Cove concludes successful appraisal with another gas find

East Africa-focused oil and gas group Cove Energy is celebrating further success at the Windjammer/Lagosta/Barquentine/Camarao ("WLBC") gas complex, offshore Mozambique, with its last appraisal well finding gas.

The AIM-listed company said that 525 net feet (160m) of natural gas pay was encountered in the Barquentine-4 delineation well, the ninth successful well in the Rovuma Basin Area 1 block.

This warrants a northern extension of the WLBC gas complex (to be named 'Prosperidade'), the group said.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

"The appraisal drilling programme has concluded with another success at Barquentine-4 which is an important delineation of the northern part of the Prosperidade gas area," said Chief Executive Officer John Craven.

"We can now look forward to new high impact exploration drilling in the northern section of the prolific Area 1 Rovuma Offshore block whilst at the same time continuing the well flow testing programme," he said.

Shares rose 0.7% to 213p in the opening minutes of Wednesday's session.

BC