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Unconventional Natural Gas Sources Prompting M&A In The Energy Sector
J. King • Wed, Jul 25, 2012 • 3 Comments
Energy Roundup: 6 Stocks To Consider Now
IncomeHunter • Thu, Jun 21, 2012 • 6 Comments
Anadarko Ready To Surge On Mozambique Development
Investment Underground • Fri, Jun 1, 2012 • 1 Comment
Wall Street Breakfast: Must-Know News
Wall Street Breakfast • Thu, May 24, 2012 • 68 Comments
Anadarko: Monetization Of Mozambique
Robert Maxwell • Wed, Apr 25, 2012 • 4 Comments
Wall Street Breakfast: Must-Know News
Wall Street Breakfast • Tue, Apr 24, 2012 • 172 Comments
Wall Street Breakfast: Must-Know News
Wall Street Breakfast • Wed, Feb 22, 2012 • 63 Comments
Mozambique Exploration Is Paying Off Big
Uncle Scrooge • Thu, Feb 16, 2012 • 13 Comments
Exciting Natural Gas Opportunities Off-Shore Of East Africa
Richard Worley • Fri, Dec 16, 2011 • 1 Comment

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Company Description

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Sector: Services

Industry: Business Services

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| Earnings
| Dividends
| M&A
| On the move

Tuesday, July 31, 2012, 12:40 PM PTT says Cove Energy (CNVGF.PK) shareholders who collectively own 91.4% of the company have accepted its takeover offer, adding that as a result the offer has become unconditional as to acceptances. Comment! [Energy, M&A]
Thursday, July 26, 2012, 10:56 AM PTT says it received valid acceptances from 72% of Cove Energy (CNVGF.PK) shareholders, and extends its purchase offer to July 31. "If we still can't get 90% stake, then we will consider what to do next," PTT says. Royal Dutch Shell, with one eye open as it sits out the auction, says the offer for Cove has lapsed as it hasn't received the required number of acceptances. Comment! [Energy]
Monday, July 16, 2012, 10:59 AM Royal Dutch Shell (RDS.A +0.4%) says it will not revise its offer for Cove Energy (CNVGF.PK), effectively conceding the auction of the company to PTT. Shell had been interested in acquiring Cove in order to enter potential liquefied natural gas developments in Mozambique and other exploration positions in the region. (earlier) Comment! [Energy, M&A]
Monday, July 16, 2012, 3:14 AM Thai energy company PTT extends for the third time its $1.9B offer for Cove Energy, but doesn't sweeten the terms; today is the deadline for PTT and rival suitor Shell (RDS.A) to make their final bids or else begin the first formal takeover auction for a listed British company since 2008. (previously) Comment! [M&A, Energy]
Thursday, July 12, 2012, 3:01 AM Shell (RDS.A) extends its offer for Cove Energy to July 25, its fourth such extension. As of yesterday, just 3.27% of Cove's shares had been tendered to Shell. (PR, previously) Comment! [Energy, M&A]
Monday, July 9, 2012, 8:14 AM Thai energy company PTT extends the deadline for its offer to buy Cove Energy (CNVGF.PK) until July 13 after it received acceptance from just 0.25% of Cove's investors by the previous July 6 deadline. PTT is locked in a battle with Royal Dutch Shell (RDS.A, RDS.B) to take control of the Mozambique-focused explorer. Comment! [Energy, M&A]
Thursday, June 28, 2012, 3:38 AM Shell (RDS.A) extends its bid for Cove Energy (CNVGF.PK) to July 11, having received acceptances of the offer totaling just 3.46% of Cove's shares. Comment! [M&A, Energy]
Thursday, June 14, 2012, 10:26 AM Royal Dutch Shell (RDS.A) extends the deadline for its £1.12B ($1.74B) offer to acquire Cove Energy. Shell is still trying to persuade Cove shareholders to back its offer instead of PTT's £1.22B ($1.... but so far only 4.8% have done so. Cove and Anadarko recently have announced new discoveries of natural gas deposits in Mozambique, sparking hopes of a higher offer. Comment! [Energy, M&A]
Monday, June 11, 2012, 8:46 AM Anadarko Petroleum (APC) and its partners make another major natural gas discovery in the Rovuma Basin offshore northern Mozambique that may add 30Tcf to recoverable resources already discovered. The discovery could raise the stakes in the takeover battle for APC partner Cove Energy (CNVGF.PK), perhaps sparking a higher bid from Shell (RDS.A, RDS.B). APC +1% premarket. Comment! [Energy]
Tuesday, May 29, 2012, 5:50 PM Mozambique approves PTT Exploration's $1.9B bid for Cove Energy (CNVGF.PK), removing the risk the government could block the bid in favor of a lower one from rival Shell (RDS.A, RDS.B). The approval paves the way for continued bidding, which most shareholders had expected. Comment! [Energy, Global & FX]
Thursday, May 24, 2012, 10:25 AM As Royal Dutch Shell (RDS.A +0.8%) buys time to consider its response to PTT's bid for Cove Energy (CNVGF.PK), it must choose whether to make further divestments and/or delay its Australian LNG interests to pursue its Mozambique ambitions. RBC says PTT's offer values Cove's stake in a major gas field off Mozambique's coast at $3.4/boe vs. a normal valuation of $2.5-$3/boe for such assets. Comment! [Energy, Global & FX]
Thursday, May 24, 2012, 3:27 AM Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously) Comment! [M&A, Commodities, Top Stories]
Wednesday, May 23, 2012, 2:40 PM Cove Energy (CNVGF.PK) shares end +11.2% in London to 249p, above the new 240p/share bid from Thailand's PTT and indicating investors think Royal Dutch Shell (RDS.A -2%) may raise the offer. Heard On The Street's Andrew Peaple calculates Shell could yet pay up to $2.5B for Cove; it also has more firepower than PTT, with net debt to equity of 9.9% vs. PTT's 33%. Comment! [Energy, M&A, Global & FX, On the Move]
Wednesday, May 23, 2012, 3:29 AM Thailand's PTT Exploration and Production trumps Shell's (RDS.A) bid for Cove Energy (CNVGF.PK), offering £1.22B ($1.9B) for the Mozambique-focused explorer. Cove's management says it now backs PTT's bid, with the reversal coming just hours ahead of a deadline for investors to accept Shell's $1.8B offer. Shell -1.2% in London. Comment! [M&A, Energy, Top Stories]
Monday, May 21, 2012, 12:29 PM With just days remaining before a deal deadline, Cove Energy (CNVGF.PK) says it continues to believe the $1.8B offer from Royal Dutch Shell (RDS.A, RDS.B) is in the best interests of shareholders. Cove's earlier announcement that it found even more gas on its license in Mozambique has not sparked a bid battle for the company. Comment! [Energy, M&A]
Tuesday, May 15, 2012, 8:15 AM Anadarko Petroleum (APC) discovers a major natural gas field off the coast of Mozambique, which it says could hold more than 20T cubic feet of gas and underpin plans to develop a world-class LNG export operation in the country. Reuters speculates the move could intensify the battle for Cove Energy (CNVGF.PK), one of APC's partners in the gas find. 2 Comments [Energy, Global & FX]

CNVGF.PK Cove Energy Plc

CNVGF.PK

Cove Energy Plc