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...

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!!