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...

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.