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...

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 .

what with recent placing of in excess of 145 mn shares @ 76p i would usually have anticipated an element of holders already in the money to have made a quick few bucks and sold up. But not so with COV which since inception of todays business has added 5p to b/o of 84.75 / 85p .......and furthur up to 86 / 87p since i began to write post...

Maintaining a nice upward trend on the graph. I have traded in & out recently, but still hold a good chunk.

100p soon ?...perhaps....

buy buy buy


lol lol lol!!

StockMarketWire.com
Cove Energy has revealed another major gas discovery at the Lagosta prospect in the Rovuma Basin Area 1 block, offshore Mozambique.

Lagosta is the fifth well in the offshore programme operated by Anadarko Petroleum Corporation.

Cove Energy has an 8.5% working interest.

The Lagosta discovery well encountered a total of more than 550 net feet of natural gas pay in multiple high-quality Tertiary sands.

Another great result.....and now this is commercial and probably more appraisal wells will have to be spudded....great news !.....I should have added gas in the title, when I started this thread.........

Cheap as chips

120p by xmas.

Strike 3 !! .and all the bases are loaded !!..Lagosta yields.550 feet of high quality sands !!! making it bigger than both W/J and Barq; and more importantly it makes COMMERCIALITY a non brainer reg. LNG plant . ,.....................Rememeber; l tcf of gas roughly equates to approx 143 mmboe .../ and in the light of Lagosta far we have perhaps as much as 22 to 27 TCF !! which in $ terms is ,,,,gulp .... . thus opening up this NEW super hydrcarbon fairway offcoast East Africa which in the fullness of time shall dwarf the amount of gas extracted from the North sea !......All global enegy players will be watching this with more than a tad of interest esp China and lndia -the latter of which is virtually bulding an entire infrastructure for Tanzania/ Mozambique in its search for energy/ minerals ..../....Big oil is welcome/ but gentlemen please !! Form an orderly quee !! Gentlemen please !! - No quee jumpers !! .........COV firmly established as a player with whom to be reckoned and to think we only paid approx $3.8 million for the same interest in ROV prog. while others like Videcon paid 20X that for same interest ..... .One more well on Rov drilling prog before we start our oil exploration offshore Kenya and furthur gas/ oil leads on this license ,,,,,and then the real fun will begin !! ......So many leads yet still to be expolited / rather spoilt for choice . .

There has to be oil somewhere there.....might be further out....200p target for me next year by summer....

dont forget RF both ironclad/ Collier found oil in fans - the former of the two finding almost 40m of oil saturated sands ! {.Fox/D in desk note reported 230 mmboe en situ at the lronclad lead but drilling was suspended due to poor permeability and porosity- and considered non commercial in isolation by oppos / while drilling was suspended at Collier due to dangerously high pressure within well bore ..........................but both were plugged with a view to returning at a later date - presumably following completion of 6th well in current project.........