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...

"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.

--------------------------------------------------------------------------------


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.