PTTEP secures 91.4% shares of Cove

In a statement, Tevin Vongvanich, president and CEO of PTTEP, revealed that following the completion of this offer, the company would request the London Stock Exchange for the cancellation of trading in Cove Energy shares on Alternative Investment Market (AIM).

Meanwhile, PTTEP will proceed with the Republic of Mozambique's Ministry of Mineral Resources for their written consent to the indirect change of control in Cove Energy.
On May 23, 2012, PTTEP announced the terms of a recommended cash offering for Cove Energy share at the price of 240 pence each.
The foreign company has an 8.5 per cent participating interest in the Rovuma Project, which is a world-class gas discovery.  “Rovuma” has estimated gas reserve of up to 60 trillion cubic feet (TCF). Besides locates in the project is the oil prospect called the Black Pearl Oil Prospect. In addition, Cove Energy also has a 10 per cent stake in the Rovuma Onshore Area in Mozambique, as well as 10-25 per cent interests across seven blocks in Kenya offshore deepwater.
"The acquisition would mark PTTEP’s entry into the highly prospective East Africa hydrocarbon region," he said.
In relation to the Mozambique condition, on May 30, 2012 PTTEP announced that the Republic of Mozambique's Ministry of Mineral Resources had consented in writing to the indirect change of control of Cove's interests in Mozambique, should the offer be finalised. Currently, PTTEP is not aware of any changes in circumstance in relation to the Mozambique condition and accordingly it is expected that the Mozambique condition will be satisfied shortly following this announcement.
Accordingly, subject to PTTEP AI waiving or determining that the conditions are fulfilled, PTTEP AI expects to be able to declare the offer wholly unconditional as soon as possible after the date of this announcement, and in any event before midnight (London time) on August 21, 2012.