PTTEP received over 90% of valid acceptances from Cove shareholders

abarrelfull wrote on 01 Aug 2012 10:02
Tags: cove deals pttep upstream

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Mr. Tevin Vongvanich (นายเทวินทร์ วงศ์วานิช), the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP, revealed that on 31 July 2012 at 1.00 p.m. (London time) PTTEP Africa Investment Limited or PTTEP AI, a wholly owned subsidiary of PTTEP has received valid acceptances from Cove Shareholders 91.37% of the existing issued share capital of Cove which is satisfactory to PTTEP AI’s requirement.

He said PTTEP would request the London Stock Exchange for the cancellation of trading in Cove Shares on Alternative Investment Market (AIM). Meanwhile, PTTEP will proceed with the Republic of Mozambique's Ministry of Mineral Resources for their written consent to the indirect change of control in Cove.

On 23 May 2012, PTTEP announced the terms of a recommended cash offering for Cove share at the price of 240 pence each. Cove has 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 trillion cubic feet (“TCF”). Besides locates in the project is the oil prospect called the Black Pearl Oil Prospect. 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.

The Acquisition would mark PTTEP’s entry into the highly prospective East Africa hydrocarbon region.

• PTTEP received over 90% of valid acceptances from Cove shareholders

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