Cove Energy plc
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Formerly called
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Lapp Plats plc |
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| Public | |
| Traded as | : |
| Industry | Oil & gas exploration |
| Fate | Acquired by PTT Exploration and Production Public Company Limited |
| Predecessor | Lapp Plats plc |
| Founded | 2009 in London, United Kingdom |
| Founders | Michael Blaha John Craven |
| Defunct | 2012 |
| Headquarters | London, United Kingdom |
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Area served
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East Africa, Eastern Mediterranean |
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Key people
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Michael Blaha (Executive Chairman) John Craven (CEO) Michael Nolan (Finance Director) Paul Griggs Alexander Mollinger |
| Total equity |
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Number of employees
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<10 (2012) |
| Website |
cove-energy.com linkedin.com |
£1.2 billion (2012)Cove Energy plc, also known as Cove, was a London-headquartered oil & gas exploration company with assets in East Africa. The company was created in June 2009 out of a £1 million cash-shell listed on the . In 2012, following a massive gas discovery offshore Mozambique, Royal Dutch Shell plc and PTT Exploration and Production (PTTEP), a subsidiary of Thailand's national oil company PTT Public Company Limited, engaged in a prominent bidding war to acquire Cove. Ultimately, the company was sold in August 2012 for £1.2 billion to PTTEP. The value created for Cove's shareholders over that three-year period was in excess of £1 billion, making it one of the most successful oil & gas exploration stories of the last decennia.
In early 2009, Michael Blaha and John Craven, two industry veterans, teamed up to create a new oil & gas explorer with a focus on the largely unexplored deep waters of East Africa and the Eastern Mediterranean. They joined the Board of Directors of Lapp Plats plc, a £1 million cash-shell listed on the Alternative Investment Market of the and renamed the company Cove Energy plc.
Michael Blaha was appointed Executive Chairman and John Craven became the CEO. Prior to joining Cove, Michael Blaha was the Country Chairman of Shell in Algeria. John Craven was the founder and former CEO of Petroceltic International plc. Michael Nolan was appointed Financial Director. The management team also consisted of Paul Griggs and Alexander Mollinger. The non-executive directors of Cove included Frank Moxon, Dr Steve Staley and Anthony Golding.
Cove’s strategy was to create value for shareholders through acquiring participations in exploration assets and appraisal programmes. The company focussed on young and emerging basins, de-risked through 3D seismic. It also aimed at partnering with proven and reliable operators.
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