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...

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....