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
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
"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
-
Why now is the right time to invest in biotechThe biotech sector holds huge potential for investors, with strong growth and attractive valuations. Here's the best way to play it.
-
Zoopla: Busiest home buying May since 2021, but property asking prices slideBuyers return to the market after the end of higher stamp duty thresholds and post-Easter lulls, but average sales are £16,000 below asking price
