Cove Energy, the east Africa focused oil and gas company has put itself up for sale as the management looks to extract maximum value from the successful development of its offshore operation in Mozambique.
The announcement today has seen the stock jump 7% in morning trading after a strong 12 months which have seen Cove climb 18.5%.
The board now says it is establishing a data room for interested parties with the sale process to be controlled by Standard Chartered Bank.
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Cove's current market cap is £590.42m with each share at 120.75p
BS
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