News

March 08, 2010

Windjammer Propels Cove Energy From Exploration Newbie To Deepwater Success In Less Than One Year

For a relative newcomer to the exploration scene, Cove Energy is setting an impressive pace. Less than a year after it was formed through the acquisition of an AIM cash shell, Cove has clocked its first discovery. What’s more, the discovery in question is a major deepwater strike in one of the industry’s most exciting new frontiers.

Admittedly, Cove holds a mere 10 per cent interest in the Rovuma Basin acreage offshore Mozambique where Anadarko Petroleum (43 per cent) last month announced the Windjammer discovery.  But 10 per cent of what looks set to be a significant exploration campaign, with NYSE-listed Anadarko planning a minimum of three more wells on the block this year, is not only entirely appropriate for an AIM newbie with a market cap of just over £100 million but it’s a material slice of what looks to be...