Took a punt on this a few months back....thanks EK...who tipped this and brought it to my attention !.....looks good for Aminex as well...

Interesting buy - I believe they are looking for oil off shore Madagascar. Sterling Energy have a large acerage off shore Madagascar together with Exxon. I understand that Exxon drilling there was delayed because of the change of Government in Madagascar. I think Exxon may be drilling later 2010 or 2011. I do not know where COV are to drill but SEY are in the north west off-shore. Any progress by one co may reflect on the other. Any finds there could be very big for SEY as they have a massive acerage and should transform the price of COV -
good luck - I'll now be watching COV myself - thanks r-field. -
p.s why Aminex - I do not know anything about them ??

Just read news - they have a find off-shore Mozambique. This is one to get into now.

Cove and Aminex are drilling in the same basin off East Africa, one onshore, the other offshore....both looking good...

I should have got some more this morning......anyway, happy with what I have...

Its never too late..!

Are you in this one Mitzy ?....more wells to be drilled....so many small oilies drilling this year and probably quite a few ten baggers between now and next year....the thing is to guess which ones ?....Aminex looking good, but a lot in the balance...would drop back to 10p with a negative result....but probably no further as it has other assets that are coming right....anyway : superb result for Cove Energy and more to come...

Incredible number of buys coming in....looks like a close to a pound stock, later this year....

No I am not invested here rf just looking ..

peeps forecasting another strong day similar to gkp early days - i dont follow bb but link attached for perusal: http://www.britishbulls.com/StockPage.asp?CompanyTicker=COV&MarketTicker=Oil%20and%20Gas&TYP=S

The Times

TIDDLER TO WATCH

Oil and gas explorer Cove Energy, owned by the serial entrepreneur John Craven, has announced the discovery of a new gas reserve, which has an estimated volume of four trillion cubic feet. Cove holds a ten percent stake in the Windjammer well, located off the coast of Mozambique. The news of the discovery sent shares in Cove Energy up 16.5 pence to 45.75 pence.

Up again....fab !.

Cor, flippin' heck. Well done rf. Not one I have watched at all, but looks like a tidy profit for investors. Just can't watch them all!

afternoon all! have been in this since it was called Lapp Plats.......looking very interesting here at the moment...Anadarko had a call today....very interesting comment ref Windjammer......

07:23 Cove Energy PLC (COV) Holding(s) in Company RNS

Total disclosable holding for JPMorgan Asset Management Holdings Inc : 30,449,889 (11.22%)

interesting little rise this morning.......wonder when the next announcement is due.....? is anybody else watching these?

apparently not! pity....there is a piece in one of the papers today about a target price of 59p!

Sadly, not one I am in.

Loads of drilling to come.....golden age for small aim oil stocks....

i'M IN.

Incredible chart.

Hmmmmm.......Fair to middling ;o)

lol..


seriously Harry these aer going to 100p soon.

I expect the oil price to be $100 plus in 2 months time.

on what do you base this?
very weak $?
huge increase in consumption despite usual summer downturn?
iran drops an atomic bomb on iraq?

Terrorist attack in USA / UK possible nuclear attack on Iran.

good logic from impeccable source, though not sure that either occurrence would cause a surge in crude; in fact, maybe the reverse

i suppose attacks are favoured when the weather is warm and/or too damn hot in pakistan or iraq or similar

Moving on up today.

and down again..

looks like the MMs are happy to take any stock that is thrown at them...that on its own says it all!

The company got a nice mention from oilbarrel.com ! They refer to 5tcf!!!! This, if proven, should in my opinion pretty much de-risk the entire operation for Cove.

i really don't rate oilbarrel for i reckon it's little more than advertising platform

cynic - have a look at the article....it is pretty interesting reading even for a cynic!

5tcf is a hell of a lot of gas plus theres more according to MW tonight.

mitzy - 5tfc is indeed one hell of a lot of gas.....taking a conservative estimate on the value of it and Coves share thereof.......the numbers make the present share price look very very interesting considering the fact that they have funds now for a total of 6 drills partnering with Anadarko so fundraising can be ruled out for the immediate future ( I think )....

Mac this could be very big says Michael Walters.

Up 10% not bad for a day trade.

I am holding for at least 100/120p.

mitzy...it is not only Michael Walters who is saying that it could be very big! : )

Anadarko have described the entire project as one of their major projects......think they probably know more about it than MW!

nice bit of movement on a Friday afternoon. Looks to me like there is someone out there basically hoovering up everything that becomes available! hope I am correct on this! have a good weekend all!

Hope you are correct mac as I have my house keeping money in this one as form this week.

i have only watched this in a very desultory manner, but at least there seems to be rather more substance and reason to the price rise than for CHAR

I agree there if they have 5tcf the share price will be at least 500p to 1000p a share in 2 or 3 years time.. and they could even find oil deeper.

I've parted with a few of my precious Gkp shares to increase here but I'm still below 10k shares small fry pi.-- so I hope to add as and when. The funding was oversubscribed at 40p--they are now well funded with I believe another 49 targets to drill! no wonder excitement is building sooner or later imo. they will hit oil as well!

Its a sound bet moneyplus.

Incredible share and prospects!

And so much better than DES.

Alright, COV has boobs and DES hasn't.....but you never know these days....anything can happen....by the end of the week : a gas discovery for DES could change things big time......anyway Cove Energy with all these wells is starting to look like one of the successes of the year !.

Cov is greater than most oil shares even if it a gas producer.

cynic....one of the reasons for the rise is the fact that the company appears to have assets in the ground...and some serious partners along with a bunch of institutional investors who put up some serious cash just 1p below the market price at the time of the placing.

Nice AT trades going through again...whoever is hoovering is still out there......this could get very bloody interesting! : )

Waiting for Collier now, not quite so deep so might get news within 4 weeks and so it will go on, with ONLY another 48 prospects to drill!

WOW! :)

rayrac - they only have cash for another 5 drills. They will have to fundraise again at somepoint but if any of the 5 drills lined up are success, this wont be a problem. jmo.

Oil up to $84 today and some nice buysgoing through.

Oil is predicted to reach $100 a barrel in the next 4 weeks.

Think you've had too many buns mitz...go and sit for a while on your egg..make sure you turn it often or it'll melt..

Could be a nuclear attack in USA within weeks and Israel attacking Iran.

mitzy suggest you stop reading the Beano!

http://bobchapman.blogspot.com/2010/04/nuclear-terrorist-attack-on-major-us.html

wow! mitzy.....you obviously had a pretty "mellow" Easter! it's not good for you! ; )

bet he's a close pal of david icke too

Reckon he's a member of Al Qaeda.....knows more than he's letting on........

Bring back DavidIcke he was a better sports presenter than Gabby Yorath.

David Icke.....the slightly special individual?

I love David he is a nice guy.

looking good.

mitzy--check out mhg, gma, grl, --polo --I've been spreading my cove gains around a bit. It's looking good here too--so many choices!

Hi money Cove is 6 0p and hopefully will move to 70p soon..cheers.

Someone is dumping a load of these!

Big Oil has decided East Africa is to be its last stand. Every other region has fallen victim to peak oil - and of all the OPEC constituients only S/Arabia can meet quotas- much of which is hi sulphur and hence useless for most purposes ..ln addition the so called swing producers such as the Russias,Norway and Mexico are in rapid decline . As for the continent of Africa. After sinking over 30,000 wells in Arabic North Africa and a further 15,000 in West Africa 'Big Oil' is turning its eye eastwards which happens to have had a mere 500 wells sunk with an astonishing succcess ratio of over 75% ,,EG -Counties like Uganda,Tanzania,Kenya, DRC , CAR Ethiopia,Mozambique & the Sudan ..All the big bellweather players- CNOOC and P/C of China , BP, Total/Elf , Chevron/Texaco , Petrobas, Ex/ Mobil, Shell, plus Europeon darling oil stocks like TLW(UK), M&P,(Fr) , Eni,(ltalia) Statoil (Norway) and R/Dutch are q/ing up in massive droves in a massive prospect buy up grab. l have held an interest in Cov; and have done for over two years. But rather than the 'smash and grab' scenario as is my usual trader/speculator style i intend on playing this through to the endgame.-albeit i did crystalize a little profit to fund a sizeable (750k- shares not !! )) tranche of DPL two weeks or so ago- as i see big money to be had there too..Spudding in June the silverback Gorilla prospect with 100 mmboe of unrisked recoverable reserves Only sold COV due to rapid rise in s/p since start of the current year- and wanted a stake in DPL .....As for DPL ; This is the stock Uncle Tom has been ambigiously tipping recently . How many tiddlers such as DPL priced @ 6.75p have Ex / Mob and Total in talks reg their acreages? Prospects which themselves are in the shadow of one of TLWs recent 1.2 billion prospect buys in the area; and which share a quite similar geology .And even managed to farm out to French midcap Maurel and Prom a highly attractive deepwater lead - retaining 10%. ? As for COV- With the number of leads they have- even if they only deliver on a fraction l see 3 figure s/p within 6 months. ................

grevis - someone is dumping a load of these? someone is also obviously buying a load of these as well. Do we have to such inane posts on here? What do you expect? This share has had an amazing run. The price has more than doubled in less than two months. Of course there are people taking profit. The interesting thing here in my opinion is the resilience. The share takes a haircut and whoosh, out come the buyers again. Looking forward to the Collier announcement! Does anyone have a timeframe on when we can seriously expect to see an RNS about Collier?

Overloaded with these....looks so promising.....another big strike could send it flying again....

Lets hope so rf.

Somebody telling me to get into this in a very very big way in the next few days. 500-1000p valuation hey mitzy?? These being talked about as possible 1.5bill valuation and the next Cairn Energy. About 1100% upside from here or price per share of about 600p which is a little to the conservative estimate of yours if true. Moneyweek really into this one as well. Eyes down.

I am with you on this one kate.

certainly a far better bet than CHAR

lev 2 showing a few sellers @ 56p inc. 100,000 ....but it will no doubt be hoovered up . ....Very resilient stock. ,,,,could prove to be the stock of 2010. Mr.C -You have a position ?

i do now .... thought it worth some modest exposure

good man .......modest exposure you say ? Well better on here rather than on your local golf course ,,,;-) .........lncidentally hoped you dumped those CSR

why? those CSR are only 10p out of the money

if my memory serves me right you were looking to diversify from oilees and miners and happened to mention CSR when about 470 ...l replied could see upside to 510p and then a brick wall ..then retracement back to that level . As it happened they went as far north as 520p then then retreated to sub 440 .l suppose what i am trying to say is that i hope you sold at the 520 level ...............

i bought these ones on 6th April so the timing wasn't great! ...... should have waited a few days and bought at 430

Off thread I know (apologies) but there was quite a lot of Director selling at CSR a couple of weeks ago which is why I took my profit and ran.

(well, more of an amble really)

Depends if you had high heels on or not ?....can look sexy on sheep !...(see pictures of "go navy")....(some time ago now !)....

delete

Well suspended.

Looks like the hot money will get a good shaking down today on this news.

Operations Update
Highlights
Drilling operations ceased at Collier 1 well for safety reasons.
Collier well can be re-entered.
Drilling programme continues with Ironclad prospect, followed immediately by Barquentine, near the Windjammer discovery.

Cove Energy plc ("Cove" or the "Company") has been informed by Anadarko Petroleum Corporation ("Anadarko"), operator of the Rovuma Area 1 offshore block Mozambique ("Area 1 Offshore") (Cove 10% paying interest, 8.5% net), that it has ceased drilling operations on the Collier 1 well, having encountered pore pressure issues at the top of the predicted reservoir

Tipped today.

In what ?, or on or over what ?.

Independent newspaper.

......-en brevite- The initial windjammer find is worth 42p to COV and the later find increased its value to 47p so dont allow yourself to be suckered out of your shares as many were yesterday. Those who sold at 42p must be kicking them selves. Their stock was simply hoovered up by bigger players in big tranches in and out of auction who exploited this sudden weakness..l imagine trading parameters will be between 47 and 52p until next well is spudded and once again the massive interest will fuel the stocks momentum .. While the collier 1 drilling result can only be construed as unfortunate- somebody on another thread did mention operators were encountering heavy pressure above t/d last week- the operators have made a most prudent decision, considering the sheer cost of their drilling ship, to simply move on to the ironclad and Barquentine prospects. This is a drilling programme and not a one horse wonder .They can always return to Collier at a later date and find another way in the designated basin; and with a little delicate tinkering ect ect l have seen this problem overcome time and time again . And the cause of this presssure ? Could simply be a body of water but more likely to be the lighter gasses seperating from heavier gas or even condensate ... The "hot" money to which P refers was taken from the mkt last week when s/p fell from its high of 62p as news of Colliers probs entered the public domain thearby attracting those with shorting inclinations. Some big buys at well above mkt price suggests Colliers probs were already factored into s/p . ...l am in transit as such at the moment but will repost as soon as possible. But have no fear; the demise of COV is greatly exxagerated

Nice write-up TFC....I have far too many of these (for the size of my portfolio)....but will wait for good results to come.....

TFC - glad you've dropped the cod-frog nonsense! ..... good post as RF commented; and no i did not get bounced out of these

The Independent

"Cove Energy

Our view: Buy

Share price: 49p (-6p)

Cove Energy's shares dropped by 11 per cent yesterday on news that it had ceased drilling at its second "Collier 1" well because of safety concerns. We say: even more reason to buy.

Cash shell Lapp Plats was reborn as Cove Energy last year thanks to former Dana exploration director John Craven and former Shell Algeria chairman Michael Blaha. The plan was to mop up distressed companies' assets, and within months, the newly formed Cove did a deal with Norway's Artumas for interests in Tanzania and Mozambique. It then put together a five-well drilling campaign with operator Anadarko Petroleum for offshore Mozambique, with 40m from an equity placing. In February, Cove went from a good idea to an explorer that stands out from the crowd when its first well, Windjammer, uncovered a significant gas column sending the stock soaring from 23.5p to 43.5p in just four days.

Optimism is still running high. While Collier is suspended, the remaining three wells will go ahead. And if there is time at the end of the programme, Collier will be revisited. Either way, we are sufficiently impressed with Cove's swift progress and early success that Collier is of little concern. For investors interested in explorers, Cove has an unusual combination of cash, assets and promise. Buy it while it's cheap"

THE TIMES

Risky buy at 49p

It was the Sunday Times who said DES was a flop a few weeks back.

And they were correct, so far.

but only so far Harry .Some quaters of the city have great expectations reg DES . Cant say i concur as yet - but methinks theres a trick in the tail there somewhere. ...REG: Trading in COV .....-Over 1.5 million shares bought in tranches of 200,000+ today a full 3p to 5p over offer price prevailing at the time . ,,,,,,,Somebody feels confident ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,O/T Apologies et al / Roly -.Did you not get my recent mail ?

No Jamie , try my moneyam email address , and i can send you my other address.

righty o - will do ............Are you holding COV yourself Roly ..? lf Funds allow l would give them the usual Aldwickk mulling and dip a toe -think about it anyway. Also have a peep at tiddler DPL ( one of uncle toms reckies ) . As for COV -Most of the mainstream brokers to whom i speak every day its not even on their respective radars despite BR s massive stake and the wildcat extraordinaire W/J discovery . l used to find that odd until i realised how many of them were certainly not there on merit / Mr.C ..NOW while you may play golf i dont think for a second you were duped into parting with yr holding. ........cynical-indeedy ...but mad - no

yes, i hold COV and DPL. i sold COV when they ceased drilling at its second "Collier 1" then changed my mind and bought back in again.

COV looking at 38p soon and if this breaks 24p on the cards. Very speculative.

can rats swim?

Halifax, you sound like one of those cold war spy's.

He's the Piped Piper.

Nice little rise this morning

Where did this clown "hlye" come from? sunshine, get a life. This company has been transformed in the last couple of weeks. Just for your info - a very interesting note has been issued today with a buy recommendation - target price??? Guess what??? yeah, you got it - 100p!!! good luck all holders!

sorry - forgot to include the source of the buy recommendation - Panmure Gordon.

oh no not a brokers buy note time to sell!

LOL! ; )

Pan Gor broker note:
"Cove is an oil and gas play with interests in Tanzania and Mozambique. It is a virtual company in terms of the very limited number of personnel employed full-time within the business. The philosophy of management, fronted by John Craven ex CEO of Petroceltic, is one of seeking low capex-high value projects. Cove will support projects in exploration, appraisal, and as they move into development, but will sell their interests on to others before production. Young basins are sought, in terms of evidence of a working petroleum system, whilst there is also a preference for emerging basins, given their better terms and better prospects. Strong seismic is required to de-risk projects whilst joint ventures will be sought with good operators and, with regard to the latter, Cove has done very well to partner with the Texas-based Anadarko (c. $35bn market cap). The US giant is running the drill programme, but Cove has an 8.5% interest in its exciting off-shore Mozambique prospects, and this has prompted our involvement in the story, initially via a placing at 40p announced on the 11th March.
Then on the 20th April, Cove announced that the second well in the off-shore Mozambique drilling programme, Collier 1, had been suspended "for safety reasons" due to high pore pressures in the well. The partners in the drilling programme opted to move the Belford Dolphin drillship to drill other prospects (Ironclad and Barquentine) whilst they work out how to handle the pressure. The market has reacted poorly to this, undeservedly in our opinion, since it likely just reflects inadequate equipment on board the rig to deal with the issue and Collier will be revisited at a later date. In the meantime focus will next move to the Ironclad (oil) prospect some 30kms south-west of Collier."

Perhaps it is the broker note which has suddenly moved the sp up 30%

At last.

At last.

Nice burst.....long may it last...

some comparitively large buys in out of hours trading in the past few days - well above offer price . Looking good. ....something is afoot ...

Something is afoot with AMER as well

looking very strong ...retesting previos resistence

TFC ....... am holding these "J"

off topic ... any idea why MML share price has fallen these past few weeks.

Failed the 60p barrier again! News badly needed to give this a boost.

Possibly worth a top up at 48p ready for the next assault on 60p???

not a pretty chart!

Still trading within the 48-58p range. Up 11% today, but on no news so I expect that to get nipped back pdq.

looks like there is something going on here again today! ; ) oil, perhaps?

This often goes like that with no news. Then back down.

Rumour about a big oil or gas discovery (see EK)...sp rising ?...in anticipation....

We live in hope!

If this bursts through 60p : could be in for a very sharp rise.

Still rising, making up for my DPL disappointment....

It's all quite small farm-in holdings though, even if a strike:

Tanzania, Mnazi Bay/ Msimbati Gas Fields
Tanzania Producing Asset (16.38 per cent. participating interest)
Tanzania Exploration Asset (20.475 per cent. participating interest)

Mozambique, Rovuma Offshore Area 1/Rovuma Onshore
Mozambique Onshore Asset (10 per cent. participating interest)
Mozambique Offshore Asset (8.5 per cent. participating interest)

Still the same....it could double....

What did EK say ?

200p if it's oil or a good rise if it's only gas......not exactly his words but just about...rumour that they have hit something....and this has come out through intercepted telephone conversations....

Resistance at 60p....hope EK's informants are right....

The text from EK on T1PS.com
"The late Atty Persse of Salisbury plain used to lock up his stable lads after a really telling gallop. There was no way any information was going to get out to the bookmakers. All this, a hundred years ago, was long before the Human Rights legislation entered the statute book.
No such considerations apply to oil rig workers. They are on their mobile phones all day long with telephonic equivalents of NORWICH and, of course, drilling results. Fortunately, many oil rig workers have no idea what they are looking at and, even if they were to, they have a poor understanding of its quantification in stock market terms. Further, the market's fringe operators have a unique capacity to get these messages remarkably muddled. It really makes insider dealing extraordinarily hit and miss.
That said, my soi disant GCHQ contact covering the Indian ocean tells me that the sounds/intercepts for Cove Energy (COV) are very encouraging. If it is oil it is 150p to 200p. If it is merely gas, it is still a big rise. Either way, get hold of Cove below 75p. The formal drill result is soon and, of course, the workers at the bit face must already have some idea of the omens. "

Cove Energy plc is pleased to announce that it has concluded a conditional farm-in agreement with Dynamic Energy Exploration and Production Corporation ("DEPCO") to acquire a 15% participating interest in five contiguous deepwater blocks L5, L7, L11A & B and L12 covering an area of over 30,500 sq kms, offshore Kenya, East Africa. The five Blocks are held in a Joint Venture by Dynamic Global Advisors Kenya Limited, a wholly owned subsidiary of DEPCO with a 30% interest (15% after farmout)and Anadarko Kenya Company, an affiliate of Anadarko Petroleum Corporation, the operator of the blocks with a 70% interest.

Highlights

Extensive contract area - approximately 30,500 sq km (7.5 million acres) over the entire deepwater fairway offshore Kenya, more than three times the size of the Company's Area 1 Offshore Mozambique block.

Diversity of hydrocarbon play types - typical deepwater hydrocarbon plays such as turbidite fan/channels in a number of structural and stratigraphic trapping situations are evident from existing seismic data and are similar to those identified offshore Mozambique.

Evidence of working petroleum systems - adjacent shallow water and onshore wells have oil and gas shows together with active oil seeps on Pemba Island near the southern part of the contract area.

Recent extensive 2 D seismic - over 5000 line kilometres of modern 2 D seismic has been acquired in 2010.

Experienced Operator - Anadarko has considerable offshore Africa deepwater exploration experience and has enjoyed notable success in Ghana (Jubilee) and Mozambique (Windjammer).

Drilling Continuity for Cove - drilling on the Kenya blocks is expected to commence in 2012/13 and is planned to follow the ongoing 2010/11 Mozambique offshore exploration programme ensuring continual drilling activity for Cove in East Africa deepwater basins.

Provides synergy between DEPCO and Cove combining DEPCO's knowledge and strategic data - base in a number of emerging plays offshore Africa with Cove's experienced technical and financial strengths. Both companies will seek to co-operate in future ventures."

Busy company....

Not quite the RNS we were waiting for, but sp already up over the last day or two & hoping for more with imminent drilling result.

One well after another for this little gem......in time this will go past the pound mark regardless of success or not in the present one....will stay put for now...

Up another 2p....goodie....goodie, gum drops....

Trickling up....I get the feeling that it would fly past the pound level in the event of another discovery....nothing sure yet about another find but the sp keeps on rising.......

Good end to the week here as well...sp at it's highest....

About the only good one in my portfolio this friday! Slow, steady rise is just right, imo.

"Cove Energy plc notes the comments made by Anadarko in their Q2 2010 earnings conference call yesterday when it was stated that progress on the Ironclad well had been slowed due to adverse sea current conditions at the well location. When the currents subside, normal drilling operations and well evaluation activities will resume.

Consequently the Company now anticipates that final Ironclad well results will be known in two to four weeks time when it is expected that an appropriate announcement will be made."

StockMarketWire.com
Cove Energy has announced a six month extension to the the initial exploration period for the onshore Rovuma licence in Mozambique.

This extends the phase one licence term to the beginning of March 2011 without further commitments.

A notice to enter the second exploration period will now be due on or about 30 January next year and phase two will be reduced by a corresponding six-month period from 36 months to 30 months.

Formal notification of the extension by the Instituto Nacional de Petreo of Mozambique was given to Cove's partner and Rovuma operator, Anadarko Petroleum.

The partners are Anadarko (35.70%), Maurel et Prom (27.71%), Artumas Group (11.59%), Empresa Nacional de Hidrocarbonetos de Mombique (15.00%) and Cove (10.00%).

From this week's Shares Mag:
"Investors with a tolerance for risk should buy oil explorer Cove Energy (COV:AIM). In July the firm added to its East African portfolio, through the $15.5 million acquisition of a 15% interest in five blocks off the coast of Kenya, and the results from the potentially game-changing Ironclad well, offshore Mozambique, are expected before the end of the month. Shares first flagged the companys attractions last year at 27.5p (Small caps, 1 Oct) and its shares have gained 129% in the interim following springs substantial Windjammer discovery (18 Feb). This find uncovered an estimated four trillion cubic feet (tcf) of gas and is also located off the coast of Mozambique.
The 210 million market cap was partnered on Windjammer by Anadarko Petroleum (APC:NYSE), which has an excellent track record exploring in deep water offshore Africa. The US independent also operates Ironclad as well as having a 70% interest in the Kenyan assets in which Cove has just taken an interest.
The potential of the acreage in Kenya is due to be tested in 2012 and 2013 and Shares is encouraged the July deals meansCove has set up a pipeline of exploration activity to follow on from the planned drilling in Mozambique for this year and next. Better still, the group is fully funded up to the end of 2011, having raised 25.7 million in March via the placing of 64.3 million shares at 40p each.
The Ironclad well is targeting potential reserves of 720 million barrels of oil and although minor difficulties have been encountered in drilling, due to strong ocean currents, results are still expected within the next two weeks. Cove will then move on to drill the Barquentine prospect, which is adjacent to Windjammer."

nice little attempt to break out today! ; ) now, if they would only get the drillbit nice and dirty with a black substance which is not too viscous!

harrycat...ref your posting regarding the holdings being small......8.5% of a possible 720 million barrels is still a fairy large wheelbarrow full of cash!!! ; )

Its looking good... reminds me of Petro Matad.

looking very interesting....nice little statement from a politician didnt hurt this morning....Coves RNS is probably only to appease the market....they presumably have to wait for Anadarko to ok the real RNS which I guess will appear in the afternoon once the Americans have woken up.

That's what you call a turn round.

Atm down 13%

dealerdear - what on earth happened here?! i am glad i stuck to not buying on a spike (mostly) - i very nearly was tempted to buy earlier but so glad i didnt - any idea why this is now red? amazing

Anadarko must have released a statement to the US market.

No idea what though. Might even be a rumour but very dangerous to buy on the back of that, whatever it is!!

presumably awaited results may disappoint.

http://blogs.chron.com/newswatchenergy/archives/2010/08/anadarko_discov_1.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+houstonchronicle%2Fnewswatchenergy+%28NewsWatch%3A+Energy%29

August 17, 2010
Anadarko discovers oil in Mozambique
Anadarko has found oil in Mozambique, but is currently investigating whether it is a commercial discovery, Reuters reported today.

The daily Noticias newspaper quoted Mineral Resources Minister, Esperanca Bias as saying oil deposits were found in wells with depth of around 5,100 meters.

Researchers were still carrying out evaluations to confirm samples from three other Rovuma Basin wells, Bias said.



Anadarko's minority partner, Cove Energy, said it was waiting for more "detailed analysis" at the prospect and would "update the market shortly," Reuters said. Shares in Cove jumped 14 percent.

btw - bought few minute ago just over 60 - pure gamble!

That I think would have been an earlier statement that has now been superceded by something.

Good luck!

possibly - i am not sure - still searching and watching the sp like a hawk lol!

gibby suggest you get out before they go through 50p!

It was on Bloomberg , not likely to be a commercial find

this reminds me of the day falklands 4 tanked for no reason - then up again as quick as they went down almost - that was a good day!!!

anadarko opened up on nasdaq http://www.nasdaq.com/aspx/dynamic_charting.aspx?selected=APC&symbol=APC

What was that 690k AT trade then ?

remeber also apc much bigger fish than cov....

http://www.economy-news.co.uk/anadarko-17201008.html


Anadarko Petroleum undervalued says UBS
Written by Will Peters
Tuesday, 17 August 2010 14:38
Anadarko Petroleum also announces new oil find in Mozambique.

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Anadarko Petroleum Corp (NYSE:APC) shares are higher by 2% at 52.98 in morning trade on news that the company has discovered oil in Mozambique.

The equity analyst team at UBS also believes that regardless of the new find Anadarko shares are undervalued.

UBS have set a new target share price of 66 on Anadarko - that is 27.07% higher than at this morning's opening price of 51.94.

The Mozambique oil find will need further tests before the commercial viability of the find can be ascertained.

Shares in Cove Energy, Anadarko's minority partner on the exploration block off the coast of Mozambique, jumped 14 percent.

London-based Cove said in a statement responding to the reports that it was waiting for more detailed analysis at the Ironclad prospect, in which it has a 8.5 percent stake, and would update the market shortly.


Icahn increases exposure to Anadarko

Billionaire Carl Icahn disclosed that his hedge-fund group raised its stake in Chesapeake Energy Corp to about 2 percent of shares outstanding and added new holdings in two other energy companies.

Icahn Capital LP increased its holding to 12.7 million Chesapeake Energy shares as of June 30 from 2.12 million as of March 31, according to a Form 13F filed today with the US Securities and Exchange Commission.

The funds also acquired 2 million shares of Anadarko Petroleum Corp. and 240,000 American depositary receipts of Ensco Plc during the second quarter, according to todays filing.

The market value of the billionaires energy holdings rose to about $348 million as of June 30 from about $52 million as of March 31, filings show.

Icahn Enterprises LP, the holding company for Icahns investment-advisory business, reported earlier this month that the market value of the fund energy equity securities rose to about $923 million from $77 million at the close of the first quarter.

roll on tomorrow - gla

+8.5 when i left london this morning and -8.5 at close ..... suckers suckered?

Its said, reports from Andarko that its low porosity and low permeability, hence likely not commercial.

Only one of many to be drilled ..... don't panic .

followers of HAWK, EME and others chant the same mantra!

But this isn't them , its Cove different location with many more drill's

so has my dentist ..... enough silliness; well past my bedtime her

Her ? tell us more ..... we won't tell the wife

Was it really 74p this morning ?

The company tried to hide the fact that the well was a dud and amazingly, the sp opened up around 67p which would have made a very quick profit for Gibby. I hope he sold cause as you can see, it has come down to earth quickly. 68/69 was the tops but like you, it shows up as 74p.

Hopefully, nobody paid that!!

There are 2 ways of dealing with this...buy and sell quickly or keep for the long term.....I'm in for the latter...

dealerdear - thanks mate - i had a pleasant surprise this morning - off loaded cov real quick at near high - good day - ggg didnt do too badly either but i am in long there now so dont really mind what it does as very confident there - see a broker target 18p - that not enough imo for ggg! ggg has cash funds to fast track latest find towards end 2010 - cov was a pure gamble - bit of a fluke & i hope nobody paid 74p also for cov!! gl and have a good evening

required field agreed - i think long is good here too (for cov) - but i have much invested elsewhere so needed a quick win - gl

cynic i always smile reading your posts - make me laff - keep it up - cheers

RF - there's a 3rd way, the true way to eternal life ..... avoid the damn thing!

Well done gibby. You deserved that for taking the risk.

cheers dealerdear - good luck with your deals also

had a shock today - i have quite a bit of sam for an age now - almost forgotten about 'em - actually blue today! lol

Hoping for 70p again soon.

Going well, but reaching the 70p resistance level again & with no news, suspect this may fail to breach it.

Needs some news of some kind......positive would help....

agreed HC -70p is proving something of a brickwall type resistance as such at the moment .But i strongly believe it could be breached quite easily and without more news !; Likewise l strongly also believe had the prerequisite oil infrastructure existed in East Africa on a parity with that of the west of that crazy continent the ironclad well would have proven commercial ...110 feet payload is not an amount to be sneezed at .....and i equally believe we shall witness a number of wells being sunk within its vicinity in the not so distant future . .<>......Barquentine next ......Albeit yet another wildcattter it nevertheless shares the same permissive geology as windjammer suggesting gas will be more likely to be found than oil ...But who can say >? . Have a good feeling reg. COV as do Pan /Gordon who in a house brokers note stated Windjammer was HUGE and could easily have 10 tcf as 7tcf as has been verified, FURTHERMORE it claims lronclad had perhaps as much as 3TCF and 230 mmboe en situ but in such poor porousity/permeability basins and in isolation was thus not commercially viable-but needless to say the well was plugged with re-entry an absolute priority ...PG furthur claimed Collier was a 3TCF find but had proven far too dangerous to continue drilling without further analysis / but in planning its business model operators had identified yet even more lucrative leads .................................... 3 drills / 3 strikes ....cant ask for better in this game Harry ....75p -EASY !!!!!!!.....Barquentine looks very promising abd when the BD spuds it the s/p will rise a tad .......

70p target price.

http://www.dolmenstockbrokers.ie/reports/September%2016th.pdf

.

That was a hefty spike & must have triggered quite a few limit sells around the 70p level.

Topped up at the top.....did not time that right....as usual it bounces off that 70p resistance area....should have waited...

Bummer rf! :o( Will get in again sub 60p if I can.

Hey !....it might not drop that far.....

Well if it does we can both invest & watch it go back up to 70p again! Win, win situation for both of us! I don't think any news due in the near term, so just worth trading it atm, imo.

Cove Energy plc (AIM: COV) is pleased to announce its results for the six months period ended 30 June 2010.
Highlights

Rovuma Offshore Mozambique
Drilled Windjammer, Collier and Ironclad prospects as part of a continuous 6 well programme;
Windjammer gas discovery, 555 feet net pay in 3 turbidite fan reservoirs;
Collier well suspended above the objective target due to operational problems. The well bore can be re-entered subject to further analysis of relevant data;
Ironclad well encountered a net 125 feet (38 meters) of oil and gas saturated sandstones;
Barquentine prospect, nearby Windjammer, currently being drilled.

Rovuma Onshore Mozambique
Phase 1 exploration commitment fulfilled;
Decision on Phase 2 by January 2011.

Tanzania
Gas sales to Mtwara power plant continues;
New subsurface study by the operator Maurel & Prom estimates 2TCF of gas at Mnazi Bay (Cove net approximately 320 BCF);
Additional monetisation options being pursued; - new power generation, cement manufacturing, pipeline linking with Songo Songo gas field, other industrial applications.

Kenya
Conditional purchase of 15% interest in 5 contiguous, Anadarko operated, deepwater blocks offshore Kenya, having a gross area of over 30,000 sq km .

Corporate Developments
US$70 million cash at 30 June 2010 and no debt;
Successful US$38 million (25.7 million) institutional equity funding in March 2010, Cove now funded for the full 6 exploration well programme scheduled for 2010/11;
Cove entered the FTSE AIM UK 50 index;
New Directors appointed.

Outlook
Barquentine drilling results anticipated in Q4;
Exploration wells 5 & 6 offshore Mozambique 2010/11, appraisal wells planned in 2011;
Completion of Kenya acquisition;
Conclusion of Mnazi Bay gas monetisation feasibility study;
Further new projects under review."

Despite current b/o of 71/ 71.5 - will it hold ? , 70p is proving to be a brickwall of resistance . l can only re-iterate that lronclad with an estimated 3TCF of gas and 230mmboe en situ is only non commercial whilst taken in isolation . Much the same can be said of Collier which i am told by a reliable source will be revisted with its payload of 3TCF . But when taken collectively when current drilling Rovuma prog complete, and a hydrocarbon infrastructure in place the intrinsic value of these two finds will be reflected in the s/p .ln addition we have the interest in French M&P operated Mnazi Bay with an intrinsic value overlooked in s/p ................But now Barquentine has been spudded with td expected to be reached end of first week of october l would have thought 70p to have been breached; and acted as a bridgehead of SUPPORT and NOT resistance ....PG have an in house note suggesting a target s/p of 100p ..........................someone likes them what with trades of 179k @72p and 100k @ 71p ....,,,,,,,,,,,,,,,,,,,,,,,,RF - Still holding mon ami ?. My current TA chart illustrates a screaming buy at 63p with a resistance level at approx 83/84p

Still holding and topped up a few days ago.....nice to see this above 70p (for the moment).....might go a little higher....

topped up myself today ...tad shy of 70p ....Well liked in the city what with so many leads ....mms keeping a tight spread ....although my median has increased to 51p having bought @ 36p, 44p , 54p and now 70p .l see a nice return here

Big oil in a landgrab in Kenya ,Tanzania and mozambique buying up vast swathes of land all around COV interests - now thats an indicator as to which way the wind is blowing here -surely ?,,,..Considering Milsui recently paid $150 mn for 20% of the Rovuma prospects: and Videcon shelled out $75mn for a furthur 10%; and yet we paid a paltry $3.8 to $5,5 mn for not only 10% of the same massive field but a whole other big bunch of equally juicy goodies ,l find it extraordinary this stock is not already at the 100p level . Perplexed is the word. The potential is truly staggering .l rarely get exited about oil stock as i own so many but there are always a few exceptions / nearly every oil analyist l know -be it from the likes of gold gilted Caz ,or small cap specialists, Pritchards and everything in between have BUY reckies -all appear really bullish and selling "the deal" to a heck of a lot of clients including themselves .Another DGO in the making is the consensus of opinion .lts rise reminds me of the likes of JKX and TLW when i bought while both were in the 30s l ,,,,,,,showing of now :-)) in that they were afforded so little coverage ;.. but l think many already realise we are perhaps sitting on a potential "stock of the year" in COV . -lt juste has so much intrinsic value in its holdings which are numerous ;and has a top notch partner in Anakardo with their 75% strike ratio .ln addition with Mnazi bay accorded a pre drill 50% COS, and house broker, for operator, Maurel and prom stating so bullishly that M/ Bay will act as the companies gateway to a massive prescence in Eastern Africa it would appear the drillbit has achieved its purpose .....yet another j/v with a top drawer player adding to the coffers of COV ..COV juste has so many chances to hit the bigtime; and if Barq is on a parity with W/J this will hit 100p+ -based on its other interests achieving similar success ! Oil guru Peter Odell always maintained this region would one day be as productive as the North sea . What with so many brokers notes / desk notes in the public domain waxing lyrical about COV i shall leave the rest to your goodselves to judge ..l can merely scratch the suface of the interests held by this company........Both Collier (gas) and lronclad( gas and oil ) to be revisited i am told ........Anakardo have drillship BD until 2o13 with option for extension / so no need to hurry drilling prog..,,,,,,,slowly slowly catchy monkey- as i always find myself reiterating. .......

quite a few sizeable automatic trades ( 100,000 +) gone through the system this week - @ 74p - thats what l like to see !!........iincidentally harry when you say no news on horizon -posting 185 - you are quite wrong . Are we not awaiting results of Barq drilling ? Est. t/d reckoned to be achieved end of next week .

StockMarketWire.com
East African oil and gas explorer, Cove Energy has acquired a 15% interest in five deepwater blocks offshore Kenya from DEPCO for the issue of 4.4m new shares.

The remaining consideration is a cash payment of US$10.5m inclusive of acquisition costs, a reimbursement of DEPCO's past expenditure and funding for Cove's and DEPCO's committed forward work programme during the first exploration phase to June 2012.

CEO John Craven says: "These Blocks exhibit geological features that are similar to what we see in our existing interests in Mozambique and Tanzania.

"Having Anadarko as operator ensures operational and exploration continuity in our East Africa core area. As such, offshore Kenya is a natural next step to our on-going high impact exploration programme offshore Mozambique."

Risky but the upside could be massive...the sp could go to above 100p in a matter of minutes....in the event of another big discovery.

Another big gas discovery and 50 other leads !...to be drilled....

StockMarketWire.com
Cove Energy has announced a significant natural gas discovery at the Barquentine exploration well offshore Mozambique.

Barquentine is the fourth well in the offshore programme operated by Anadarko Petroleum Corporation in the frontier Rovuma Basin area 1 offshore Mozambique.

CEO John Craven said: "Following on from the maiden success of Windjammer announced in February 2010, the Barquentine discovery consolidates both the value of our acreage in area 1 offshore Mozambique and our other assets in the emerging East African offshore hydrocarbon fairway.

"As in Windjammer, the well encountered substantial natural gas pay in excellent quality reservoirs. It is our view that the Windjammer/Barquentine discoveries have found a substantial multi TCF natural gas resource. "The Barquentine discovery is a large gently dipping structure where the occurrence of hydrocarbons was predicted using seismic techniques which can be used to de-risk other prospects in this high potential block.

"We now look forward to further continuous exploration and appraisal drilling on into 2011 whilst at the same time evaluating potential commercialisation options."

Looking fantastic...good for 100p plus.....short term....

but don't leap on board for now as there's an awful lot of profit-takers lurking in the wings

lt would appear this latest strike is almost on a parity with windjammer !! ...lt is HUGE !...and this is but the very start of what in my opinion will be a stock vying for "stock of the year " .. W/J encountered a 475 ft payload......Barq has stumbled upon two distinctly different columns of gas with differing permissive geologies- both different to each other and to that of W/J - totalling in excess of 416 feet of natural gas from resavoirs whose characteritics are said to be of "excellent quality" - therarby suggesting the entire east African shelf from kenya to mozambique is hydrocarbon rich . lt has the potential to be the new North Sea . Analyists are suggesting perhaps as much as 8 to 10 tcf is contained within Barq . Commercialization in so far that an LNG plant would be justifiable is now assured / and what with a ready made market in lndia and china coupled with DEPCO preffering part payment in COV stock as opposed to a purely cash offer for Kenyan blocks all bodes well for the future .......Once this wave of profit takers are flushed out the sky would appear to be the limit .

juste arrived home from my most unfavourite country in the world -the DRC - Need i say more ? .....l dont know who are worse . The so called insurgents or govt troops .......barbarians ..........

Welcome back mon amie , I thought you had taken early retirement from all that. When you say home I take it you mean London ?

.....Mes amities mon ami / steady on Roly old bean ... "amie" is feminine / "ami" is masculine ........What are you trying to say here ? ;-) Thats fighting talk where i come from ! lol ( Juste joking me old shipmate )............ Cant understand the lack of interest shown on this BB reg. COV. ...much prefer to have funds tied up here than, for example, in the F1 oilees which will end in tears for DES imo . Even my other big African play- AFR- is looking to east Africa via its marlin acreage ....and what with all six of the worlds biggest oil players now having paid top dollar for prospects in this region it gives a little lustre to those like COV who got in when acreage was ridiculously cheap ........PG have a revised desk note stating 110/120p as fair value for the Rovuma field alone and an "outperform" rating and cenkos have a current t/p of 105/108 as things currently stand -The drillship not yet on its way to next drill in this very aggresive drilling prog as oppos want to fully appraise w/j and barq which are are being touted as a "world class size discoveries " ...Oppos Anakardo scheduled to make a statement to the mkt today so l added again today at 79p ish ......hope you still hold ....regards et al

Am still Holding mon ami , also DPL.

yep ditto reg. dpl

Placing to raise 110 million and Operational Update

Highlights:

Placing
Placing of 144,736,843 new Ordinary Shares at a price of 76 pence per new Ordinary Share, a 4.1% discount to the closing mid-market price of 79.25 pence on 3 November 2010, to raise 110 million (gross). The new Ordinary Shares are expected to be admitted to trading on AIM on 23 November 2010.

The net proceeds of the Placing, together with the Company's existing cash balances, will be used to fund its share of anticipated costs relating to its existing assets in Mozambique, Tanzania and Kenya and potential new opportunities, in particular:

o an anticipated increase in the pace of exploration and appraisal drilling and seismic activity in the Mozambique Rovuma Offshore Area 1, resulting from the recent Barquentine and Windjammer gas discoveries;

o the acceleration of a new 3D seismic programme offshore Kenya in 2011, followed by possible exploration drilling in 2012; and

o new ventures and business development, in terms of acquiring strategically relevant projects and further licence interests.

Cenkos Securities plc is Cove Energy's financial adviser, nominated adviser and broker and is acting as sole book runner to the Placing.

Operations
Drilling operations have commenced at Lagosta 1, the 5th well in the current Mozambique Rovuma Offshore Area 1 drilling programme. Lagosta 1 is located 16 miles south of the recently announced Barquentine discovery.

Looks good to me...reminds me of Faroe Petroleum this company....

since about 11 o clock trading volume has picked up remarkably as the realization dawns that COV deliver the goods on time with no excuses or complications . A SEA OF BLUE.. What with Lagosta having been already well prepped and partially drilled,and cemented i dont think it will take as long as barq to reach T/D ......up 3.5 points in less than 20 mins.......Hopefully we wont attract the day traders and T players......Big player accumulating in tranches of 25,000 has already aquired approx 300k bodes well.

TFC - thanks for your heads-up on this a couple of days ago .... bought modestly this morning

Am I missing something? if the very large placing is going to be admitted on the 23rd Nov at 76p, why buy now at 80p?

Deep water.

Offshore.

Gas.

No infrastructure.

African political volatility.

Market cap after placing 400 million pounds.



No oil / No infrastructure / Just gas.......


What a nice stock........ LOL ;)

prob. because of the very simple fact H. that the PI's wont get a sniff at that price. ....technically they already have homes in the pockets of institutions, big retail brokers and hi value clients - you know the dance-.........Also what with Lagosta having already been fully prepped,partially drilled and cased and being treated more like an appraisal well rather than an exploratary well and accorded a 56% COS the mkt anticipates that by 23rd Nov electic logs will illustrate to a degree what COV are sitting on- and 76p will be long gone by then .

up another 3p today - strong feeling this will rise in small daily increments now drilling in earnest at Lagosta has commenced .

what with recent placing of in excess of 145 mn shares @ 76p i would usually have anticipated an element of holders already in the money to have made a quick few bucks and sold up. But not so with COV which since inception of todays business has added 5p to b/o of 84.75 / 85p .......and furthur up to 86 / 87p since i began to write post...

Maintaining a nice upward trend on the graph. I have traded in & out recently, but still hold a good chunk.

100p soon ?...perhaps....

buy buy buy


lol lol lol!!

StockMarketWire.com
Cove Energy has revealed another major gas discovery at the Lagosta prospect in the Rovuma Basin Area 1 block, offshore Mozambique.

Lagosta is the fifth well in the offshore programme operated by Anadarko Petroleum Corporation.

Cove Energy has an 8.5% working interest.

The Lagosta discovery well encountered a total of more than 550 net feet of natural gas pay in multiple high-quality Tertiary sands.

Another great result.....and now this is commercial and probably more appraisal wells will have to be spudded....great news !.....I should have added gas in the title, when I started this thread.........

Cheap as chips

120p by xmas.

Strike 3 !! .and all the bases are loaded !!..Lagosta yields.550 feet of high quality sands !!! making it bigger than both W/J and Barq; and more importantly it makes COMMERCIALITY a non brainer reg. LNG plant . ,.....................Rememeber; l tcf of gas roughly equates to approx 143 mmboe .../ and in the light of Lagosta far we have perhaps as much as 22 to 27 TCF !! which in $ terms is ,,,,gulp .... . thus opening up this NEW super hydrcarbon fairway offcoast East Africa which in the fullness of time shall dwarf the amount of gas extracted from the North sea !......All global enegy players will be watching this with more than a tad of interest esp China and lndia -the latter of which is virtually bulding an entire infrastructure for Tanzania/ Mozambique in its search for energy/ minerals ..../....Big oil is welcome/ but gentlemen please !! Form an orderly quee !! Gentlemen please !! - No quee jumpers !! .........COV firmly established as a player with whom to be reckoned and to think we only paid approx $3.8 million for the same interest in ROV prog. while others like Videcon paid 20X that for same interest ..... .One more well on Rov drilling prog before we start our oil exploration offshore Kenya and furthur gas/ oil leads on this license ,,,,,and then the real fun will begin !! ......So many leads yet still to be expolited / rather spoilt for choice . .

There has to be oil somewhere there.....might be further out....200p target for me next year by summer....

dont forget RF both ironclad/ Collier found oil in fans - the former of the two finding almost 40m of oil saturated sands ! {.Fox/D in desk note reported 230 mmboe en situ at the lronclad lead but drilling was suspended due to poor permeability and porosity- and considered non commercial in isolation by oppos / while drilling was suspended at Collier due to dangerously high pressure within well bore ..........................but both were plugged with a view to returning at a later date - presumably following completion of 6th well in current project.........

I will have to have a re-read of the rns's....I thought only gas, but lots of it was discovered.....the sp could go a lot higher than 100p in the short term now....so many prospects still to be drilled.....

Any chance of a chart in the header please rf? Save me having to post one every time the page is turned!

No idea how to do that Harrycat...my IT skills are limited.....

Just in case you feel like having a go: click the Charts tab at the top of the page (in between Portfolio & Shares Mag). When you get to the chart page, type in the ticker you want (COV), the size you want, the time scale & the DMA's. At the bottom of the chart page it will then have a blue link line saying 'Paste this chart to the bulletin board'. Click that link. Then by dragging your curser over the displayed text (including brackets), you will highlight it. Right mouse click & select 'Copy'. Then go to the COV thread & in your header there is an icon with a sheet of paper & a pencil, which is to edit your post. Click on that & when your original page opens, select a blank line & right click mouse. Select paste and the chart link will appear as html text. Then at the bottom of your post click 'Post edited message' and the chart should appear!

Might have a go later...too much to do today....thanks.....I'll print out your instructions a bit later, cheers....

Superb.

Left a buy order (SB) last night @91.6, triggered @ 95.1, not complaining :O)

esp when half decent sized trades - 50k to 100k @ 98/99p going through system

GO ON !! my son .- steady as she goes shipmates ! ......101p and hung on to yesterdays 12% gain even adding a furthur 4p; and.B/Dolphin already on its way to drill 6th well of ROV programme .....

Yep...sp done well today...

RF ....Did you see yesterdays WSJ with article on our oppo -Anakardo-Lagosta added $4 to its s/p and vice prez says LNG plant is being planned ....,,,...

bollocks ..... thought of buying back in a few day ago, but didn't .... c'est la vie

all swings and round-abouts cynners. snakes and ladders ..a simple game of probabilities....You know the dance .. ...l nearly foolishly sold the percentile of this stock i picked up at 36p at 88 last friday on the premise that the recent placing of 145 million shares @76p would heavily impact and dilute gains accorded to Lacostas success ,,,/,,,,had to sit on my hands to stop myself ........./ buy on any weakness mon pote / .l wouldnt put you on a bummer Cynners. Kharma you understand.But this Rov field is so effing vast with more leads than N.Sea ..there is even evidence that w/jammer and Lacosta are connected and part of the very same basin - despite being 17 miles apart.lts hard to even picture ....Believe me this coastal shelf of E.Africa is going to be huge ........esp after third drill -lronclad-proved oil was present ( 230mmboe)and gas {3 TCF)-but had to be trmporarily plugged due to poor permeability and porousity of host rock ..Oppos Anakardo (Haliburton) have a 75% global strike rate and have proven to be a reliable, informative and rewarding world class partner .....W/Jammer made an LNG plant a possibility . Barquentine made it a probability and Lacosta made it a fact ...and yet we will be drilling again in a few days ........28 days later will come the result lol ,,,,,,,,,,,,,,OIL is next.....Even DEPCO wanted part payment in shares for oil licenses offshore Kenya..

In reply to 231....no.....but now thinking of a 200p target for this stock....this is not one for taking profits just yet...no way.....another one to look at could be little Aminex (AEX) (isable) .....who should be drilling next year in several locations onshore and offshore in this region.....

RF ...I agree -already have a modest holding in AEX ..../ Have you had a peek at micro cap -DPL- Tiny, l conceed, but sitting on some prize land in block 7 (Tanzania), Neighbors Exxon who bought in during recent land grab own license for an adj. block and have been eying up DPLS prospect ever since.As have 14 other big oil players it is reported ;-) ,,,,,also already in j/v with French darling midap Maurel et Prom at M/Bay . .....l am quite overweight a tad shy of 3.56 -but made a few spondoolies trading this one ,,,,,,,,,hoping for retraction to 4 to 4.10 and ill buy in volume looking for GS t/p at least ....... ,,

Will have a look.....was in before but lost on a duster in Uganda....

I think i held and bought more after the duster am up 46% now

Yet another strong run at the end of the day.

Seems to fall early and head higher as the day goes on.

All four of my stocks doing great, COV, MML, CLF and PTR

+2p = strong run?????
one lives and learns i guess

Don't be bitter! Just 'cos you missed the boat!!! ;o)

It was showing 106 just after the close before settling at 103.

.

Proper chart Harry :O)

That's rf's job. Mine just a temporary fix!

Proper, being slang for good chart Harry! It wasn't a criticsm.

Ah, must be some scottish vernacular! Don't forget norfolk dialect a bit less sophisticated! ;o)

proper job, is surely west country....

This should go to 200p by the end of next year......loaded up on this one....

Really looking good....

Starting to look like a no brainer.....

must be one for me then! :-))

A more superber share there is not.

and currently well undervalued so added yet another tranche at 97/98 level ...Operators -Anakardo juste released difinitive stats for Lacosta which they believe to contain AT LEAST 4.7 TCF which is bigger than windjammer upon which experts placed value for COV at 46p. Add to that the Barq discovery valued at a VERY conservative 34p which is 80p ....thus leaving a derisory value of only 18p for Lacosta- which is absolutely ridiculous and should be nearer 50/60p - making fair value nearer for COV at 130/140p -and esp. considering COVs oppos Anakardo are now preparing for drilling big OIL/gas lead at Tuberao or Barracuda which are both believed to hold as much as up to 1 billion bblsoe ,,,gulp ................................................Also bloomsberg article reports that Anakardo informed mkt that lronclad which was suspended due to poor permeability but contains as much as 230 mmboe en situ will be revisited .but the real fun begins when they start drilling near BGs big jubilee oil finds in adj. blocks offshore Tanzania- Cov with partners preparing for 5 drill prog in that oil rich region which is believed to hold a resource of up to 31 billion bblsoe ... ...........

StockMarketWire.com
Cove Energy expects drilling at the Tubarao well site to take six-to-eight weeks.

Cove says the 'Belford Dolphin' drillship has arrived at the site following the cessation of operations on the Lagosta gas discovery which has been suspended to allow for future flow testing.

CEO John Craven said: "We are very pleased with the major success at Lagosta which found substantial gas pays in the main Oligocene and Upper Eocene objectives.

"The significance of this discovery means that the partnership can now confidently proceed to advance commercialisation options - particularly as the operator believes that the three gas discoveries already made, Windjammer, Barquentine and Lagosta, exceed the resource size threshold to support a liquefied natural gas development in our extensive 2.6 million acre block, offshore Mozambique.

French multinational Total/Elf/Aquitaine believed to have entered into "off the record" talks with Anakardo as to farming into offshore mozambique/Tanzania hydrocarbon highway prog...../ LNG infrastructure..........the story only gets better and better...

is that why sp is falling against the trend?

........but up almost 6p today Cynners ..Last few days merely witnessed profit taking on very low volume with overexxagerated drop due to comments made by Chairman being misconstrued by Financial press. / lf you scrutize COVs chart you will observe mms always shake the tree looking for weak holders or those sitting on vast paper profit prior to a new drill ...../ occured before each and every lead was drilled -lt is the best time to open a position to my way of thinking..../ Even after w/jammer s/p fell from what analyists construed as fair value of 46p to mid 30s .....- ditto with Barq and Lacosta ..../ always bounces back- and i anticipate the very same scenario here once B/D rig arrives at Tuberao and commences drilling .........Fell as low as 88p or so a couple of days ago-and now RNS has announced the rig is at destination it has moved up a tad to mid of 98p......

Still nicely in the uptrend.

StockMarketWire.com
Cove Energy started with hold rating at Jefferies, target price 100p

Results due from Tubarao well in approx 18-24 days.

Closed at 105p. Can't decide whether to lock in profit before the results, or to be greedy.

do part?

Difficult to guess this one short term because a well success will send it much higher but a dud will probably make the sp lose 10p at least but then it will probably recover before the next spud....medium term (by next christmas)...I would hope for 200p,.....good one to be in...so many prospects.....results don't matter that much as this is a big exploration play....

That would be the sensible thing to do, but am tempted, just this once, to push for a bigger profit. Bought at 76p. Calculated risk, but will kick myself if it all goes badly wrong.

Not with the discoveries already made......so many more wells to be drilled....if you are trading these in a sipp you can buy back any time....

StockMarketWire.com
Cove Energy raised to buy from neutral at Goldman Sachs.

Anadarko Announces Discovery Offshore Mozambique
HOUSTON, Feb. 7, 2011 - Anadarko Petroleum Corporation (NYSE: APC) today announced the latest in a string of major deepwater natural gas discoveries off the coast of Mozambique. The Tubar discovery well encountered more than 110 net feet (34 meters) of natural gas pay and no water in a high-quality Eocene-age reservoir that is separate and distinct from the hydrocarbon accumulations in Anadarko's three previous discoveries in the Offshore Area 1 of the Rovuma Basin.

The Tubar discovery well was drilled to a total depth of approximately 13,900 feet (4,237 meters) in water depths of approximately 2,950 feet (898 meters), approximately 18 miles (29 kilometers) off the Mozambique coast. The partnership plans to preserve the wellbore at Tubar for potential utilization in future testing. Once operations are complete, the partnership plans to mobilize the rig to the previously announced Windjammer discovery, approximately 26 miles (42 kilometers) northeast of Tubar, to begin a coring program that will be followed by appraisal drilling in the Windjammer, Barquentine, Lagosta complex.

Should be much higher than this......could be taken over in the long run Cove Energy....they will make a fortune when production starts in a couple of years....a fortune....

This is still cheap at 96p... bought some today. Thanks for reminding me, rf.

Undervalued.....wait till gas prices start to rise again as they will.....the sp will take off again....and just to repeat it...I can see a takeover coming for this...inevitably so.....

Exclusive negotiations for new Kenya licences
Cove Energy plc is pleased to note the announcement made by its co-venture partner Pancontinental Oil & Gas NL ("Pancontinental") in respect of exclusive negotiations with the Kenyan Ministry for Energy for Production Sharing Contracts (PSCs) for Blocks L10A and L10B offshore Kenya. On execution of the PSCs Cove would have 25% of Block L10A and 15% of L10B. A further announcement will be made as soon as negotiations are finalised.

Cove Energy plc ("Cove" or the "Company") is pleased to provide the following operational update.
Rovuma Offshore block 1 (Mozambique) - A Multi TCF Exploration Success:-

Further exploration running parallel with appraisal and commercialisation of discoveries:

4 Major Gas Discoveries offshore Mozambique

o Windjammer

o Barquentine

o Lagosta

o Tubarao

Oil potential in South - Ironclad oil occurrence

Sufficient gas for Liquefied Natural Gas (LNG) train- Cove is now a participant in a proposed world class LNG project located in a prolific hydrocarbon basin

o High - Quality continuous gas charged sands over vast area

o Combination Traps

o Predictive seismic models proven to work

o Huge remaining multi TCF potential with oil potential in the south

Ongoing Acceleration of a Parallel and Continuous Exploration & Appraisal Programme with new 3D seismic, a dedicated rig and the addition of a second committed rig scheduled for Q4 2011 through 2012 into 2013

o Appraisal Now Under Way - Objective to Certify Gas Reserves in order to obtain gas sales/LNG agreements etc - includes coring of key gas bearing reservoir intervals (Belford Dolphin drilling rig currently taking conventional cores at the Windjammer and later the Lagosta discovery wells), to be followed by an initial 4 to 5 appraisal well programme with well testing, in order to accelerate reserve certification, thus significantly enhancing ultimate project value. Target 2013 for LNG project sanction

o Exploration - Current acquisition of 4,050 sq kms of new 3D seismic to south and north of existing 3D area to further delineate and high grade prospects defined by past 2D seismic - Second Rig to be added in Q4 2011 - to specifically allow for continued exploration drilling, both of the extensive gas play, and to evaluate oil targets. The partnership recognises significant remaining hydrocarbon upside potential, while pushing accelerated commercialisation of existing discoveries

Anticipated Drilling on Adjacent Rovuma Basin Blocks in 2011 -

o ENI, Galp & Kogas consortia will be drilling on block immediately to the east where up to 3 wells are planned

o Statoil, plan drilling on the block to the south

o BG Group/Ophir - Currently drilling in Tanzania Block 1 adjacent to the north of Rovuma Offshore Block Area 1

Adjacent drilling success to have positive impact - Cove and its partners have first mover advantage with ambition to have the first LNG infrastructure in East Africa and with two committed drilling rigs ensuring continuous exploration and appraisal in this emerging hydrocarbon basin.

Indicative Valuation of initial Mozambique Offshore discoveries (Cove Share)

437 to 728+ million - 89p to 1.50p/sh

(Source Anadarko Investor Conference 24/2/2011 of $3 to $5+ billion proportionally adjusted to Cove's 8.5% interest - 1.6 $/ (Anadarko 36.5% interest)) - LNG Project only, excluding 120 milion in Cove's treasury, but importantly not including the huge exploration upside in the existing 3D seismic area and across Cove's extensive acreage in Mozambique, in what is proving to part of an exciting new frontier basin now attracting the attention of many multi-nationals.

Kenya Deepwater Offshore (L5, L7, L11A, L11B & L12)

2010 2D Seismic confirms potential for large hydrocarbon traps.

Five distinct play types including similar plays to Mozambique along with a more oil prone petroleum system

2011 Activity - planned 3D seismic - Exploration drilling proposed for 2012 - Anadarko Operator

New Kenya blocks under negotiation - L10A & L10B - Cove in consortia operated by British Gas.Mnazi Bay Tanzania

Gas Monetisation Options under review - New 300 MW Power Station and Cement Manufacturing Plant under consideration - New Gas Sales Agreements under negotiation

Approximately 2mmscf/d currently sold to existing power plant (Cove share 16.38%)

BG Group/Ophir drilling in adjacent Tanzania Block 1 - good result would have positive impact for Mnazi Bay partnership.

Onshore Mozambique
Licence renewed into the second phase of EPC

Seismic and up to two wells planned

John Craven, CEO of Cove commented:
"2010 was a year of extraordinary exploration success for Cove and all the stakeholders in our offshore Mozambique block. Considering that Cove is part of the first commercial hydrocarbon discovery in deepwater East Africa simply reinforces the magnitude of what has been achieved. I am delighted to be able to confirm that throughout 2011 we will be building on the Mozambique success having already begun the appraisal programme to commercialise the discoveries. At the same time we are now laying down the platform to drive forward an extensive exploration drilling programme, having already commenced the acquisition of a new 3D seismic survey which, with the deployment of a second deepwater rig later this year, ensures continuing exploration of the gas and oil potential within this prolific offshore block, which has only been partially explored to date.

"Our internal economic study of a Mozambique LNG project is broadly in line with Anadarko's valuation released in their February investor conference. Our study is based on the resources only from the existing 4 gas discoveries made to date and does not include the considerable exploration potential offshore Mozambique, nor the remainder of our extensive East Africa portfolio in Mozambique, Tanzania and Kenya.


'In the Kenya deepwater blocks we are accelerating the work programme with a planned 3D seismic survey this year followed by drilling planned for 2012. It has been indicated that a rig slot may be available to the Kenyan partnership from the rig capacity of the Mozambique programme during 2012 or 2013.We are also actively pursuing a number of new venture opportunities which is important for continued growth. Finally the successful fundings that were put in place in 2010 mean that we have the financial firepower to capture the value from what is an extensive and exciting exploration, appraisal and testing programme going forward."

This looks trading at a real discount. Thanks for bringing to attention.

Recovering somewhat this a.m.(up 6.25)

looking very good value at 90p.

UBS broker note:
We believe Cove Energy (Buy, PT 115p) offers significant (105%) upside over the next 12 months, with a high chance of commercial exploration success for gas in Mozambique, and additional oil potential. Downside protection is provided by the 12Tcf Barquentine-Windjammer-Lagosta gas discovery, which is progressing towards LNG development. This makes up 56% of Coves NAV. Cove is an apt play on Anadarkos East African business 75% of Coves acreage is operated by Anadarko.

StockMarketWire.com
Cove Energy initiated with buy rating at Investec, target price 134p

StockMarketWire.com
Cove Energy has signed production sharing contracts for two offshore exploration blocks, L10A and L10B, with the Kenya government. Cove will hold a 25% equity interest in the exploration block L10A and a 15% interest in block L10B.

BG Group will be operator. Blocks L10A and L10B together cover an area of more than 10,400 square kilometres in the southern portion of the Lamu Basin offshore Kenya in water depths ranging from around 200 metres to in excess of 1,900 metres.

They are also adjacent to and inboard of deepwater blocks L11A and L12 part of a package of five contiguous deepwater blocks in which Cove has a 15% interest.

StockMarketWire.com
Cove Energy's operating losses rose to $5.9m in the year to the end of December - up from $1.6m last time.

The loss from continuing operations rose to $5.0m - up from $1.6m in 2009 - while the firm had cash and cash equivalents of $199.3m compared with $51.2m previously.

Chairman Michael Blaha said 2010 was a remarkable second year for the company which transformed the assets it acquired in 2009 from Artumas with world class exploration successes that added significant contingent gas resources that is to form the basis for a significant LNG project.

He said Cove also expanded its portfolio with some strategic exploration positions in seven deep and shallow water blocks in Kenya.

He added: "We remain focussed on geology in emerging basins with intensive exploration and appraisal programmes executed by competent operators.

"We have established ourselves as a reliable company that is focussed on creating shareholder value on the basis of a very clear strategy.

"Cove's participation in the Rovuma Offshore Area 1 gas discoveries has positioned the company in a leading LNG project."

StockMarketWire.com
An appraisal well offshore Mozambique has been successful, Cove Energy said today (22 August).

Cove said the operator, Anadarko Petroleum, had reported that the Barquentine-2 appraisal well in the Rovuma Basin, encountered more than 230 net feet (70 meters) of natural gas pay in high-quality Oligocene-age reservoirs.

Barquentine-2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (Tcf) of recoverable natural gas resources.

Bought in again at 70p ( a little late but.....)
If the latest news had been released in a bull market, the sp would have rocketed, imo. So, on the basis that the news is good and that the market will eventually acknowledge the fact, lots pf upside potential, imo. Very little downside, unless the whole market tanks again.

Nice breakout......sp climbing rapidly...

Yep. One of my few recent profitable purchases. Watch out though, rf, as I think COV will need more money soon.

StockMarketWire.com
Cove Energy has agreed a farm-out deal on Kenya deepwater blocks with Total.

The agreement was signed by Cove's Kenya subsidiary and its partners - Anadarko Kenya Co and Dynamic Global Advisers Kenya.

Total E&P Kenya will acquire a 30% interest in blocks L5, L7, L11A, L11B and L12 which cover more than 30,000 square kilometres in water depths of between 100 and 3,000 metres.

Cove will contribute 5%, Anadarko 20% and DGA 5% to the farm-out.

Total has also agreed to purchase, for cash, DGA's entire interest in the Kenya offshore blocks.

StockMarketWire.com
Operating losses at Cove Energy fell to $1.98m in the six months to the end of June - down from $3.3m last time.

Revenues rose to $236,000 from $197,000 and the total comprehensive loss for the period attributable to the equity holders of the parent fell to $1.3m from $2.9m.

Chairman Michael Blaha said: "Our main project in Rovuma Area 1, Mozambique, continues to progress with a new gas discovery at Tubar and successful appraisal well at Barquentine 2.

"Also extensive new 3D seismic data has been acquired in the northern gas and southern oil prone parts of the block.

"Preliminary evaluation looks very promising.

"We are also highly impressed with the rapid mobilisation of the pre-development team and the awarding of the high level contracts, building the pre-development momentum to achieve financial sanction by the end of 2013.

"Cove has continued its focussed exploration portfolio in East Africa during the first half of 2011 with the acquisition of further interests in blocks L10A and L10B, offshore Kenya.

"The exchange of contracts on a farm in with TOTAL over our existing Kenyan deepwater acreage, on very good terms, has added substantial value and de-risked this project for Cove.

"In addition TOTAL's proposed purchase of the DGA stake, gives a substantial market value uplift to our investment here from 2010."

Cove Energy plc together with the operator Anadarko Petroleum Corporation ("Anadarko"), is pleased to report exploration and appraisal success from the Camar well in the Rovuma Basin Area 1 block, Offshore Mozambique ("Area 1 Rovuma Offshore").

Highlights
Over 380 net feet (116 meters) of natural gas pay confirmed in both exploration and appraisal targets.

Appraisal objective, in Oligocene fan systems, encountered approximately 240 net feet (73 meters) of natural gas pay in an excellent-quality reservoir sands, pressure data confirms static connectivity with the partnership's previously announced Windjammer and Lagosta discoveries which are some 15 miles apart.

Exploration section of the well encountered a 140 net feet (43 meters) of natural gas pay in shallower Miocene and Oligocene sand packages not encountered in previous wells.

Operator Anadarko estimates substantial increase in recoverable resources to, at least 10TCF (142 million BOE net to Cove Energy), and is also "optimistic that our current estimates will increase, as we still have significant exploration and appraisal work ahead".

Partnership mobilising a second deepwater drillship to Area 1 Rovuma Offshore to accelerate the drilling campaign, which includes an extensive reservoir testing program and up to seven exploration/appraisal wells over the next 12 months.

Base case development plans have now been expanded to a minimum of two 5-million-tonne-per-annum LNG trains with optionality to increase pending further drilling success.

Camar well success has de-risked other prospects in similar geological settings.

more resource upgrades! check out investorschampion.com

Excellent rise.....nice chart...more to come...

Last time the Eurozone kicked off COV dropped 30p, so might be worth taking some profit as a repeat may be on the cards.

true - and should 30p happen again i know what i'll be doing - even 20p would be nice - excellent prospects here

KENYA L10A AND L10B - COMMENCEMENT OF 3D SEISMIC ACQUISTION

Cove Energy plc (the "Company" or "Cove", AIM: COV), the AIM quoted upstream oil and gas company focused on East Africa, through its wholly owned subsidiary, Cove Energy Kenya Limited ("Cove Kenya") is pleased to announce that 3D seismic acquisition has commenced in offshore Kenya licence areas L10A and L10B.

After completion of the 3D survey, the vessel will be reconfigured and will commence 2D seismic acquisition in the western portion of the areas.

The L10A and L10B licences were awarded to Cove Kenya, operator BG Group and other joint venture participants (the "Joint Venture") on 17 May 2011, with an effective date of 17 August 2011.

The Joint Venture has been pursuing a "fast track" exploration programme and BG Group has already mapped ten strong "leads" and five diverse "play types" using existing seismic data. Most of the leads will be covered by the new seismic surveying.

It is anticipated that the seismic data will be fully processed by mid 2012 and interpretation and mapping will be completed later that year. The aim of the survey is to fully map a number of prospects prior to drilling.

The L10A and L10B joint ventures consist of:

BG Group
40% L10A
45% L10B

Premier Oil
20%
25%

Cove
25%
15%

Pancontinental Oil & Gas NL
15%
15%

At the moment you could have a rns saying that they have discovered eldorado and I don't think that it would make much difference...way undervalued here...but in these terrible markets...

Cove Energy plc the AIM quoted upstream oil and gas company, together with the operator Anadarko Petroleum Corporation, is delighted to provide an update of the results of the Barquentine-3 appraisal well and consequent gas resource range upgrade in the Rovuma Basin Area 1 block, Offshore Mozambique ("Area 1 Rovuma Offshore").

Highlights

Thickest Gas Pay To Date
Barquentine-3, the sixth successful well to drill in the now world class Windjammer, Lagosta, Barquentine and Camar ("WLBC") gas complex encountered more than 202 net meters (662 net feet) of natural gas pay in two high-quality Oligocene-aged fan systems.

Significant Estimated Recoverable Resource Increase
Recoverable resource ranges for the WLBC gas complex are now estimated to be 15 to 30+ trillion cubic feet ("TCF") of recoverable natural gas, with an estimated 30 to 50+ TCF of natural gas in place.

Expandable LNG (liquefied natural gas) Development
A large-scale LNG development is currently being designed to consist of at least two trains with the flexibility to expand to six trains.

Two Drilling Rigs Secured
The Deepwater Millennium drillship is being mobilized to commence flow and interference testing and a new 4 year extension for the Belford Dolphin drillship will ensure a continuous appraisal and exploration drilling programme.

New 3D Seismic
Analysis of the new seismic has identified a growing number of high-potential prospects in other areas in Area 1 Rovuma Offshore.

FT sector watcher comment:
"Another very strong well result for COV and its partners offshore Mozambique, with the Barquentine-3 well encountering the largest gas column to date with over 200 metres of net pay. The Anadarko-led joint venture, in which COV has an 8.5% interest, now estimates that the Lagosta/Windjammer/Barquentine complex of fields contain 15-30 tcf of recoverable gas (2.5-5.0 bn boe), an enormous number.
Previously Anadarko had said that the fields contained around 10 tcf of gas, although the group had also made it clear that there was material upside, which was probably already in the market prior to today's news. Hence whilst this is undoubtedly positive news, I'm not sure it changes a huge amount for COV shareholders. "

I'd just like to say......look at Cove go!!

Peel Hunt comment:
Lagosta-2 well spudded The Lagosta-2 well is designed to further appraise reservoir development and to more accurately delineate the extent of the Windjammer-Barquentine-Lagosta Complex (WBLC). It is expected the well will be completed towards the end of January 2011.
Data room opened Importantly Cove also indicated that a data room has been opened to certain parties who have expressed an interest in Coves participation in the Rovuma Area 1 PSC and that commercial discussions with potential LNG off takers interested in securing long-term LNG supplies have commenced.
Asset disposal moves closer The implication of opening the data room is that at the right time and for the right price management will look to monetise their interest in Mozambique. In terms of timing we feel a possible asset-level approach for their 8.5% interest is likely to materialise within the next 12 months, clearly the exact timing is uncertain but we argue that any potential suitor may look to make a move before further significant additional resources are discovered (which would serve to push up the acquisition price).
Soon rather than later With appraisal drilling ongoing and exploration efforts about to accelerate into 2012 we feel the chance for additional incremental resource upgrades is high. If one accepts that an approach may occur before the guided recoverable hydrocarbon volumes rises even further, then it would also be reasonable to assume that a potential approach may materialise soon rather than later.
We retain our Buy recommendation and 166p/share RENAV-based target price.

Just placed my last sell order @105 and now letting the rest run , lot's of talk of a bid

Someone bought 145,000 @ 9.31am ,delayed trade

Doing well this one.....at least that's one I've got right !....

Same here rf, something positive at last.

http://www.investegate.co.uk/Article.aspx?id=201201050700140248V

.

If it had been a takeover, it would have been better.....as such many sales like this fall through.....ZEN did the same thing if I remember correctly....COV is in much better shape.....just happens that I'm not in and took a few profits before christmas....not sure about this....

i don't perceive much upside but plenty down if no acceptable bid materialises

.

No. It's the whole company up for sale as the Rovuma assets form a large part of the company.
This is where the arbitrage guys start to make their money as someone will need to put a true value on the whole company and then hope for a bid and maybe a counter bid to push the sp up. Worth trading it, imo, but a bit risky holding long term as it may not reach the asking price.

.

.

Not immedaitely obvious, but this is the crucial bit, imo:
"Rovuma Area 1 Interest represents a substantial portion of Cove's asset value within the portfolio of focussed and complementary assets which the Company has built in East Africa. As such the Directors have unanimously agreed that a sale of the Company may be appropriate at this time. The Directors have decided to conduct a formal sale process for the entire issued and to be issued share capital of the Company."

.

I'm in and in quite good profit, for a change. whats the opinion, take it now or what of the chances of somemore to come?? anybody.,.

If there is no immediate new news : a pullback might be on the cards....these sales of companies can take several years, it has been known....then again...a well is in progress.....toss of a coin....myself...I would bank....

thanks rf noted.,.

Wait for a broker report, imo, to see what the comapny is worth and what a realistic price may be. Whole bid & sale process may take months, so lots of ups and downs along the way!

watch and trade maybe harrry??

my advice is just watch!

Thanks cynic, decided there was more going on in gkp so sold and plonked it in there.,.

Peel Hunt valuation:
"In terms of valuation, on a risked basis our current RENAV of £813.4m or 166p/share comprises £21.6m/4p for Tanzania, £109m/22p of net cash, -£9.5m/-2p for G&A, £553.8m/113p for Mozambique and £138.5m or 29p for additional exploration upside. For illustrative purposes and considering Mozambique specifically, on a fully unrisked basis our valuation would rise to £692.3m/141p/share, this assumes a recoverable gas volume of 18Tcf.
We highlight that our risked valuation for Rovuma alone (113p/share) supports the current market capitalization of the company serving to discount the rest of the portfolio and any additional exploration upside. In our opinion this indicates clear upside to our 166p target price."

Cynic

Do you hold these , i have a 67% profit on these now, its tempting to sell

not one of mine; not sure if i ever have ..... as i said above, risk much heavier than reward at this level

one of TFC 's share's , but so was NYO

so what? ..... times and situations change .... you've got a good profit so bank at least a good portion of it and put it somewhere else

here here.,.

were were ... ?

Oil India Said to Study Possible Purchase of U.K. Gas Explorer Cove Energy

By Rakteem Katakey and George Smith Alexander - Jan 12, 2012 5:03 AM GMT



Enlarge image Oil India Said to Study Possible Purchase of Cove Energy

Indian companies are looking across the world for oil and gas deposits to secure supplies as demand grows at home. Photographer: Namas Bhojani/Bloomberg

Oil India Ltd. (OINL), India’s second- biggest state-owned energy explorer, is considering a possible purchase of Cove Energy Plc (COV), which has assets in east Africa, said two people with knowledge of the matter.

Oil India is studying documents related to the U.K. company that put itself up for sale last week, the people said, asking not to be identified because they’re not authorized to discuss the process. Bids for London-based Cove may exceed $1.2 billion, one of the people said. Cove has a market value of 609 million pounds ($933 million).

Indian companies are looking across the world for oil and gas deposits to secure supplies as demand grows at home. Cove, in which BlackRock Inc. has a stake, is part-owner of a field in Mozambique that may hold enough gas to be converted into liquid form and shipped to countries including India, Asia’s second- fastest growing major economy.

“Indian companies would be very interested in Cove because of the large gas reserves in Mozambique,” said Rina Sanghavi, a Kolkata-based research analyst at SPA Securities Ltd. “India needs gas to meet shortages and Mozambique is near enough to bring the gas to India.”

Oil India Chairman N.M. Borah didn’t answer two calls made to his mobile phone seeking comment on the possible deal.

The Indian explorer rose as much as 0.6 percent to 1,110 rupees and traded at 1,106.65 rupees in Mumbai trading as of 10:22 a.m. The benchmark Sensitive Index (SENSEX) fell 0.7 percent. The stock dropped 16 percent last year.
Chinese Competition

Cove, which climbed 20 percent in 2011, jumped another 11 percent on Jan. 5, when it put itself up for sale. The shares closed at a record 128.5 pence on Jan. 10 before falling 3.5 percent to 124 pence in London yesterday. BlackRock, the world’s largest asset manager, has a 7.6 percent stake in Cove, according to data compiled by Bloomberg.

Oil India may face competition from Chinese buyers, one of the people said, without naming the companies. The Indian company has 135 billion rupees ($2.6 billion) in cash and is seeking to use part of the reserves to acquire oil and gas deposits outside the country, Finance Director T.K. Ananth Kumar said Nov. 14.

Cove holds an 8.5 percent stake in the Rovuma Area 1 off Mozambique, which is operated by Anadarko Petroleum Corp., and has India’s Bharat Petroleum Corp. (BPCL) and Videocon Industries Ltd. as partners, according to the company’s website. The partners have found 15 trillion to 30 trillion cubic feet of recoverable gas, enough to support the setting up of a liquefied natural gas production facility.

The U.K. explorer opened its data room last month to interested bidders in its Mozambique project. Cove is also working with Total SA of France and BG Group Plc (BG/) to search for oil and gas off Kenya and with Etablissements Maurel & Prom SA in Tanzania.

Oil India has held talks with Gabon’s national oil company for a partnership to buy Maurel’s assets in the African nation, two people with direct knowledge of the matter said Oct. 25.

To contact the reporters on this story: Rakteem Katakey in New Delhi at rkatakey@bloomberg.net; George Smith Alexander in Mumbai at galexander11@bloomberg.net

UMBAI | Sat Jan 14, 2012 11:08am IST
(Reuters) - ONGC Videsh Ltd OVL.L, the overseas investment arm of state-run explorer Oil and Natural Gas Corp (ONGC.NS), and GAIL India (GAIL.NS) are making a joint bid to acquire UK-based Cove Energy Plc (COVE.L), a newspaper reported on Saturday.

The deal is valued at over $1.2 billion, the Times of India said, citing sources briefed on the matter.

Both OVL and GAIL have concluded technical due diligence and are expected to place the financial bid soon, the report said.

Officials at GAIL and ONGC were not immediately available for commCove Energy, with a market value of about $977 million, put itself up for sale earlier in January.

Cove Energy, with a market value of about $977 million, put itself up for sale earlier in January.

The firm has an 8.5-percent stake in the Rovuma Area 1 offshore block in Mozambique with an estimated 30 trillion cubic feet of gas reserves.

Bharat Petroleum Corp (BPCL.NS) and Videocon Industries Ltd (VEDI.NS) own 10 percent stake each in the Rovuma block and the right of first refusal, the paper said.

The two firms are not exercising their rights to buy Cove Ennergy's stake in the Mozambique gas block, the report added.

(Reporting by Aniruddha Basu & Prashant Mehra; Editing by Sanjeev Miglani)

aldo - if that story os true, then would would be the sp value at $1.2bn? ..... then deduct (at least) 10% to allow for for time element while the deal goers through and also possibility of it all falling through

I read on another thread that its about 165p

Let's see what the Sunday papers have to say about it

if that's so, not huge upside

By Nick Webb
Sunday January 15 2012
Oil India, the second-largest state-owned oil explorer in India, is thought to be eyeing up a move for €800m-valued Irish gas-finder Cove Energy. The Indian firm is thought to be examining documents related to the company.

Cove Energy put itself up for sale last week and has opened a data room for potential suitors. Oil India has over €2.2bn in cash reserves, which it has earmarked for buying up oil and gas assets.

However, Oil India is likely to face serious competition from a range of Chinese oil firms, with Chevron and Total also keen to expand in the region.

The Irish company's share price has soared six-fold in just two years since floating on London's aIm market.

Cove owns an 8.5 per cent stake in a hugely lucrative gas field off the coast of Mozambique. Cove's partner Andarko is planning to convert the gas into liquid form in order to ship it to Asian economies such as China and India.

East Africa has become the hottest exploration territory in the world as oil and gas majors fall over each other trying to invest in the region.

John Craven, former CEO of Irish explorer Petroceltic, finance chief Michael Nolan, the ex-boss of Minmet and chairman Michael Blaha may share close to €40m from the sale of Cove Energy.

What is it they say ? buy on the bid

StockMarketWire.com
Cove Energy has revealed further appraisal success from the Rovuma Basin offshore Mozambique.

Cove said the Lagosta 2 encountered 237 (777 feet) net meters of natural gas pay in multi zones.

This is the largest pay count of any well in the Windjammer, Lagosta, Barquentine and Camarão (WLBC) gas complex to date.

Chief executive John Craven said: "Lagosta 2 has delivered another outstanding result demonstrating the lateral and vertical extent of the high quality Tertiary reservoirs in the WLBC gas complex and further de-risks the recent resource upgrade of 15 to 30-plus TCF.

"I am confident that after further evaluation of Lagosta 2, combined with new drilling and well testing, we will see more resource upgrades as this exciting project drives on towards final investment decision in 2013."

The operator is Anadarko Petroleum Corporation.

http://www.moneyam.com/action/news/showArticle?id=4292985

January 19, 2012
Investors Cheer As Latest Gas Strike Offshore Mozambique Boosts Cove Energy Sale Prospects
The price tag on Cove Energy, which put itself up for sale earlier this month, increased this week as the AIM-quoted E&P announced another mammoth gas strike in the waters off the coast of Mozambique. The astonishing run of success by the Anadarko-led consortium drilling these deep waters, in which Cove has an 8.5 per cent interest, has already made Cove one of the standout successes on AIM in recent years. The company listed on AIM in 2009 and in September of that year raised £42 million through a placing priced at 20 pence per share to back its US$3 million acquisition of a series of East Africa E&P interests, including an 8.5 per cent interest in the Rovuma Area 1 block offshore Mozambique; just over two years on and that project has yielded world-class gas discoveries and Cove’s shares are trading at record highs of more than 137 pence.
To realise value for shareholders before the Mozambique project enters a capital intensive phase, involving the construction of a two-train onshore LNG plant to monetise the possible 30 TCF of offshore gas, Cove has decided to put itself on the auction block. Shares in the company, which rose 20 per cent in 2011, have rallied strongly over the early weeks of 2012, gaining another 20 per cent, amid speculation that bids of as much as US$1.2 billion could come from the world’s largest oil companies. Cove currently has a market cap of £677 million (US$1.04 billion).
India’s state-owned Oil India has been widely reported as one contender in the secret bid process. Indian companies have been investing in oil and gas projects across the globe to help feed domestic demand for energy – indeed, India’s Bharat Petroleum and Videocon Industries are both partners in the Anadarko-operated Rovuma project – and the Mozambique gas finds are well positioned to deliver gas into the booming Pacific LNG market that feeds energy-hungry markets across Asia, including India. Chinese companies may also be interested in such a reserves-rich asset, particularly given Chinese investments across Africa’s oil and gas rich basins, while European and North American companies should not be discounted as many are jostling for position in sub-Saharan Africa and have been keen to secure acreage along the East African margin.
This week’s news from Mozambique will not have harmed the sales process, with Anadarko announcing that the Lagosta-2 appraisal well, 7 km north of the Lagosta discovery, encountered 777 feet of net gas pay in multiple zones, the largest pay count of any of the wells in the Windjammer, Lagosta, Barquentine and Camarão gas complex, where the recoverable resource tally now stands at 15 to 30 TCF. Pressure readings from Lagosta-2 indicate there’s continuity with the Lagosta-1 and Camarao wells over a distance of 15.5 km – that’s a lot of reservoir. Cove’s CEO John Craven said the well had further derisked the resource estimates on the WLBC gas complex, calling it “another outstanding result”, which could yet see further resource upgrades.
Further drilling and testing work is underway across the block, where two deepwater drillships are now working. The JV partners, which include operator Anadarko with a 36.5 per cent working interest alongside Mitsui (20 per cent), Bharat and Videocon with 10 per cent each and state oil company ENH with a 15 per cent carried interest, now plan to drilled the Lagosta-3 appraisal well.

"BP targets Cove to secure stake in African gas field

Ben Marlow and Danny Fortson Published: 22 January 2012

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BP has joined the race for Cove Energy, the £660m oil explorer that discovered a huge gas field off the coast of Mozambique.

John Craven, the chief executive who transformed Cove from a tiny cash shell into one of Britain’s most valuable independent oil groups, put the company up for sale this month. The auction has triggered a scramble by the oil giants and state-owned Asian firms keen to get their hands on vital new energy sources. The process is being handled by Standard Chartered, the investment bank.

The jewel in Cove’s crown is an 8.5% stake in the Rovuma gas field, which was discovered last year and is estimated to hold up to 30 trillion cubic feet of gas. The size of the field — nearly twice as large as the biggest North Sea find — and its proximity to Asia means there is a long list of potential bidders. Jim Hackett, chief executive of Anadarko Petroleum, the American oil group that owns more than a third of the project, said that it could be “one of the most important natural gas fields discovered in the past 10 years”.

The plan calls for the construction of a plant to cool the gas to liquid form so it can be transported by tanker. The development will cost billions of dollars.

It is understood that ONGC, India’s national oil company, and Gail, its state-owned gas firm, are considering launching a joint bid. PTT, Thailand’s government oil group, has hired UBS to advise it on an offer. CNOOC, China’s national oil company, is also considering a bid, as is Korea Gas Corporation.

The level of interest in Cove’s Rovuma stake is tempting other investors in the project to consider a sale. They are thought to include Videocon, an Indian conglomerate that makes white goods. Mitsui, which owns a fifth of the field, may choose to increase its stake."

but what is the reasonable upside?

Rumour seems to be about the 180p level. That's the highest I have seen, so possibly optimistic.

market would concur

Cove Energy plc is pleased to announce today that it has entered in to an agreement to divest its Tanzanian Interests, comprising a 16.38% interest in production operations and 20.475% interest in exploration operations in the Mnazi Bay Production Sharing Contract, to Wentworth Resources Ltd ("Wentworth", AIM:WRL). The Agreement provides for transfer of 100% of the shares of Cove Energy Tanzania Mnazi Bay Limited, a wholly owned group subsidiary of Cove, to Wentworth in exchange for:

· An increase in profit share from Area 1 Rovuma Offshore Exploration & Production Concession Contract ("Area 1 EPCC") through the termination by Wentworth of its royalty interest of 4.95% over Cove's 8.5% share of the profits derived from the Area 1 EPCC ("Royalty");

· Two million newly issued fully paid shares in Wentworth ("Consideration Shares") to be retained by Cove; and

· Contingent payments of up to US$8.5 million, depending on future natural gas production thresholds from the Mnazi Bay PSC being achieved (the "Contingent Payment"). Any proceeds arising from the Contingent Payment will be used for general working capital.

The transaction is valued at approximately US$39 million.

The Effective Date of the Agreement is 30th September 2011. Cove will continue to meet its financial and contractual obligations under the Mnazi Bay PSC including any drilling costs, until Completion. However, under the terms of the Agreement, Cove will be reimbursed by Wentworth for its costs incurred between the Effective Date and Completion.

Shooting up......bid coming to the fore ?....

R F

I sold to soon @ 140p

I did at 100p...and bought back at 140p....not the best timing...

sold mine at 120p

Well that's better than my timing.....

probably bid coming at least fairly soon - see ST Biz section - but is there enough upside to make it worth buying in now? ..... gut instinct is no, but greed may try its luck

.

PROPOSED CASH OFFER

by

Shell Exploration and Production (XL) B.V. ("Shell Bidco")

(a wholly-owned subsidiary of Royal Dutch Shell plc ("Shell"))

for

Cove Energy plc ("Cove")

1. Highlights

* Proposed Offer of 195 pence in cash for each Cove share.*

* The Proposed Offer values the entire issued and to be issued share capital
of Cove at approximately £992.4 million and would represent a premium of:

* 73.3 per cent. to the closing price of 112.5 pence per Cove share as of 4
January 2012, the last business day prior to Cove's announcement of the
sale process for the company; and

* 28.5 per cent. to the average closing price of 151.75 pence per Cove share
over the five business days ending on 21 February 2012, the last business
day prior to the date of this announcement.

* The making of an announcement of a firm intention to make the Proposed
Offer by Shell Bidco (the "Firm Intention Announcement") is subject to, and
conditional upon, the receipt of written consent of the Republic of
Mozambique's Minister of Mineral Resources (or through one or more
delegated representatives) as required under Article 24.1 of the
Exploration and Production Concession Contract relating to Cove's 8.5 per
cent participating interest in the Mozambique Rovuma Offshore Area 1 Block
(the "Rovuma Area 1 Interest"), such consent to be in a form satisfactory
to Shell Bidco (the "Mozambique Consent").

* The Board of Cove believes that the level and nature of the Proposed Offer
are such that it is in its shareholders' interests to progress matters with
Shell Bidco to the point where such an offer can be made. Accordingly, the
Board of Cove would expect to recommend the Proposed Offer of 195 pence in
cash per Cove share, if made. It has been agreed that, if the Board of Cove
does so recommend the Proposed Offer of 195 pence in cash per Cove share,
each director of Cove will provide a hard irrevocable undertaking to accept
the offer in respect of his own entire beneficial holdings of Cove shares
and those of his family members and related trusts.

* Notwithstanding this announcement, the formal sale process, including the
dispensations granted by the Panel on Takeovers and Mergers in connection
therewith (as detailed in the announcement by Cove on 5 January 2012),
shall continue.

.

.

i sold at 140p

greed didn't try it's luck!

cynic

What did you say about it taking month's and month's for a bid offer. The word in the press was a bid around 165p , if i had held a lot of these i would have kept a sizeable amount. With Shell bidding the price they pay would be a offer Cove could not refuse.

what did i say on post 347?

Well done to all connections.

TFC, time to open a bottle of Premier Cru..?

PTT Exploration makes bid for Cove Energy
StockMarketWire.com
PTT Exploration, Thailand's national petroleum exploration and production company with more than 40 projects in 13 countries around the globe, has made a cash offer for Cove Energy.

It is proposing to pay 220p for each Cove share.

The offer values the entire issued and to be issued share capital of Cove at approximately £1,119.6m and would represent a premium of 134.0% to the closing price of 94.0p per Cove share as of 12 December 2011, the last business day prior to Cove's announcement of the opening of the data room to certain parties who expressed an interest in Cove's participation in the Mozambique Rovuma Offshore Area 1 Block.

It is also a premium of 95.6% to the closing price of 112.5p per Cove share as of 4 January 2012, the last business day prior to Cove's announcement of the sale process for the company.

PTT expects to finance the proposed offer, if agreed, from its existing resources and available facilities.





At 3:00pm: (LON:COV) share price was +35.75p at 230.5p


Story provided by StockMarketWire.com

Do I not like selling @140

I didn't like selling at 120 but we didn't know how long this was away and other comp's looked more tempting at the time. As long as you made a profit, smile. ;))

Today's Telegraph suggested that Shell will not allow PTT to walk away with this one.
Seems small oil companies are going to have a nice run for a while!

Hope they do walk away and bid for Afren

difficult call, but it is certainly quite dangerous to chase this one in the hope of a better bid

STATEMENT REGARDING COVE ENERGY PLC

Response to press speculation regarding Cove Energy plc ("Cove")

ONGC Videsh Limited ("OVL") and GAIL (India) Limited ("GAIL") (together the "Consortium") note the recent press speculation and confirm that they are currently participating in the formal sale process announced by Cove on 5 January 2012.

At this stage, no decision has been made by the Consortium whether to make an offer for Cove or the price at which any such offer may be made. Therefore, there can be no certainty that the Consortium will make an offer for Cove, or as to the terms of any offer.



The Panel on Takeovers and Mergers has granted certain dispensations in connection with the formal sale process (detailed in the announcement made by Cove on 5 January 2012) and has confirmed that the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code will not apply to the Consortium in respect of this announcement.

Sold mine at 244p.....might pull back like GKP has now...

And I'm dying to short this....just can't bring myself to doing it....

Pulling back...thought this might happen...tax bill.....

of course it is ..... following a bid, there is usually a discount of 10/20% to account for risk and timing factors

Kicking myself for being brave enough to short it temporarily....

The Company notes the recent press reports in relation to comments in respect of the possibility of a tax charge which might be levied by the Government of Mozambique (the "Government") in connection with the proposed indirect transfer of the Company's 8.5 per cent participating interest in Rovuma Offshore Area 1 pursuant to a possible takeover of the Company. The Company is seeking clarity on this issue and will make further announcements when or if appropriate.

The formal sale process, including the dispensations granted by the Panel on Takeovers and Mergers in connection therewith (as detailed in the announcement by Cove on 5th January 2012), continues.

Canaccord comment:
"Using Heritage Oil's sale of its Ugandan assets to Tullow, we believe Mozambique could charge approximately 30% on capital gains to Cove. We would then expect the ministry to structure the final payment so the taxes payable go directly to the government. Using our example, in the case of a buyer paying 220p/share we would estimate 28p/share on a risked basis being paid as taxes. Leaving Cove shareholders with 192p/share.
Given the uncertainty that potential taxes create in the final sale of Cove we are changing our recommendation to SELL from TENDER and moving our target price to 190p/share from 220p/share."

No massive rise despite such good news today

FT sector watcher comment:
"So what does Shell do now? COV and its partners have just announced another monster gas discovery offshore Mozambique, with the Atum-1 well boosting estimated reserves to between 30 and 60 tcf of gas in place (up to 10 billion barrels oil equivalent). The Anadarko-led JV is now talking about a resource approaching 100 tcf in place, the biggest single accumulation of gas found globally in years. COV is currently the subject of a 240p/share all-cash offer from PTTEP (Thai state oil company), which last month outbid Shell’s previous 220p/share offer. The onus is now on Shell to further increase its offer, with today’s news piling on the pressure for a bigger number. With a current COV valuation of $2bn, it certainly doesn’t seem a lot for Shell to pay, although this buys it only 8.5% of the licence. Anadarko holds 36.5% of the licence, and I’d imagine Shell also has an eye on a large chunk of that interest. Difficult to guess what Shell’s next move will be, but I wouldn’t rule out a knockout offer approaching 300p/share. "

that doesn't give much upside ...... 10% at full price, but you then need to deduct a slab for risk and time elements

cynic

you said that when they were 60p

quite possibly but then i am not blessed with a crystal ball

StockMarketWire.com
Shell Exploration and Production has decided not to take part in the Takeover Panel's auction of Cove Energy.

Shell made an offer to acquire Cove in February in order to in order to enter potential liquefied natural gas developments in Mozambique, and other exploration positions in the region.

It says the the Takeover Panel has announced an auction procedure to conclude this potential takeover.

Shell Bidco has decided not to revise its offer of 220 pence in cash for each share of Cove, and not take part in the auction procedure for Cove.

Late RNS today 18.15 hrs


31 July 2012







Cove Energy plc


Result of first Golfinho/Atum gas complex appraisal well



Cove Energy plc ("the Company" or "Cove", AIM:COV), the AIM quoted upstream oil and gas company, notes the statement made by Anadarko Petroleum Corporation ("Anadarko"), the operator of Area 1 Rovuma Offshore Mozambique, in its second quarter 2012 results issued on 30 July 2012, which announces the result of the first appraisal well on the Golfinho/Atum gas complex, with the well encountering 254 net feet of natural gas pay.


The following excerpt is taken directly from the Anadarko 2012 second quarter results announcement released on 30 July 2012:



"Exploration Summary

Anadarko continued an active and successful exploration and appraisal program during the second quarter of 2012. Offshore Mozambique, the company extended its exploration success beyond the Prosperidade complex with the discoveries of Golfinho and Atum, forming the company's second major natural gas complex. The Golfinho/Atum complex is estimated to hold 10 to 30-plus trillion cubic feet of recoverable natural gas resources and is completely contained within the Offshore Area 1 block. Anadarko has begun an accelerated four-well appraisal program at Golfinho/Atum, with the first appraisal well encountering 254 net feet of natural gas pay. Significant progress was also made during the quarter at the company's Prosperidade complex, where the appraisal drilling program was successfully completed, and well testing is ongoing."