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Posts Tagged ‘COVE ENERGY’

Africa Gas Rush Imperils $100 Billion in Australian LNG

By Eduard Gismatullin and James Paton on August 29, 2012

The discovery along Africa’s east coast of the world’s biggest gas finds in a decade threatens to undo investment plans on the other side of the Indian Ocean.

Royal Dutch Shell Plc (RDSA), BG Group Plc (BG/) of the U.K. and France’s Total SA (FP) may scale back projects to build liquefied natural gas export plants in Australia and switch to Tanzania and Mozambique, where the new prospects lie and will cost about half as much, according to Jefferies International Ltd.

The LNG boom in Australia, where $180 billion of planned investment was set to make gas the country’s fastest-growing export over the next five years, risks losing strength as labor and material shortages force up building costs. As energy companies consider the next $100 billion of projects, a switch to East Africa would hold back Australia’s market share in China and India, where energy consumption is forecast rise more than 60 percent by 2030. read more

Shell Gains Acquisition Firepower as Cash Flow Cuts Debt

By Eduard Gismatullin on August 07, 2012

Royal Dutch Shell Plc (RDSA) is building the firepower to make acquisitions as record cash flow cuts debt to the lowest level in three years.

Europe’s largest oil producer generated $12.6 billion in free cash flow, the difference between revenue from operations and capital expenditure, during the first half. That’s the most for any six-month period since Shell became a single entity in 2005 and has allowed The Hague-based company to cut its ratio of net debt to equity to 8.8 percent, below any European rival. read more

Shell eyes Russian opportunities as profits hit by energy prices

Royal Dutch Shell said it was eyeing opportunities to expand in a new “more open” Russia, as it unveiled a 25pc slump in profits, hit by lower energy prices.

Emily Gosden By , Energy reporter 7:00PM BST 26 Jul 2012

Royal Dutch Shell is eyeing opportunities to expand in a new “more open” Russia, its chief executive said today, as he unveiled a 25pc slump in the oil major’s profits, hit by lower energy prices.

Peter Voser confirmed that discussions were ongoing about future liquefied natural gas (LNG) projects in Russia.

The company is said to be in talks about joining the huge Shtokman LNG project in the Russian Arctic, with state-controlled Gazprom.

“We have a very successful venture with Gazprom in eastern Siberia. I think our credentials are clear,” Mr Voser said. “From a strategic point of view we are open to further investments in Russia and therefore are looking at opportunities either [in] oil or LNG. We have talked with the various players. Those talks include Gazprom.” read more

Shell chief is the man with a plan

By Geoff Foster: PUBLISHED: 21:54, 27 July 2012

You would like to think that Royal Dutch Shell’s chief executive Peter Voser had a  ‘Plan B’ when he surprised everyone in the City by walking away from a £641m cash bid for Cove, allowing Thailand’s PTT Exploration to win the day.

Of course he did. Speculation is now rife that he is in advanced talks with his counterpart at Anadarko, the US explorer, about the possible acquisition of some or all of its 36.5 per cent stake in the Rovuma-1 offshore gas fields in Mozambique. The major attraction of Cove was its 8.5 per cent stake in the Rovuma block.
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Shell abandons fight for Cove Energy

Mon Jul 16, 2012 3:03pm GMT

By Kate Holton and Sarah Young

LONDON, July 16 (Reuters) – Royal Dutch/Shell on Monday abandoned the battle for control of gas explorer Cove Energy Plc, shocking investors and clearing the way for Thai rival PTT Exploration & Production to acquire it.

Investors had anticipated a higher offer from one or both bidders, prompting hedge funds to buy in to Cove stock, and an auction process had been due to start this week.

PTT is offering 240 pence per share or about $1.9 billion for Cove, which has made huge east African gas finds. Shell had bid 220 pence. read more

UK Takeover Panel Gives Shell, PTT July 16 Deadline For Cove Offers

By Sarah Kent: Published July 13, 2012 by Dow Jones Newswires

U.K. regulator, the Takeover Panel, Friday waded into the takeover battle between Royal Dutch Shell PLC (RDSB.LN) and Thailand’s PTT Exploration & Production PCL (PTTEP.TH) over Africa-focused Cove Energy PLC (COV.LN), giving the companies a deadline of July 16 to make their final offers.

If no offer is accepted by this date, the sale of Cove will be decided by an auction on July 17, the Takeover Panel said in a statement. The regulator’s intervention will draw to a close a months-long contest between the two companies for the prize of potentially-lucrative natural gas discoveries in Africa. read more

ROYAL DUTCH SHELL PLC – Offer by Shell for Cove: Extension of Offer

ROYAL DUTCH SHELL PLC – Offer by Shell for Cove: Extension of Offer

Royal Dutch Shell ADR B RDS.B | 7/12/2012 2:00:00 AM ROYAL DUTCH SHELL PLC – Offer by Shell for Cove: Extension of Offer


FOR IMMEDIATE RELEASE 12 July 2012 Cash Offer by Shell Exploration and Production (XL) B.V. ("Shell Bidco") for Cove Energy plc ("Cove") Extension of Offer Introduction read more

Cove Sparks Top Bids for Gas Explorer in Africa: Real M&A

By Alex Barinka – Jul 4, 2012 10:00 PM GMT+0100

Traders are more convinced than ever that a bidding war for Cove Energy Plc (COV) will lead to the richest takeover premium on record for an oil and natural-gas explorer.

The owner of a stake in gas fields off Mozambique lured a sweetened offer of 1.2 billion pounds ($1.9 billion) from PTT Exploration & Production Pcl in May that topped prior bids from Royal Dutch Shell Plc. (RDSA) Shares of Cove rose to a record 270 pence yesterday, almost 13 percent above PTTEP’s proposal, indicating traders who profit from acquisitions anticipate the competition will escalate. It now trades higher above the offer price than any other pending acquisition in western Europe of at least $500 million, according to data compiled by Bloomberg. read more

Oil and gas are the new African queens

Oil and gas are the new African queens

When Royal Dutch Shell proposed a 195p-a-share, £992m offer for Mozambique-focused oil and gas explorer Cove Energy in February, many in the City regarded it as a “full” offer.

Workers undertake a flaring test at Waraga 1 well in Kaiso-Tonya, Uganda Photo: Reuters

Emily Gosden By : 5:27PM BST 01 Jul 2012

“The valuation looks stretched,” wrote one analyst. “The proposed offer is unlikely to face a challenge,” said another. More than four months on, Thailand’s PTT now leads a bidding war with a 240p-a-share agreed bid.

The City now expects Shell – which has so far raised its offer to 220p – to come back and at least match PTT, potentially even upping its bid to above 300p. Cove’s prized asset is its 8.5pc stake in the Rovuma 1 block off the Mozambique coast, where giant gas reserves have been discovered. read more

Shell extends offer for explorer Cove Energy again

Thu Jun 28, 2012 7:40am EDT

* Shell extends deadline for shareholder acceptances to July 11

* Cove shares continue to trade 10 percent above PTT’s offer price

* Analyst says still expects Shell to return with higher bid

* Shell has until July 17 to launch higher offer

LONDON, June 28 (Reuters) – Oil major Shell again extended a deadline for Cove Energy shareholders to accept its $1.8 billion takeover offer, leaving the way open to trump a higher bid from rival Thai group PTT Exploration and Production. read more

Investors eye increased Shell bid for Cove

By Sarah Young

LONDON | Mon Jun 25, 2012 11:42am EDT

(Reuters) – Shareholders are betting Shell (RDSa.L) will up the stakes in a bid battle for explorer Cove Energy (COVE.L) after Thailand’s PTT Exploration and Production PTTE.BK extended the deadline for investors to accept its $1.9 billion offer.

Cove shares were up 0.3 percent to 265.5 pence at 1021 EDT on Monday, still above the 240 pence per share PTT has offered, as investors eyed a potentially higher bid from Shell.

PTT said on Monday that investors would now have until July 6 to accept its offer, after it won acceptances from only 0.25 percent of Cove shares by last Friday’s deadline. read more

Shell fights on for Cove

Mark Leftly: Sunday 24 June 2012

Royal Dutch Shell is expected to turn up the heat in its battle for Cove Energy, the Mozambique-focused gas explorer that has generated huge interest among the supermajors.

Cove shareholders have until Wednesday to accept Shell’s 220p-a-share bid, which was tabled in April but has since been trumped by an offer of 240p, or £1.2bn, from Thailand’s PTT Exploration & Production. Shell has already extended its offer once, but can do so again as an absolute deadline cannot be enforced until mid-July. read more

New Mozambique gas find boosts bid target Cove

By Sarah Young

LONDON | Mon Jun 11, 2012 6:55am EDT

(Reuters) – U.S. firm Anadarko Petroleum Corp (APC.N) announced a further major gas find off the coast of Mozambique on Monday, raising the stakes in the bid war for London-listed partner, Cove Energy (COVE.L).

The takeover battle for Cove could now have further to run, analysts say, with Royal Dutch Shell (RDSa.L) returning to the fray after Cove last month agreed to a $1.9 billion offer from Thailand’s state oil firm PTT Exploration and Production PTTE.BK. read more

Shell Shunned as Cove Prefers PTT

May 23, 2012


LONDON—The race to secure access to East Africa’s natural-gas fields took a twist Wednesday after Thai state firm PTT Exploration & Production PCL PTTEP.TH -6.19% trumped Royal Dutch Shell RDSA -0.11% PLC’s offer for Mozambique-focused explorer Cove Energy COV.LN +11.24% PLC with a late $1.9 billion bid.

And in a sudden about-face Cove’s board, which only this week had recommended Shell’s offer to its shareholders, said it now advised investors to accept PTTEP’s 240 pence a share bid, which is 9.1% higher than Shell had offered last month and represents a 6.6% premium to Cove’s average closing price over the five business days ended May 22. read more

Shell set for wait to secure $2 bln Cove bid

Tue May 22, 2012 11:53am EDT

* Some investors see Shell extending period for offer

* Shares currently trading above 220 pence offer price

* Risk arbitrage hedge funds own 70 pct of Cove shares

By Tom Bergin

LONDON, May 22 (Reuters) – Royal Dutch Shell is likely to have to wait to secure its $2 billion takeover of Cove Energy as shareholders in the Mozambique-focused target company look for potential counter-bidder Thailand’s PTT to show its hand.

Some Cove investors said on Tuesday they expected Shell to extend the tender period for its 220 pence a share offer, as they said they would not offer their shares ahead of the 1200 GMT, May 23 deadline Shell has set for acceptances. read more

Gas discovery for Cove may rock boat for Shell

The Irish Times – Wednesday, May 16, 2012


EXPLORATION GROUP Cove Energy yesterday reported a new gas find off Mozambique, raising speculation that a new bidder could attempt to trump an existing $1.8 billion offer from Shell for the company.

Cove said Anadarko, its partner in the Rovuma licence off the east African country, had between seven trillion and 20 trillion cubic feet of recoverable gas in the Golfinho exploration well where one of its partners had been drilling. read more

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