PTTEP tops Shell offer to acquire Cove Energy

Thailand’s state-owned PTT Exploration and Production Public Co. Ltd has made an offer to acquire Cove Energy Plc for £1,119.6 million ($1,773.9 million).

Offshore staff

BANGKOK, Thailand –Thailand’sstate-ownedPTT Exploration and Production Public Co. Ltd has made an offer to acquire Cove Energy Plc for £1,119.6 million ($1,773.9 million).

This comes following aShell offer last week for Cove of $1,570 million.

Cove holds 8.5% interest in Mozambique’sRovuma Offshore Area 1 gas discovery with estimated reserves of 30 tcf. Cove also holds interests in seven blocks offshore Kenya in deepwater.

2/27/2012

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