Thai PTTEP extends offer for Cove Energy until 13 July

09 July 2012 11:46  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand’s PTT Exploration and Production Public Co Ltd (PTTEP) said on Monday it has extended the closing date of its £1.22bn ($1.88bn, €1.54bn) offer for Cove Energy by a week, until 13 July.

This is the third time that the closing date of the cash takeover offer for Cove Energy has been extended from the original date of 22 June, the company said in a filing to the Stock Exchange of Thailand.

Cove Energy has an 8.5% interest in the Mozambique Rovuma Offshore Area 1 (Rovuma project), which is estimated to have a resource potential of some 12 trillion cubic feet (tcf) of gas, and has plans to come to a final investment decision on a liquefied natural gas (LNG) project by the third quarter of 2013.

PTTEP also announced in the same statement that the Competition Authority of Kenya has approved the acquisition “of the entire issued and to be issued share capital of Cove”.

PTTEP offered 240p per share for Cove Energy in May, beating Shell’s offer of 220p per share made in February this year.

($1 = £0.65, €1 = £0.79)

By: Pearl Bantillo
+65 6780 4359

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