Shell has confirmed a deal with Cove Energy in its bid to target East Africa.
Oil giant Royal Dutch Shell has agreed to buy an East Africa-focused exploration firm for £1.1 billion amid predictions that the region will become a major natural gas source.
Shell has offered 220p a share for London-listed Cove Energy, which has major operations in Mozambique, Kenya and Tanzania, matching a rival bid made by Thai state-controlled oil firm PTT.
The oil and gas industry has taken increased interest in East Africa after large gas discoveries were made in the region, with analysts predicting a hive of activity as exploration firms seek to satisfy high demand in Asia for liquid natural gas (LNG).
Michael Blaha, Cove executive chairman and a former Shell employee of 29 years, said Shell would be an "excellent partner" given its "project development, operating and marketing experience" in the LNG industry.
cove sold
Add FAR (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
53.0¢ |
Change
0.010(1.92%) |
Mkt cap ! $48.05M | |||
| Open | High | Low | Value | Volume |
| 52.0¢ | 53.0¢ | 52.0¢ | $6.374K | 12.06K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 35106 | 52.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 53.5¢ | 20243 | 1 |
View Market Depth
| Last trade - 10.02am 05/07/2024 (20 minute delay) ? |
| FAR (ASX) Chart |