PTT Exploration Gets 72.14% Cove Energy Acceptances; Extends Offer to July 31
07/26/2012| 04:38am US/Eastern
--PTTEP Africa Investment had received acceptance for 72.14% stake in Cove Energy
--PTTEP extends offer to July 31 from July 25
--Shell says the offer for Cove has now lapsed
By Ian Walker and Oranan Paweewun
(Adds quote from PTT Exploration's CEO in third paragraph, background in fourth and fifth paragraphs)
BANGKOK--PTTEP Africa Investment Ltd., a wholly owned subsidiary of Thailand's PTT Exploration and Production PCL (PTTEP.TH), said Thursday that it has received valid acceptances from Cove Energy PLC (>> Cove Energy PLC) shareholders in respect of 354.21 million Cove shares, or 72.14%, as at 1200 GMT on Wednesday.
The company has extended the offer to purchase Cove to July 31 from July 25, PTT Exploration said in a statement to the Stock Exchange of Thailand.
"After the extended offer period expires on July 31, if we still can't get 90% stake, then we will consider what to do next," PTT Exploration Chief Executive Tevin Vongvanich told Dow Jones Newswires.
Last week, Cove Energy reiterated its recommendation that shareholders tender their acceptances to the offer for the company by PTT Exploration as soon as possible after Royal Dutch Shell PLC (>> Royal Dutch Shell Plc) announced that it won't revise its offer for Cove and won't take part in an auction procedure.
Shell Exploration and Production (>> XL Group plc) B.V., a wholly owned subsidiary of Royal Dutch Shell, said Thursday the offer for Cove has now lapsed as it hasn't received the required number of acceptances.
Interest in Cove, a modestly sized exploration company listed on London's junior exchange, has been fueled by the company's stake in one of the world's most promising new gas resource areas. Cove's main asset, an 8.5% stake in a gas field off Mozambique's coast operated by Anadarko Petroleum Corp. (>> Anadarko Petroleum Corporation), would offer energy companies a speedy way to get a foothold in the region.
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