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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Cove Energy PLC    CNVGF   GB0034353531

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Cove Energy To Establish Second Natural Gas Complex In Mozambique

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06/11/2012 | 08:25am CEST

LONDON--Cove Energy PLC (>> Cove Energy PLC), the AIM quoted upstream oil and gas company, Monday said results of Golfinho discovery well and Atum exploration well confirm second major natural gas complex entirely in Offshore Area 1 Rovuma Offshore, Mozambique.

MAIN FACTS:

-300+ net feet (92 meters) of Natural Gas Pay encountered in two high quality Oligocene deep water fans at Atum well.

-Atum well connected to the Golfinho Oligocene gas reservoirs with estimated recoverable gas resources of 10 to 30 plus Trillion cubic feet (Tcf).

-Area 1 block wide recoverable gas resources now estimated to be between 30 and 60 Tcf.

-Current upside for total gas in place for the discovered reservoirs on the block is approaching 100 Tcf.

-Immediate 4 well appraisal/testing program.

-Anadarko Petroleum Corporation (APC) is the operator of Atum well located 16.5 kilometers south of Golfinho discovery well in the northern part of Area 1 Rovuma Offshore, Mozambique.

-Shares of Cove on Friday closed at 262 pence.

-Write to Tapan Panchal at tapan.panchal@dowjones.com

Stocks mentioned in the article : Cove Energy PLC
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Managers
NameTitle
Anun Chonchawalit Chairman
Direk Wangudomsuk Director
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