PRESS
15 May 2012
COVE ENERGY PLC
GOLFINHO WELL FINDS MAJOR NEW GAS DISCOVERY AREA OFFSHORE
MOZAMBIQUE
GOLFINHO AREA ESTIMATED TO HOLD 13 TO 45 TCF OF GAS IN PLACE
FURTHER SUCCESSFUL GAS FLOWS AT BARQUENTINE 1
Cove Energy plc ("the Company" or "Cove", AIM:COV), the AIM
quoted upstream oil and gas company, together with the
operator Anadarko Petroleum Corporation, is delighted to
announce that the Golfinho exploration well has discovered a
new, major natural gas accumulation nearly
20 miles (32 kilometers) northwest of the Prosperidade
complex within the Rovuma Basin Area 1 block, Offshore
Mozambique ("Area 1 Rovuma Offshore").
Highlights:
• Golfinho exploration well encounters separate and
independent gas accumulation entirely in Area 1:
- 20 miles (32 kilometers) northwest of the Prosperidade complex
- Only 10 miles (16 kilometers) offshore from planned onshore development facilities providing potential advantages for future development options
• Significant uplift in Area 1 Rovuma Offshore gas resources
- Operator Anadarko estimates that the Golfinho area holds
between 13 and 45 TCF of gas in place and adds 7 to 20+ TCF
in recoverable gas resources, in addition to the existing
Prosperidade recoverable gas resource of 17 to 30+ TCF
• Well penetrated 193 net feet (59 net meters) of Natural Gas
Pay encountered in two high-quality Oligocene fan systems:
- Age-equivalent to, but geologically distinct from, the previous discoveries in the
Prosperidade complex
• Drilling to begin at the Atum-1 exploration well once
operations completed at
Golfinho
• Gas Tested at circa 100mmscf/d from upper layer in
Barquentine 1
The Golfinho exploration well was drilled to a total depth of
approximately 14,885 feet (4,537 meters), in water depths of
approximately 3,370 feet (1,027 meters). Once operations are
complete at Golfinho, the partnership plans to mobilise the
Belford Dolphin drillship to drill the Atum-1 exploration
well.
Additionally, Cove is pleased to announce the results of its
third flow test of the Oligocene zone at the Barquentine-1
well at the northern end of the Prosperidade gas complex in
Area 1 Rovuma Offshore. Testing of the Barquentine-1 well
flowed at a facility-constrained rate of approximately
100 million cubic feet of natural gas per day. John Craven
CEO of Cove commented;
"We are thrilled at the success of the Golfinho exploration
well, our eleventh successful well offshore Mozambique. This
new gas accumulation is independent and separate to the
Prosperidade gas complex and with successful appraisal could
be advantageously developed, given its close proximity to
shore and the fact that it completely enclosed in Area
1".
Ends
Cove Energy plc Tel: +44 (0)20 7831 3113
John Craven, CEO
c/o Billy Clegg
Cenkos Securities
Jon Fitzpatrick Tel: +44 (0)20 7397 8900
Ken Fleming Tel: +44 (0)131 220 9772
FTI Consulting Tel: +44 (0)20 7831 3113
Billy Clegg / Edward Westropp
John Craven, Chief Executive Officer of Cove, and a qualified
person as defined in the Guidance Note for Mining, Oil and
Gas Companies, March 2006, of the London Stock Exchange, has
reviewed and approved the technical information contained in
this announcement. Mr Craven is a petroleum geologist with
approximately 37 years' experience.
Notes to Editors:
Cove has established a strong position in East Africa with
exploration interests in Area 1 Offshore Mozambique, which
contains the Prosperidade gas complex (Windjammer,
Barquentine, Lagosta, and Camarão), Golfinho and Tubarão gas
and Ironclad oil discoveries where drilling and well testing
operations are planned to continue through 2012.
Cove also holds exploration and production interests in
Mozambique Onshore and Kenya Offshore. An interest in the
Mnazi Bay Gas Field in Tanzania is under sale to Wentworth
Resources.
Cove Energy has a strong management team with a wealth of
experience in the oil and gas business and the operation and
management of companies in the public arena. Michael Blaha,
Executive Chairman and formerly Country Chairman for Royal
Dutch Shell Group in Algeria, is a Petroleum Engineer with
thirty-one years industry experience, most of his career
spent working at Shell. John Craven, Chief Executive Officer
was previously CEO and founder of Petroceltic
International plc, and is a petroleum geologist with thirty
six years experience in senior technical and commercial roles
in upstream oil and gas exploration and production
companies.
www.cove-energy.com
Please find copied below Anadarko's press release:
ANADARKO EXTENDS EXPLORATION SUCCESS WITH NEW
DISCOVERY AREA OFFSHORE MOZAMBIQUE
GOLFINHO AREA ESTIMATED TO HOLD 13 TO 45 TCF OF GAS IN PLACE
HOUSTON, May 15, 2012 - Anadarko Petroleum Corporation (NYSE: APC) today announced the Golfinho exploration well discovered a new, major natural gas accumulation nearly 20 miles (32 kilometers) northwest of its Prosperidade complex within the Offshore Area 1 of the Rovuma Basin. The Golfinho discovery well encountered more than 193 net feet (59 net meters) of natural gas pay in two high-quality Oligocene fan systems that are age-equivalent to, but geologically distinct from, the previous discoveries in the Prosperidade complex.
"The success of the Golfinho well significantly expands the tremendous resource potential of the Offshore Area 1 in the deep-water Rovuma Basin, with additional opportunities yet to test," Anadarko Sr. Vice President, Worldwide Exploration, Bob Daniels said. "The Golfinho discovery, which is entirely contained within the Offshore Area 1 block, adds an estimated 7 to 20-plus Tcf (trillion cubic feet) of incremental recoverable resources over a significant areal extent. This new discovery is only 10 miles offshore, providing potential cost advantages for future development options.
"We are very excited about this new discovery and the value these additional resources represent for the people of Mozambique and our partnership. We look forward to continuing an active exploration program in the highly prospective northern and southern portions of the Offshore Area 1, as well as delineating this new discovery."
The Golfinho exploration well was drilled to a total depth of approximately 14,885 feet (4,537 meters), in water depths of approximately 3,370 feet (1,027 meters). Once operations are complete at Golfinho, the partnership plans to mobilize the Belford Dolphin drillship to drill the Atum-1 exploration well.
Additionally, at the Barquentine-1 well location in the Prosperidade complex, the partnership successfully tested the upper Oligocene zone, which flowed at a facility- constrained rate of approximately 100 million cubic feet of natural gas per day. This is the third successful drill-stem test flowing at this facility-constrained rate.
Anadarko is the operator in the Offshore Area 1 with a 36.5-percent working interest. Co- owners include Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V. (10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and Cove Energy Mozambique Rovuma Offshore, Ltd. (8.5 percent). Empresa Nacional de Hidrocarbonetos, ep's 15-percent interest is carried through the exploration phase.
A map of Anadarko's position in the Offshore Area 1 of the Rovuma Basin and the Golfinho discovery will be available under the "Media Center/Anadarko News" tab at www.anadarko.com.
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