By Will Kennedy – May 15, 2012 4:47 PM GMT+0100
Cove Energy Plc (COV), the U.K. explorer that’s agreed to be bought by Royal Dutch Shell Plc (RDSA), reported a new gas find off Mozambique, increasing the size of its discoveries in the east African nation by as much as 66 percent.
The Golfinho exploration well, drilled by partner Anadarko Petroleum Corp. (APC), found 7 trillion to 20 trillion cubic feet of recoverable gas, according to a statement today. The discovery was separate to the existing Prosperidade find, which holds as much as 30 trillion cubic feet. In total, the Rovuma Area 1 block where Anadarko and Cove are exploring may hold more than five times the U.K.’s existing gas reserves.