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...

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.

Just placed my last sell order @105 and now letting the rest run , lot's of talk of a bid

Someone bought 145,000 @ 9.31am ,delayed trade

Doing well this one.....at least that's one I've got right !....

Same here rf, something positive at last.

http://www.investegate.co.uk/Article.aspx?id=201201050700140248V

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If it had been a takeover, it would have been better.....as such many sales like this fall through.....ZEN did the same thing if I remember correctly....COV is in much better shape.....just happens that I'm not in and took a few profits before christmas....not sure about this....

i don't perceive much upside but plenty down if no acceptable bid materialises

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No. It's the whole company up for sale as the Rovuma assets form a large part of the company.
This is where the arbitrage guys start to make their money as someone will need to put a true value on the whole company and then hope for a bid and maybe a counter bid to push the sp up. Worth trading it, imo, but a bit risky holding long term as it may not reach the asking price.

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Not immedaitely obvious, but this is the crucial bit, imo:
"Rovuma Area 1 Interest represents a substantial portion of Cove's asset value within the portfolio of focussed and complementary assets which the Company has built in East Africa. As such the Directors have unanimously agreed that a sale of the Company may be appropriate at this time. The Directors have decided to conduct a formal sale process for the entire issued and to be issued share capital of the Company."

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I'm in and in quite good profit, for a change. whats the opinion, take it now or what of the chances of somemore to come?? anybody.,.

If there is no immediate new news : a pullback might be on the cards....these sales of companies can take several years, it has been known....then again...a well is in progress.....toss of a coin....myself...I would bank....