By Oranan Paweewun
BANGKOK--PTTEP Africa Investment Ltd., a wholly owned subsidiary
of PTT Exploration & Production PCL (PTTEP.TH), said Monday
that Cove Energy PLC (COV.LN) shareholders who collectively own
more than 80% of the company have accepted an offer to buy the
company.
"I don't have the exact figure at hand, but I have been informed
that we have got over 80% now," PTT's Chief Executive Tevin
Vongvanich told Dow Jones Newswires.
The Thai petroleum explorer said Thursday that it had extended
the offer to purchase Cove to July 31 from July 25 and it had
received acceptances representing 72.14% of the company's shares as
of 1200 GMT on July 25.
The bid is conditional upon the offer being accepted by
shareholders who collectively own no less than 90% of Cove.
Interest in Cove, a modestly sized exploration company listed on
London's junior exchange, has been fueled by its stake in one of
the world's most promising new gas resource areas. Cove's main
asset, an 8.5% stake in a gas field off Mozambique's coast operated
by Anadarko Petroleum Corp. (APC), could offer energy companies an
easy way of establishing a foothold in the region.
Write to Oranan Paweewun at oranan.paweewun@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires