TheFrenchConnection
- 21 Apr 2010 16:51
- 94 of 377
but only so far Harry .Some quaters of the city have great expectations reg DES . Cant say i concur as yet - but methinks theres a trick in the tail there somewhere. ...REG: Trading in COV .....-Over 1.5 million shares bought in tranches of 200,000+ today a full 3p to 5p over offer price prevailing at the time . ,,,,,,,Somebody feels confident ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,O/T Apologies et al / Roly -.Did you not get my recent mail ?
HARRYCAT
- 09 Jun 2010 11:33
- 107 of 377
Pan Gor broker note:
"Cove is an oil and gas play with interests in Tanzania and Mozambique. It is a virtual company in terms of the very limited number of personnel employed full-time within the business. The philosophy of management, fronted by John Craven ex CEO of Petroceltic, is one of seeking low capex-high value projects. Cove will support projects in exploration, appraisal, and as they move into development, but will sell their interests on to others before production. Young basins are sought, in terms of evidence of a working petroleum system, whilst there is also a preference for emerging basins, given their better terms and better prospects. Strong seismic is required to de-risk projects whilst joint ventures will be sought with good operators and, with regard to the latter, Cove has done very well to partner with the Texas-based Anadarko (c. $35bn market cap). The US giant is running the drill programme, but Cove has an 8.5% interest in its exciting off-shore Mozambique prospects, and this has prompted our involvement in the story, initially via a placing at 40p announced on the 11th March.
Then on the 20th April, Cove announced that the second well in the off-shore Mozambique drilling programme, Collier 1, had been suspended "for safety reasons" due to high pore pressures in the well. The partners in the drilling programme opted to move the Belford Dolphin drillship to drill other prospects (Ironclad and Barquentine) whilst they work out how to handle the pressure. The market has reacted poorly to this, undeservedly in our opinion, since it likely just reflects inadequate equipment on board the rig to deal with the issue and Collier will be revisited at a later date. In the meantime focus will next move to the Ironclad (oil) prospect some 30kms south-west of Collier."