PCL gets a mention, as a take-over target........
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Cove Resources (LON:COV) Spotlight back on East Africa….and the Junior E&Ps - Cove has announced that it has received a formal offer of 195p a share from Shell, valuing the company at £992.4mm (~$1.5bn), a premium of 30% to the preceding 5 day VWAP.
This announcement follows the preliminary announcement from Cove on 5th January 2012 to conduct a formal sale process for the company. At ~$1.5bn, or $1/mcf, while below our estimate of the value of the Windjammer discovery to Cove, it is a fair offer given the fact that there is considerable risk in the LNG markets, not least from pricing, but also regional geopolitical risk and EPC construction risk on the LNG facilities.
This places the whole sector back on take-out watch, especially East African players such as Tullow Oil, Ophir Energy, Tower Resources, PanContinental and especially Aminex and Solo Oil, who are in Tanzania.
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http://www.proactiveinvestors.co.uk/columns/fox-davies-capital/8421/beacon-hill-resourceskefi-mineralsstellar-diamondscove-resources-and-others-feature-in-fox-davies-capital-newsflash-8421.html
shell oil, page-3
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Mkt cap ! $121.9M | |||
| Open | High | Low | Value | Volume |
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