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

Cove Energy's (CNVGF.PK) board will recommend shareholders accept an increased cash offer from Shell Exploration and Production (a subsidiary of RDS.A). Shell's sweetened offer of 220 pence/share values Cove at £1.12B ($1.8B).
Comments (2)
  • 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
  • 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
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