Ann: Chief Financial Officer Appointment, page-30

Cove Funding History - Lessons in Capital Raising ?

In 2009, Michael Blaha and John Craven, 2 industry veterans, teamed up to create a new oil & gas explorer with a focus on the largely unexplored deep waters of East Africa and the Eastern Mediterranean.

They joined the Board of Directors of Lapp Plats, a £1 million cash-shell listed on the AIM (Alternative Investment Market) of the London stock exchange and renamed the company Cove Energy plc.

Cove was thereby listed on the AIM of the London Stock Exchange.

Over a period of 17 months, between June 2009 and November 2010, the Company raised a total of £182 million (US$293 million) through 4 placings.

Each placing was done at a significant higher market capitalisation than the previous one:

June 2009: £4 million at £0.12/share
September 2009: £42 million at £0.20/share
March 2010: £26 million at £0.40/share
November 2010: £110 million at £0.76/share

The funds were mostly used to acquire assets and then to keep up with the cost allotment of the fast-paced and expensive drilling campaign offshore Mozambique.

A feature of the Cove business model was that it was sufficiently funded through all stages of its development to support the dynamic and active exploration programmes in all its operations and was also adequately funded to make strategic acquisitions.......

https://www.discover-exploration.com/about-us/the-team-behind-cove-energy