and Camarao (WLBC) gas complex.

London-based Cove, which has formally put its assets and alternatively itself up for a possible takeover, holds 8.5 per cent of the Rovuma Area 1 Offshore Block, where Texas-based Anadarko Petroleum is operator, with 56.5 per cent. The company argues the Lagosta appraisal reasults support estimates of a recoverable WLBC resource of from 15 to 30 trillion cubic feet or more of gas.

Chief executive officer John Craven declares he is 'confident that after further evaluation, combined with new drilling and well testing, we will see more resource upgrades', ahead of a final investment decision on the project next year. Highlighted by Growth Company Investor at 74p in October, Cove shares now trade at 137.5p, up 4.5p and valuing the company at £676.3 million.

Hold on for now.

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

Sector: Oil & Gas Producers

Companies: Cove Energy

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