Cove Gets Go-Ahead for Onshore Mozambique Farm-In
Cove has received all necessary consents and approvals including the consent of the Government of the Republic of Mozambique, as represented by the Minister for Mineral Resources and Empresa Nacional de Hidrocarbonetos E.P. ("ENH"), required pursuant to the farm-in agreement entered into by Cove together with Maurel & Prom ("M&P") for the acquisition by Cove from Artumas Group of a 10% participating interest in the Exploration and Production Concession Contract ("EPCC") in the Rovuma Onshore Area, Mozambique.
Cove also holds a conditional 8.5% interest in the contiguous Mozambique Rovuma Offshore Area, where drilling operations have recently commenced. All the Rovuma Offshore partners have now given their consent to Cove's acquisition of this interest, which remains subject only to receipt of the approval of the Government of the Republic of Mozambique.
John Craven, CEO of Cove said, "We are very pleased to have completed the acquisition of our interest on Rovuma Onshore and to have received partner consent for Rovuma Offshore. I look forward to working with the operator Anadarko and all our co - venture partners to fully evaluate the hydrocarbon potential of both onshore and offshore areas."