24 July 2012 06:39 [Source: ICIS news]
More than half of the losses or $109m booked in the second quarter is an impairment loss from delays in oil production and higher cost incurred at the company’s
The company’s revenue for the three months ended 30 June 2012 increased 12% year on year to $1.67bn, it said.
In the first half of 2012, PTTEP said its net profit grew 15% year on year to $839m, with revenue rising by 17% to $3.26bn.
PTTEP has launched a £1.22bn ($1.91bn) takeover bid for 100% of Cove Energy in May that will expire at 1:00 pm
Cove Energy has an 8.5% interest in the Mozambique Rovuma Offshore Area 1 (
The Thai firm, which is a subsidiary of southeast Asian energy major PTT, has received a written consent from
“The acquisition would mark PTTEP’s entry into the
Cove Energy has operations in
PTTEP’s price for Cove at 240 pence a share is currently the highest after Anglo-Dutch energy giant Shell decided on 16 July to keep its offer at 220 pence/share.
On 20 July, the Thai firm announced that it will issue 650m new shares to raise funds.
Its parent firm PTT will take up 403.4m of the newly issued shares to maintain its 65.3% stake in PTTEP.
($1 = Bt31.83 / $1 = €0.83 / $1 = £0.64)
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