COV Cove Energy

   By Phisanu Phromchanya 
 

BANGKOK--PTT Exploration and Production PCL (PTTEP.TH) said Wednesday it plans to request that the London Stock Exchange delist shares of Cove Energy PLC (COV.LN) from its Alternative Investment Market after Cove's shareholders, who collectively own 91.4% of the company, accepted a cash offer by a unit of the Thai company to buy Cove.

PTT Exploration will proceed to seek written consent from the Republic of Mozambique's Ministry of Mineral Resources to take control of Cove, the Thai firm said in a statement to the Stock Exchange of Thailand.

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 blocks offshore of Kenya deepwater.

Write to Phisanu Phromchanya at phisanu.phromchanya@dowjones.com

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