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Cove Energy says Anadarko makes further gas discovery offshore Mozambique

Published: 10:07 11 Jun 2012 BST

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Cove Energy (LON:COV) announced that Anadarko Petroleum Corp (NYSE:APC) has made a new gas discovery with the Atum exploration well offshore Mozambique.

Atum is located approximately 16.5 kilometers south of the recently announced Golfinho discovery well in the northern part of Area 1 Rovuma offshore block, operated by Anadarko with a 36.5 per cent working interest and where Cove holds 8.5 per cent.

The Atum well encountered 92 meters of natural gas pay in two high-quality Oligocene fan systems.

Preliminary data indicates this latest discovery is connected to the partnership's recent Golfinho discovery, where the Oligocene gas reservoirs are estimated to contain recoverable gas resources of 10 to 30 plus trillion cubic feet (Tcf).

Anadarko plans to immediately commence a four-well appraisal program of this complex, which has the potential to underpin a large LNG development.

Cove cited an Anadarko statement, with the operator saying: "With this latest discovery at Atum and a successful upcoming appraisal program, we believe the total estimated recoverable natural gas resource in Mozambique's Offshore Area 1 is between 30 and 60 Tcf, and the current upside for total gas in place for the discovered reservoirs on the block is approaching 100 Tcf.”

Co-owners of Area 1 are Mitsui E&P Mozambique with 20 per cent, BPRL Ventures Mozambique with 10 per cent, Videocon Mozambique with 10 per cent and Empresa Nacional de Hidrocarbonetos with a 15-per cent interest carried through the exploration phase.

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