Cove Energy gets Tanzania Government approval for Mnazi Bay farm-in
26 November 2009
Cove Energy, the AIM quoted upstream oil and gas company, has received Tanzania Government approval for its plans to farm-in to Artumas Group's Mnazi Bay Production Sharing concession.
The deal was first announced in September when Cove launched a £42 million share placing to fund its development plans. At the time, the company said it had agreed a deal with French group Maurel & Prom that would see the two sides farm-in to three oil and gas interests held by Canadian company Artumas.
The three interests include the Mnazi Bay project, along with Area 1 Rovuma Offshore and the Rovuma Onshore Block, both in Mozambique. Cove is paying US$3.3 million for its share and M&P is paying US$7.7 million for its share.
For Cove, today’s deal gives it contingent gas resources of approximately 124 billion cubic feet. Gas production is currently being sold to the nearby Mtwara power station through existing production infrastructure.
Together with M&P it is planning further exploration work over the 756 sq km concession in 2011, including a 200 sq km 3D seismic survey and one exploration well.
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