Cove Energy Initiates Secret Auction To Realise Gains For Shareholders From Its Success Offshore Mozambique

January 09, 2012

Cove Energy Initiates Secret Auction To Realise Gains For Shareholders From Its Success Offshore Mozambique

Having enjoyed astonishing drillbit success in the deep waters offshore Mozambique, where planning is already underway for an LNG plant to monetise the possible 3 TCF of recoverable gas, Cove Energy has made no secret of the fact it is seeking an exit strategy to realise some of that value for shareholders.? Last week the AIM-quoted E&P, which only acquired the Mozambique assets in September 2009, announced it was putting itself up for sale, helping to push the shares up to 125 pence amid speculation that bids of as much as US$1 billion could come from the world?s largest oil companies.

That may be pitching it a bit high. It has been said that might be putting it a bit high. It as been reported that Cove has already turned down an offerof 150pa share and may now be looking for a sale price of 180p which would see the company valued at around ?650 million. Some observers feel that Cove might be lucky to get the current price of 125p given the nervousness in the sector generally.

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Source: http://c.moreover.com/click/here.pl?r5719553665

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