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...

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.

Looks good to me...reminds me of Faroe Petroleum this company....

since about 11 o clock trading volume has picked up remarkably as the realization dawns that COV deliver the goods on time with no excuses or complications . A SEA OF BLUE.. What with Lagosta having been already well prepped and partially drilled,and cemented i dont think it will take as long as barq to reach T/D ......up 3.5 points in less than 20 mins.......Hopefully we wont attract the day traders and T players......Big player accumulating in tranches of 25,000 has already aquired approx 300k bodes well.

TFC - thanks for your heads-up on this a couple of days ago .... bought modestly this morning

Am I missing something? if the very large placing is going to be admitted on the 23rd Nov at 76p, why buy now at 80p?

Deep water.

Offshore.

Gas.

No infrastructure.

African political volatility.

Market cap after placing 400 million pounds.



No oil / No infrastructure / Just gas.......


What a nice stock........ LOL ;)

prob. because of the very simple fact H. that the PI's wont get a sniff at that price. ....technically they already have homes in the pockets of institutions, big retail brokers and hi value clients - you know the dance-.........Also what with Lagosta having already been fully prepped,partially drilled and cased and being treated more like an appraisal well rather than an exploratary well and accorded a 56% COS the mkt anticipates that by 23rd Nov electic logs will illustrate to a degree what COV are sitting on- and 76p will be long gone by then .

up another 3p today - strong feeling this will rise in small daily increments now drilling in earnest at Lagosta has commenced .