By Will Kennedy – May 15, 2012 4:47 PM GMT+0100
Cove Energy Plc (COV), the U.K. explorer that’s agreed to be bought by Royal Dutch Shell Plc (RDSA), reported a new gas find off Mozambique, increasing the size of its discoveries in the east African nation by as much as 66 percent.
The Golfinho exploration well, drilled by partner Anadarko Petroleum Corp. (APC), found 7 trillion to 20 trillion cubic feet of recoverable gas, according to a statement today. The discovery was separate to the existing Prosperidade find, which holds as much as 30 trillion cubic feet. In total, the Rovuma Area 1 block where Anadarko and Cove are exploring may hold more than five times the U.K.’s existing gas reserves.
“The well results are indicative of the upside that the potential acquirers of Cove Energy have priced into their offers,” FirstEnergy Capital Corp. wrote in an e-mailed report. “We anticipate further consolidation in the region as the size of the discoveries becomes even more attractive to super majors.”
Shell, Europe’s largest oil company, agreed to buy Cove last month, after raising its bid to 1.12 billion pounds ($1.8 billion), or 220 pence a share, and matching a rival offer from Thailand’s PTT Exploration & Production Pcl. (PTTEP) Cove has an 8.5 percent interest in Rovuma Area 1. The fields will supply liquefied natural-gas projects that export to Asia.
Cove rose 2 percent 228 pence in London. The stock has almost doubled this year.
‘Close Proximity’
“This new gas accumulation is independent and separate to the Prosperidade gas complex,” said Cove’s Chief Executive Officer John Craven. The find “could be advantageously developed, given its close proximity to the shore.”
PTT, which is still considering whether to raise its bid, has declined to comment on the new discovery.
East Africa’s fields offer a fresh source of gas supply for Asia, where China and India are the world’s fastest-growing major economies. Eni SpA (ENI) of Italy, BG Group Plc (BG/) of the U.K. and Statoil ASA (STL) of Norway also discovered gas off Mozambique and Tanzania.
Anadarko holds 36.5 percent of Rovuma Area 1, Japan’s Mitsui & Co. 20 percent, India’s Videocon and BPRL Ventures 10 percent each and Mozambique’s state oil company 15 percent.
To contact the editor responsible for this story: Stephen Cunningham at [email protected]
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
