Thai group PTTEP concludes acquisition of Ireland’s Cove Energy

20 August 2012

PTTEP Africa Investment Ltd, a 100 percent-owned subsidiary of Thai state group PTT Exploration and Production, has acquired almost 100 percent of the shares of Ireland’s cove Energy, the group said in a statement issued Friday.

Stating that the acquisition process had been concluded, PTT’s chief executive, Tevin Vongvanich, said written authorisation from the Mozambican government for the acquisition had been received on 15 August and that shareholders representing 91.37 percent of Cove Energy had accepted PTT’s offer.

The main asset of Cove Energy, which will no longer be listed on the stock exchange, was an 8.5 percent share in an oil block in the Rovuma basin in northern Mozambique, operated by US group Anadarko Petroleum, and where large natural gas reserves have been found.

With this acquisition the Thai group also has a 10 percent stake in an onshore oil block in the Rovuma basin and stakes of between 10 percent and 25 percent in deep water blocks in Kenya. (macauhub)