Thai PTTEP controls 91.4% of Cove; takeover bid now unconditional

01 August 2012 12:16  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand’s PTT Exploration and Production (PTTEP) said on Wednesday it now controls 91.4% of Cove Energy as of the end of July, based on valid acceptances from shareholders of the liquefied natural gas (LNG) developer.

PTTEP’s £1.22bn ($1.9bn) takeover offer for 100% of Cove Energy is now unconditional, the company said in a filing to the Stock Exchange of Thailand.

The Thai firm’s offer at 240 pence a share beat Shell’s 220 pence/share offer.

Cove Energy has an 8.5% interest in the Mozambique Rovuma Offshore Area 1 (Rovuma project), which is currently estimated to have a resource potential of about 12 trillion cubic feet (tcf) of gas and is being eyed for a liquefied natural gas (LNG) project.

($1 = £0.64)

By: Pearl Bantillo
+65 6780 4359

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