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...

Rumour seems to be about the 180p level. That's the highest I have seen, so possibly optimistic.

market would concur

Cove Energy plc is pleased to announce today that it has entered in to an agreement to divest its Tanzanian Interests, comprising a 16.38% interest in production operations and 20.475% interest in exploration operations in the Mnazi Bay Production Sharing Contract, to Wentworth Resources Ltd ("Wentworth", AIM:WRL). The Agreement provides for transfer of 100% of the shares of Cove Energy Tanzania Mnazi Bay Limited, a wholly owned group subsidiary of Cove, to Wentworth in exchange for:

· An increase in profit share from Area 1 Rovuma Offshore Exploration & Production Concession Contract ("Area 1 EPCC") through the termination by Wentworth of its royalty interest of 4.95% over Cove's 8.5% share of the profits derived from the Area 1 EPCC ("Royalty");

· Two million newly issued fully paid shares in Wentworth ("Consideration Shares") to be retained by Cove; and

· Contingent payments of up to US$8.5 million, depending on future natural gas production thresholds from the Mnazi Bay PSC being achieved (the "Contingent Payment"). Any proceeds arising from the Contingent Payment will be used for general working capital.

The transaction is valued at approximately US$39 million.

The Effective Date of the Agreement is 30th September 2011. Cove will continue to meet its financial and contractual obligations under the Mnazi Bay PSC including any drilling costs, until Completion. However, under the terms of the Agreement, Cove will be reimbursed by Wentworth for its costs incurred between the Effective Date and Completion.

Shooting up......bid coming to the fore ?....

R F

I sold to soon @ 140p

I did at 100p...and bought back at 140p....not the best timing...

sold mine at 120p

Well that's better than my timing.....

probably bid coming at least fairly soon - see ST Biz section - but is there enough upside to make it worth buying in now? ..... gut instinct is no, but greed may try its luck

.

PROPOSED CASH OFFER

by

Shell Exploration and Production (XL) B.V. ("Shell Bidco")

(a wholly-owned subsidiary of Royal Dutch Shell plc ("Shell"))

for

Cove Energy plc ("Cove")

1. Highlights

* Proposed Offer of 195 pence in cash for each Cove share.*

* The Proposed Offer values the entire issued and to be issued share capital
of Cove at approximately £992.4 million and would represent a premium of:

* 73.3 per cent. to the closing price of 112.5 pence per Cove share as of 4
January 2012, the last business day prior to Cove's announcement of the
sale process for the company; and

* 28.5 per cent. to the average closing price of 151.75 pence per Cove share
over the five business days ending on 21 February 2012, the last business
day prior to the date of this announcement.

* The making of an announcement of a firm intention to make the Proposed
Offer by Shell Bidco (the "Firm Intention Announcement") is subject to, and
conditional upon, the receipt of written consent of the Republic of
Mozambique's Minister of Mineral Resources (or through one or more
delegated representatives) as required under Article 24.1 of the
Exploration and Production Concession Contract relating to Cove's 8.5 per
cent participating interest in the Mozambique Rovuma Offshore Area 1 Block
(the "Rovuma Area 1 Interest"), such consent to be in a form satisfactory
to Shell Bidco (the "Mozambique Consent").

* The Board of Cove believes that the level and nature of the Proposed Offer
are such that it is in its shareholders' interests to progress matters with
Shell Bidco to the point where such an offer can be made. Accordingly, the
Board of Cove would expect to recommend the Proposed Offer of 195 pence in
cash per Cove share, if made. It has been agreed that, if the Board of Cove
does so recommend the Proposed Offer of 195 pence in cash per Cove share,
each director of Cove will provide a hard irrevocable undertaking to accept
the offer in respect of his own entire beneficial holdings of Cove shares
and those of his family members and related trusts.

* Notwithstanding this announcement, the formal sale process, including the
dispensations granted by the Panel on Takeovers and Mergers in connection
therewith (as detailed in the announcement by Cove on 5 January 2012),
shall continue.

.

.

i sold at 140p

greed didn't try it's luck!

cynic

What did you say about it taking month's and month's for a bid offer. The word in the press was a bid around 165p , if i had held a lot of these i would have kept a sizeable amount. With Shell bidding the price they pay would be a offer Cove could not refuse.

what did i say on post 347?

Well done to all connections.

TFC, time to open a bottle of Premier Cru..?

PTT Exploration makes bid for Cove Energy
StockMarketWire.com
PTT Exploration, Thailand's national petroleum exploration and production company with more than 40 projects in 13 countries around the globe, has made a cash offer for Cove Energy.

It is proposing to pay 220p for each Cove share.

The offer values the entire issued and to be issued share capital of Cove at approximately £1,119.6m and would represent a premium of 134.0% to the closing price of 94.0p per Cove share as of 12 December 2011, the last business day prior to Cove's announcement of the opening of the data room to certain parties who expressed an interest in Cove's participation in the Mozambique Rovuma Offshore Area 1 Block.

It is also a premium of 95.6% to the closing price of 112.5p per Cove share as of 4 January 2012, the last business day prior to Cove's announcement of the sale process for the company.

PTT expects to finance the proposed offer, if agreed, from its existing resources and available facilities.





At 3:00pm: (LON:COV) share price was +35.75p at 230.5p


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