PRESS
14 March 2012
Cove Energy Plc
Increase in Recoverable Gas Resources
Area 1, Offshore Mozambique
Cove Energy plc ("the Company" or "Cove", AIM:COV), the AIM
quoted upstream oil and gas company, is delighted to note
that yesterday Anadarko Petroleum Corporation ("Anadarko"),
operator of Rovuma Basin Area 1, Offshore Mozambique,
announced an increase of the P90 (Proven) estimated
recoverable gas resource of the gas discovery area by another
2 Trillion cubic feet (Tcf). The gas discovery area is now
estimated to contain 17 to 30 plus (Tcf) of recoverable
gas.
The recently performed production test on Barquentine 2 was
monitored more than 3 km away in Barquentine 3. A clear
pressure response in this well confirmed excellent
communication between the two wells as predicted on the basis
of the geological model. These results are of vital
importance for the development plans and might allow the
partnership to significantly reduce the number of planned
development wells. The test information will also be applied
in the detailed reservoir simulation and might result in
higher estimated recovery efficiencies.
John Craven CEO of Cove Energy commented;
"Well and test results continue to confirm the most
optimistic geological model for the Barquentine, Windjammer,
Lagosta complex. These recent results also confirm the
development timeline with Final Investment Decision in 2013
and first gas in 2018. The project is well under way to
becoming the second largest LNG project in the world."
- Ends -
For further information, please contact:
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
John Craven, Chief Executive Officer of Cove, and a qualified
person as defined in the Guidance Note for Mining, Oil and
Gas Companies, March 2006, of the London Stock Exchange, has
reviewed and approved the technical information contained in
this announcement. Mr Craven is a petroleum geologist with
approximately 37 years' experience.
Notes to Editors:
Cove has established a strong position in East Africa with
exploration interests in Area 1 Offshore Mozambique, which
contains the Windjammer, Barquentine, Lagosta, Tubarão and
Camarão gas and Ironclad oil discoveries where drilling and
well testing operations are planned to continue through
2012.
Cove also holds exploration and production interests in
Mozambique Onshore, Kenya Offshore. An interest in the Mnazi
Bay Gas Field in Tanzania is under sale to Wentworth
Resources.
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 one 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 six years
experience in senior technical and commercial roles in
upstream oil and gas exploration and production
companies.www.cove-energy.com.