By Phisanu Phromchanya
BANGKOK--Thailand's PTT Exploration and Production PCL
(PTTEP.TH) is on track to completing its acquisition of
Africa-focused exploration company, Cove Energy PLC (COV.LN), after
the Mozambique government approved the change in control of Cove's
stake in a gas field in that country.
The Thai company said in a statement 94.32% of Cove's
shareholders have accepted the cash offer made by its wholly owned
unit PTT Africa Investment Ltd., which last month outbid Royal
Dutch Shell PLC's (RDSA.LN) wholly owned unit offer for Cove.
Interest in Cove, a modestly sized exploration company listed on
London's junior exchange, has been fueled by the company's stake in
one of the world's most promising new gas resource areas. Cove's
main asset, an 8.5% stake in a gas field off Mozambique's coast
operated by Anadarko Petroleum Corp. (APC), offers energy companies
a speedy way to get a foothold in the region.
PTT Exploration said in a separate statement to the Stock
Exchange of Thailand that its unit will soon begin the process of
compulsorily acquiring the remaining Cove shares from shareholders
who have not yet accepted the offer.
PTT Exploration also plans to delist Cove from the London Stock
Exchange's Alternative Investment Market, the statement said.
Cove has an 8.5% participating interest in the Rovuma Project in
Mozambique, which has estimated gas reserves of up to 60 trillion
cubic feet. It also has a 10% stake in the Rovuma Onshore Area,
also in Mozambique, as well as interests ranging from 10%-25%
across seven Kenya deep-water offshore blocks.
Write to Phisanu Phromchanya at
phisanu.phromchanya@dowjones.com
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