Oil & Gas Corporate News
Cove Energy PLC (COV LN, 79.25p, ? 1.28%) provided an update of the results of the Barquentine-3 appraisal well and consequent gas resource range upgrade in the Rovuma Basin Area 1 block, Offshore Mozambique ("Area 1 Rovuma Offshore"). Highlights: Barquentine-3, the sixth successful well to drill in the now world class Windjammer, Lagosta, Barquentine and Camarão ("WLBC") gas complex encountered more than 202 net meters (662 net feet) of natural gas pay in two high-quality Oligocene-aged fan systems; Recoverable resource ranges for the WLBC gas complex are now estimated to be 15 to 30+ trillion cubic feet ("TCF") of recoverable natural gas, with an estimated 30 to 50+ TCF of natural gas in place; A large-scale LNG development is currently being designed to consist of at least two trains with the flexibility to expand to six trains; The Deepwater Millennium drillship is being mobilized to commence flow and interference testing and a new 4 year extension for the Belford Dolphin drillship will ensure a continuous appraisal and exploration drilling programme; and analysis of the new seismic has identified a growing number of high-potential prospects in other areas in Area 1 Rovuma Offshore.
Tower Resources (LON:TRP) PLC (HOLD 4p) (TRP LN, 2.80p, ? 1.75%) announced that Peter Kingston, Executive Chairman, has decided to step down from the Board of Directors of the Company with effect from the end of March 2012. Peter will be CEO of Tower until that time, continuing to oversee the Company's ongoing operations, with particular emphasis on the completion of the current phase of the EA5 license work programme in Uganda, which is scheduled to conclude during March 2012. As a first step towards a longer-term separation of the Chairman and CEO roles, Non-Executive Director Jeremy Asher will assume, with immediate effect, the role of Chairman on an interim basis. The Company also provided an update on its activities in Namibia and Uganda. In Namibia, Arcadia, the License operator, is making good progress with its farm out programme and is now actively considering funding proposals. Tower is confident that a transaction can be concluded in the near future. Timing of a well will be conditional on agreement with the farm-in party. In Uganda, Tower is now finalising contracts for a rig currently in Uganda and other services, and is expecting final regulatory approvals for…
