Cove Energy plc, the AIM quoted upstream oil and gas company, announces an update on activities in their 8.5 per cent participating interest in the Mozambique Offshore Area 1 block.
Cove reports that the latest appraisal well, Lagosta 2, has spudded on 11 December 2011 and it is planned that this well will be completed towards late January 2012.
In line with its stated strategy Cove has opened a data room to certain parties who expressed an interest in Cove's participation in the Rovuma Area 1 project.
Early stage discussions with major LNG off-takers in the Asian and European markets are currently taking place to secure long term commercial contracts for the planned production from the Rovuma Area 1 project.
The Rovuma Area 1 partners also announced that long term drill ship capacity had been secured to continue the high impact appraisal, testing and exploration programme in the block too increase the recoverable gas resource beyond the current range estimate of 15 to 30+ trillion cub ic feet.
UK Takeover Panel
The Company stated on 2 February 2010 that steps would be ta ken to clarify the applicability of the City Code on Takeovers and Mergers to Cove. The requisite steps have now been taken, and following further discussions with the Takeover Panel, Cove can confirm that it is now the view of the Takeover Panel that thee Code presently applies to the Company.
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