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
Cove Energy initiated with buy rating at Investec, target price 134p

StockMarketWire.com
Cove Energy has signed production sharing contracts for two offshore exploration blocks, L10A and L10B, with the Kenya government. Cove will hold a 25% equity interest in the exploration block L10A and a 15% interest in block L10B.

BG Group will be operator. Blocks L10A and L10B together cover an area of more than 10,400 square kilometres in the southern portion of the Lamu Basin offshore Kenya in water depths ranging from around 200 metres to in excess of 1,900 metres.

They are also adjacent to and inboard of deepwater blocks L11A and L12 part of a package of five contiguous deepwater blocks in which Cove has a 15% interest.

StockMarketWire.com
Cove Energy's operating losses rose to $5.9m in the year to the end of December - up from $1.6m last time.

The loss from continuing operations rose to $5.0m - up from $1.6m in 2009 - while the firm had cash and cash equivalents of $199.3m compared with $51.2m previously.

Chairman Michael Blaha said 2010 was a remarkable second year for the company which transformed the assets it acquired in 2009 from Artumas with world class exploration successes that added significant contingent gas resources that is to form the basis for a significant LNG project.

He said Cove also expanded its portfolio with some strategic exploration positions in seven deep and shallow water blocks in Kenya.

He added: "We remain focussed on geology in emerging basins with intensive exploration and appraisal programmes executed by competent operators.

"We have established ourselves as a reliable company that is focussed on creating shareholder value on the basis of a very clear strategy.

"Cove's participation in the Rovuma Offshore Area 1 gas discoveries has positioned the company in a leading LNG project."

StockMarketWire.com
An appraisal well offshore Mozambique has been successful, Cove Energy said today (22 August).

Cove said the operator, Anadarko Petroleum, had reported that the Barquentine-2 appraisal well in the Rovuma Basin, encountered more than 230 net feet (70 meters) of natural gas pay in high-quality Oligocene-age reservoirs.

Barquentine-2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (Tcf) of recoverable natural gas resources.

Bought in again at 70p ( a little late but.....)
If the latest news had been released in a bull market, the sp would have rocketed, imo. So, on the basis that the news is good and that the market will eventually acknowledge the fact, lots pf upside potential, imo. Very little downside, unless the whole market tanks again.

Nice breakout......sp climbing rapidly...

Yep. One of my few recent profitable purchases. Watch out though, rf, as I think COV will need more money soon.

StockMarketWire.com
Cove Energy has agreed a farm-out deal on Kenya deepwater blocks with Total.

The agreement was signed by Cove's Kenya subsidiary and its partners - Anadarko Kenya Co and Dynamic Global Advisers Kenya.

Total E&P Kenya will acquire a 30% interest in blocks L5, L7, L11A, L11B and L12 which cover more than 30,000 square kilometres in water depths of between 100 and 3,000 metres.

Cove will contribute 5%, Anadarko 20% and DGA 5% to the farm-out.

Total has also agreed to purchase, for cash, DGA's entire interest in the Kenya offshore blocks.

StockMarketWire.com
Operating losses at Cove Energy fell to $1.98m in the six months to the end of June - down from $3.3m last time.

Revenues rose to $236,000 from $197,000 and the total comprehensive loss for the period attributable to the equity holders of the parent fell to $1.3m from $2.9m.

Chairman Michael Blaha said: "Our main project in Rovuma Area 1, Mozambique, continues to progress with a new gas discovery at Tubar and successful appraisal well at Barquentine 2.

"Also extensive new 3D seismic data has been acquired in the northern gas and southern oil prone parts of the block.

"Preliminary evaluation looks very promising.

"We are also highly impressed with the rapid mobilisation of the pre-development team and the awarding of the high level contracts, building the pre-development momentum to achieve financial sanction by the end of 2013.

"Cove has continued its focussed exploration portfolio in East Africa during the first half of 2011 with the acquisition of further interests in blocks L10A and L10B, offshore Kenya.

"The exchange of contracts on a farm in with TOTAL over our existing Kenyan deepwater acreage, on very good terms, has added substantial value and de-risked this project for Cove.

"In addition TOTAL's proposed purchase of the DGA stake, gives a substantial market value uplift to our investment here from 2010."

Cove Energy plc together with the operator Anadarko Petroleum Corporation ("Anadarko"), is pleased to report exploration and appraisal success from the Camar well in the Rovuma Basin Area 1 block, Offshore Mozambique ("Area 1 Rovuma Offshore").

Highlights
Over 380 net feet (116 meters) of natural gas pay confirmed in both exploration and appraisal targets.

Appraisal objective, in Oligocene fan systems, encountered approximately 240 net feet (73 meters) of natural gas pay in an excellent-quality reservoir sands, pressure data confirms static connectivity with the partnership's previously announced Windjammer and Lagosta discoveries which are some 15 miles apart.

Exploration section of the well encountered a 140 net feet (43 meters) of natural gas pay in shallower Miocene and Oligocene sand packages not encountered in previous wells.

Operator Anadarko estimates substantial increase in recoverable resources to, at least 10TCF (142 million BOE net to Cove Energy), and is also "optimistic that our current estimates will increase, as we still have significant exploration and appraisal work ahead".

Partnership mobilising a second deepwater drillship to Area 1 Rovuma Offshore to accelerate the drilling campaign, which includes an extensive reservoir testing program and up to seven exploration/appraisal wells over the next 12 months.

Base case development plans have now been expanded to a minimum of two 5-million-tonne-per-annum LNG trains with optionality to increase pending further drilling success.

Camar well success has de-risked other prospects in similar geological settings.

more resource upgrades! check out investorschampion.com

Excellent rise.....nice chart...more to come...

Last time the Eurozone kicked off COV dropped 30p, so might be worth taking some profit as a repeat may be on the cards.

true - and should 30p happen again i know what i'll be doing - even 20p would be nice - excellent prospects here

KENYA L10A AND L10B - COMMENCEMENT OF 3D SEISMIC ACQUISTION

Cove Energy plc (the "Company" or "Cove", AIM: COV), the AIM quoted upstream oil and gas company focused on East Africa, through its wholly owned subsidiary, Cove Energy Kenya Limited ("Cove Kenya") is pleased to announce that 3D seismic acquisition has commenced in offshore Kenya licence areas L10A and L10B.

After completion of the 3D survey, the vessel will be reconfigured and will commence 2D seismic acquisition in the western portion of the areas.

The L10A and L10B licences were awarded to Cove Kenya, operator BG Group and other joint venture participants (the "Joint Venture") on 17 May 2011, with an effective date of 17 August 2011.

The Joint Venture has been pursuing a "fast track" exploration programme and BG Group has already mapped ten strong "leads" and five diverse "play types" using existing seismic data. Most of the leads will be covered by the new seismic surveying.

It is anticipated that the seismic data will be fully processed by mid 2012 and interpretation and mapping will be completed later that year. The aim of the survey is to fully map a number of prospects prior to drilling.

The L10A and L10B joint ventures consist of:

BG Group
40% L10A
45% L10B

Premier Oil
20%
25%

Cove
25%
15%

Pancontinental Oil & Gas NL
15%
15%

At the moment you could have a rns saying that they have discovered eldorado and I don't think that it would make much difference...way undervalued here...but in these terrible markets...

Cove Energy plc the AIM quoted upstream oil and gas company, together with the operator Anadarko Petroleum Corporation, is delighted to provide an update of the results of the Barquentine-3 appraisal well and consequent gas resource range upgrade in the Rovuma Basin Area 1 block, Offshore Mozambique ("Area 1 Rovuma Offshore").

Highlights

Thickest Gas Pay To Date
Barquentine-3, the sixth successful well to drill in the now world class Windjammer, Lagosta, Barquentine and Camar ("WLBC") gas complex encountered more than 202 net meters (662 net feet) of natural gas pay in two high-quality Oligocene-aged fan systems.

Significant Estimated Recoverable Resource Increase
Recoverable resource ranges for the WLBC gas complex are now estimated to be 15 to 30+ trillion cubic feet ("TCF") of recoverable natural gas, with an estimated 30 to 50+ TCF of natural gas in place.

Expandable LNG (liquefied natural gas) Development
A large-scale LNG development is currently being designed to consist of at least two trains with the flexibility to expand to six trains.

Two Drilling Rigs Secured
The Deepwater Millennium drillship is being mobilized to commence flow and interference testing and a new 4 year extension for the Belford Dolphin drillship will ensure a continuous appraisal and exploration drilling programme.

New 3D Seismic
Analysis of the new seismic has identified a growing number of high-potential prospects in other areas in Area 1 Rovuma Offshore.

FT sector watcher comment:
"Another very strong well result for COV and its partners offshore Mozambique, with the Barquentine-3 well encountering the largest gas column to date with over 200 metres of net pay. The Anadarko-led joint venture, in which COV has an 8.5% interest, now estimates that the Lagosta/Windjammer/Barquentine complex of fields contain 15-30 tcf of recoverable gas (2.5-5.0 bn boe), an enormous number.
Previously Anadarko had said that the fields contained around 10 tcf of gas, although the group had also made it clear that there was material upside, which was probably already in the market prior to today's news. Hence whilst this is undoubtedly positive news, I'm not sure it changes a huge amount for COV shareholders. "

I'd just like to say......look at Cove go!!

Peel Hunt comment:
Lagosta-2 well spudded The Lagosta-2 well is designed to further appraise reservoir development and to more accurately delineate the extent of the Windjammer-Barquentine-Lagosta Complex (WBLC). It is expected the well will be completed towards the end of January 2011.
Data room opened Importantly Cove also indicated that a data room has been opened to certain parties who have expressed an interest in Coves participation in the Rovuma Area 1 PSC and that commercial discussions with potential LNG off takers interested in securing long-term LNG supplies have commenced.
Asset disposal moves closer The implication of opening the data room is that at the right time and for the right price management will look to monetise their interest in Mozambique. In terms of timing we feel a possible asset-level approach for their 8.5% interest is likely to materialise within the next 12 months, clearly the exact timing is uncertain but we argue that any potential suitor may look to make a move before further significant additional resources are discovered (which would serve to push up the acquisition price).
Soon rather than later With appraisal drilling ongoing and exploration efforts about to accelerate into 2012 we feel the chance for additional incremental resource upgrades is high. If one accepts that an approach may occur before the guided recoverable hydrocarbon volumes rises even further, then it would also be reasonable to assume that a potential approach may materialise soon rather than later.
We retain our Buy recommendation and 166p/share RENAV-based target price.