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Shell’s £1bn Africa punt

OIL giant SHELL stunned experts yesterday by bidding to boost its reserves with a £1billion gamble on Mozambique in East Africa. “This shows how desperate Shell are to boost reserves,” said one expert.

Shell’s £1bn Africa punt

Thursday, February 23, 2012

OIL giant SHELL stunned experts yesterday by bidding to boost its reserves with a £1billion gamble on Mozambique in East Africa.

It revealed a 195p per share offer for COVE ENERGY which holds an 8.5 per cent stake in one of the world’s biggest gas fields there.

It contains the equivalent in gas of more than TWO BILLION barrels of oil.

“This shows how desperate Shell are to boost reserves,” said one expert. Cove shares raced 25 per cent to 193.5p.

East Africa is one of the fastest growing frontiers for oil and gas exploration. Shell’s offer is one of only a handful of deals in the past decade.

TULLOW OIL has made big finds in Ghana. Tanzania-focused OPHIR ENERGY leapt 7 per cent higher.

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