Mozambique authorises Cove Energy to acquire stake in oil concession

6 January 2010

London, United Kingdom, 6 Jan – The Mozambican government has granted authorisation for Cove Energy to finalise acquisition of an 8.5 percent stake in an oil exploration concession in the Rovuma Basin, the British company has announced.

The formal authorisation obtained from the Natural Resources Ministry and Empresa Nacional de Hidrocarbonetos allows Cove Energy to acquire from the Canadian group Artumas an 8.5 stake in concession area number 1 of the Rovuma Basin, the company indicated on Tuesday.

Cove Energy is associated to the French group Maruel & Prom in this deal and in two others that also involve the acquisition of stakes in oil and natural gas concessions held by Artumas.

One of them concerns the concession held by Artumas in the Rovuma Onshore Area, also in Mozambique, in which the partnership acquired a 10 percent stake.

Cove Energy is quoted on the alternative investment market of the London Stock Exchange. It focuses activity on the identification and acquisition of oil and natural gas assets in their initial phase and subsequent sale to medium-sized and large companies in the sector.

The company’s activity is centred in Africa and the Mediterranean. It has also acquired from Artumas a 16.38 percent stake in oil operations excluding prospecting and a 20.475 percent stake in the oil exploration concession in Mnazi Bay, Tanzania.