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Maurel & Prom, Cove Have Tanzania, Mozambique Option

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by MaxShimba, Jul 22, 2009.

  1. MaxShimba

    MaxShimba JF-Expert Member

    Jul 22, 2009
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    Maurel & Prom, Cove Have Tanzania, Mozambique Option (Update1)

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    By Stephen Voss
    July 22 (Bloomberg) -- Establissement Maurel & Prom and Cove Energy Plc entered an option agreement granting them the right to purchase some oil and natural gas assets in Tanzania and Mozambique from subsidiaries of Artumas Group Inc.

    The two companies agreed to pay $1.02 million for the option, of which Paris-based Maurel & Prom will pay 70 percent and Cove the rest. They have until Aug. 18 to use it, when an additional $10.98 million would be paid.

    The call option gives them right to buy a 63.75 percent interest in exploration and 51 percent in non-exploration assets in Mnazi Bay, Tanzania, London-based Cove said today in a statement distributed by Regulatory News Service. The Tanzania exploration block also contains the Misimbati gas fields.

    The option also grants the right to buy 34 percent and 8.5 percent interests, respectively, in onshore and offshore exploration regions in the Rovuma Delta, Mozambique.

    Gazprom Invest MENA advised Cove Energy and Maurel & Prom on the proposed transaction. Cove Energy changed its name from Lapp Plats Plc on July 2 and changed its focus to oil and gas, from platinum and nickel mining.

    Artumas is based in Calgary, Canada.
    To contact the reporter on this story: Stephen Voss in London at