30 May 2012 10:15 [Source: ICIS news]
SINGAPORE (ICIS)--PTT Exploration and Production Public Co Ltd (PTTEP) said on Wednesday that it has secured consent from ?xml:namespace>
PTTEP, through PTT Africa Investments Ltd, has made a £1.22bn ($1.91bn) cash offer to fully acquire Cove Energy Plc on 23 May.
Receipt of written consent from Mozambique’s Minister of Mineral Resources is among the conditions set out in PTTEP’s cash takeover offer of Cove Energy, which has an 8.5% interest in the Mozambique Rovuma Offshore Area 1 (Rovuma project), among others.
Commercialisation of a project using a minimum of 6 tcf in a single train LNG project is being evaluated.
“The Rovuma project interest represents a strong fit for PTTEP and the chain of the PTT Group in
PTT is a major oil and gas player in southeast Asia.
PTTEP’s offer price at 240 pence per share for Cove Energy represents an enterprise value/recoverable resources ratio of about $0.41-0.86 per thousand cubic feet based on an estimated recoverable natural gas resources of between 24 trillion-50 trillion cubic feet (tcf), according to a previous statement by PTTEP dated 24 April.
The Thai firm’s offer is a higher than the 220 pence/share bid made by Anglo-Dutch energy major Shell for Cove Energy in February.
($1 = £0.64)
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