Cove Energy offer extended
Thailand’s PTTEP has extended its offer for British-based Cove Energy until the end of this month.
Thailand’s PTTEP has already extended the offer once, on 16 July, which expired on 25 July. And now PTTEP has renewed the offer, through PTTEP Africa Investment Limited – PTTEP AI – extending it out to 31 July.
So far, PTTEP says it has received acceptance for the offer from 72.14% of Cove’s shareholders.
PTTEP posted the offer on 1 June, based on 240 pence per Cove share, valuing Cove at £1.221 billion
Also on 29 May 2012 PTTEP AI announced that the Republic of Mozambique’s Ministry of Mineral Resources had consented in writing to the indirect change of control of Cove’s interests in Mozambique, if the offer be finalised. Cove holds 8% equity in the Rovuma Basin offshore Mozambique which has now sufficient gas reserves for an LNG development.
Shell, which had made a rival bid, extended its offer to Cove shareholders on 16 July, but by 25 July it had received acceptance from only 1.25% of Cove’s shareholders, and its offer has now lapsed.