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PTTEP acquires 91.4% of Cove Energy

PTTEP Africa Investment Limited or PTTEP AI, a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP) from Thailand, has secured a 91.37% stake in the share capital of Cove Energy.

Cove Energy is a British company, active in mineral, oil and gas exploration, holding hydrocarbon assets in Kenya, Tanzania, and Mozambique. The company owns an 8.5% participating interest in the Rovuma Project, which is a world-class gas discovery. Rovuma has estimated gas reserve of up to 60 tcf (1,700 bcm). In addition, Cove also has a 10% stake in the Rovuma Onshore Area in Mozambique, as well as 10-25% interests across seven blocks in Kenya offshore deepwater.

In May 2012 PTTEP announced the terms of a recommended cash offering for Cove Energy share at the price of 240 pence each. In mid-July 2012, Shell, which was also bidding to acquire Cove Energy, pulled out of the race, deciding not to revise its offer of 220 pence in cash per share.