Through the Lagosta III well, located in the gas field Rovuma Basin Area 1, Mozambique, Cove Energy along with Anadarko Petroleum has discovered unexpected quantities of gas. The high quality of this gas and its geographical position fit perfectly with the demand in Asia where gas prices are attractive and sustainable.
Since then, Shell and PTTEP from Thailand are competing to take over Cove Energy. Last week Shell made an offer based on $0.195 per share, representing $1.57 billion for the acquisition. Then PTTEP submitted a $1.78 billion cash counter offer valued on $0.220 per share. In addition Indian companies and Japanese are reported to also prepare a bid on Cove Energy.
