26 July 2012 12:05 [Source: ICIS news]
SINGAPORE (ICIS)--Thailand’s PTT Exploration and Production (PTTEP) said on Thursday it has extended the closing date of its £1.22bn ($1.91bn, €1.56bn) takeover offer for Cove Energy, which has operations in east Africa, to the end of July.
The cash offer will now expire at 1pm London time on 31 July, a push from 25 July, the company said in a filing to the Stock Exchange of Thailand.
PTTEP has the highest bid for Cove Energy at 240 pence/share. Anglo-Dutch energy giant Shell decided not to revise its offer for Cove at 220 pence/share.
London-headquartered Cove Energy has an 8.5% stake in the Mozambique Rovuma Offshore Area 1 (Rovuma project), which is estimated to have a resource potential of some 12 trillion cubic feet of gas.
Cove plans to come to a final investment decision on a liquefied natural gas (LNG) project by the third quarter of 2013.
(€1 = £0.78, $1 = €0.82)
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