PTTEP Completes Cove Acquisition

Thai explorer PTT Exploration and Production (PTTEP) has confirmed today that it has completed its acquisition of London-listed, Ireland- and England-based Cove Energy.

In a statement released by PTTEP today, CEO and President of PTTEP, Tevin Vongvanich, said that a subsidiary of PTTEP, PTTEP Africa Investment Limited, had successfully acquired the entire shares capital of Cove Energy.

"The offer process is declared wholly completed," the PTTEP statement said.

PTTEP has this week secured written consent to the indirect change of control in Cove from the Republic of Mozambique’s Minister of Mineral Resources, gaining this approval on the 15th of August. PTTEP put this consent process in motion after it had received valid acceptances from 91.37 per cent of Cove shareholders last month..

PTTEP will now request that the London Stock Exchange cancel the trading of Cove Shares on the Alternative Investment Market. Once this is completed, Cove will be then be re-registered as a private company.

 PTTEP will also soon begin to finalise the acquisition of the remaining shares in Cove, with the compulsory acquisition of the remaining 5.68 per cent of Cove Shares from those Cove shareholders who have not yet accepted the offer. 

The acquisition gives PTTEP access to two significant gas discoveries in Mozambique, the Rovuma field and Area 1 field. PTTEP also gains access to seven Kenyan offshore blocks.