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...

.

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


Story provided by StockMarketWire.com

Do I not like selling @140

I didn't like selling at 120 but we didn't know how long this was away and other comp's looked more tempting at the time. As long as you made a profit, smile. ;))

Today's Telegraph suggested that Shell will not allow PTT to walk away with this one.
Seems small oil companies are going to have a nice run for a while!

Hope they do walk away and bid for Afren

difficult call, but it is certainly quite dangerous to chase this one in the hope of a better bid

STATEMENT REGARDING COVE ENERGY PLC

Response to press speculation regarding Cove Energy plc ("Cove")

ONGC Videsh Limited ("OVL") and GAIL (India) Limited ("GAIL") (together the "Consortium") note the recent press speculation and confirm that they are currently participating in the formal sale process announced by Cove on 5 January 2012.

At this stage, no decision has been made by the Consortium whether to make an offer for Cove or the price at which any such offer may be made. Therefore, there can be no certainty that the Consortium will make an offer for Cove, or as to the terms of any offer.



The Panel on Takeovers and Mergers has granted certain dispensations in connection with the formal sale process (detailed in the announcement made by Cove on 5 January 2012) and has confirmed that the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code will not apply to the Consortium in respect of this announcement.

Sold mine at 244p.....might pull back like GKP has now...

And I'm dying to short this....just can't bring myself to doing it....

Pulling back...thought this might happen...tax bill.....

of course it is ..... following a bid, there is usually a discount of 10/20% to account for risk and timing factors

Kicking myself for being brave enough to short it temporarily....

The Company notes the recent press reports in relation to comments in respect of the possibility of a tax charge which might be levied by the Government of Mozambique (the "Government") in connection with the proposed indirect transfer of the Company's 8.5 per cent participating interest in Rovuma Offshore Area 1 pursuant to a possible takeover of the Company. The Company is seeking clarity on this issue and will make further announcements when or if appropriate.

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 5th January 2012), continues.

Canaccord comment:
"Using Heritage Oil's sale of its Ugandan assets to Tullow, we believe Mozambique could charge approximately 30% on capital gains to Cove. We would then expect the ministry to structure the final payment so the taxes payable go directly to the government. Using our example, in the case of a buyer paying 220p/share we would estimate 28p/share on a risked basis being paid as taxes. Leaving Cove shareholders with 192p/share.
Given the uncertainty that potential taxes create in the final sale of Cove we are changing our recommendation to SELL from TENDER and moving our target price to 190p/share from 220p/share."