Cove Closes Farm-In Deal Offshore Kenya

Cove Energy has received approval from the Government of Kenya to acquire a 15% interest in five deepwater blocks, L5, L7, L11b and L12, offshore Kenya, from Dynamic Global Advisors Kenya Limited, a wholly owned subsidiary of DEPCO. The acquisition is now unconditional and the transfer of the interests is completed.

Spanning 7.5 million acres (30,682 square kilometers), the blocks are located over an extensive deepwater zone in Kenya, from the Somalia border in the north to Tanzania in the south. Several hydrocarbon play types within the blocks have not been tested before in Kenya and are similar to those explored by Cove and its partners in offshore Rovuma, including Upper Cretaceous and Tertiary deepwater fan systems.

Following the recently acquired 2D seismic survey, and in light of the latest success in Mozambique, Anadarko, the operator, is proposing to accelerate activity on the blocks by performing a 3D seismic survey in 2011, then potentially drilling in 2012, stated the press release.

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