PRESS

27 July 2012
Cove Energy plc
COMPLETION OF DIVESTMENT OF MNAZI BAY CONCESSION, TANZANIA
Cove Energy plc ("the Company" or "Cove", AIM:COV), the AIM quoted upstream oil and gas company is pleased to announce the completion of the divestment of its 16.38% participation interest in the production operations (20.475% participation interest in exploration operations) in the Mnazi Bay Concession (the "Concession"), Tanzania to Wentworth Resources Limited ("Wentworth", WRL:AIM).
Cove's interest in the Concession, which was held by the Company's 100% owned subsidiary Cove Energy Tanzania Mnazi Bay Limited ("CETMBL"), has been divested to Wentworth in exchange for:
• Termination of Wentworth's 4.95% royalty interest out of net profits from Cove's 8.5%
working interest in the Offshore Rovuma Area 1 concession in Mozambique;
• Two million newly issued fully paid shares in Wentworth, which are expected to be admitted to trading on AIM on 31 July 2012;
• A contingent payment of up to US$8.5 million, should certain future natural gas production thresholds from the Concession be reached;
• Reimbursement of US$7,746,107 Mnazi Bay cash calls paid by Cove since 30 September
2011.
Ends
Cove Energy plc Tel: +44 (0)20 7831 3113
John Craven, CEO
c/o Billy Clegg
Cenkos Securities
Jon Fitzpatrick Tel: +44 (0)20 7397 8900
Ken Fleming Tel: +44 (0)131 220 9772
FTI Consulting Tel: +44 (0)20 7831 3113
Billy Clegg / Edward Westropp
Notes to Editors:
Cove has established a strong position in East Africa with exploration interests in Area 1 Offshore Mozambique, which contains the Prosperidade gas complex (Windjammer, Barquentine, Lagosta, and Camarão), the Golfinho/Atum gas complex and Tubarão gas and Ironclad oil discoveries where drilling, appraisal and well testing operations are planned to continue through
2012.
Cove also holds exploration interests in Mozambique Onshore and Kenya Offshore.
Cove Energy has a strong management team with a wealth of experience in the oil and gas business and the operation and management of companies in the public arena. Michael Blaha, Executive Chairman and formerly Country Chairman for Royal Dutch Shell Group in Algeria, is a Petroleum Engineer with thirty two years industry experience, most of his career spent working at Shell. John Craven, Chief Executive Officer was previously CEO and founder of Petroceltic International plc, and is a petroleum geologist with thirty eight years experience in senior technical and executive positions in major and junior oil and gas companies.
www.cove-energy.com

distributed by