Cove Energy's (CNVGF.PK) board will recommend shareholders accept an increased cash offer from...

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User 353732 Comments (3926)
 
East Africa is very little explored but seems to have the same oil and gas potential as West Africa. If so, East Africa could become a major new source of LNG supply to Asia within 10 years and compete with LNG from Australia.

The majors will, doubtless, establish a very large presence in Africa over the next several years and provide exit opportunities for innovative and pioneering independents.
24 Apr 2012, 05:48 AM Reply Like

Robert Maxwell Comments (13)
 
For more information on East African oil check out my article from yesterday (http://seekingalpha.co...) on what has been going on in Mozambique. The Shell bid at 220p per share for Cove, puts a valuation of $4.50/boe, which is a good price. Both Anadarko and ENI (next door block) are talking of farming down their interest in Area-1 and Area-4 offshore Mozambique: that's when real money is put on the table.
24 Apr 2012, 12:25 PM Reply Like