Cove Energy (LSE:COV)
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2 Years : From May 2011 to May 2013
Cove Energy PLC (COV.LN), the oil and gas firm, Friday said discussions with Shell and PTT Exploration and Production Public Company Limited (PTTEP.TH), or PTTEP, are ongoing, adding that there can be no certainty that any offer will be made for the Company, nor as to the level of any proposal or offer that may be made.
-Said both the proposed offer announcement released by a wholly owned subsidiary of Royal Dutch Shell PLC (RDSA.LN) on Feb 22 and the announcement by PTTEP Friday relate to proposed offers only, consequently Cove will review its position on the recommendation of any offer at the point that any potential offer is in a position to announce a firm intention to make an offer pursuant to Rule 2.7 of the City Code on Takeovers and Mergers.
-The formal sale process continues.
-Further announcements will be made in due course, as and when appropriate.
-Cove shares at 1610 GMT up 20.15% at GBP2.3 valuing the company at GBP975 million.
-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314; email@example.com