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...

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

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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