Cove and Anadarko find gas deposit in Mozambique well

Oct 19, 2010 12:00 AM

Cove Energy said its licence partner US oil major Anadarko found more than 416 net feet of natural gas at the deepwater Barquentine exploration well in Mozambique. Interest in offshore East Africa, which is much less explored than West Africa, has picked up since the discovery of natural gas by Anadarko and Cove at the Windjammer prospect on the same licence in February.
"We believe that this additional discovery of deeper gas could yield a further 3 tcf of gross resource to that previously encountered at Windjammer (255 bn cf net to Cove)," Cenkos Securities analysts wrote in a note.

The total resources discovered in the area was big enough and development through a liquefied natural gas terminal was commercially viable, according to Cenkos analysts.
"We are doing studies and we'll be drilling another well in the Southern part, we'll commence sometime in January," Cove's Chief Executive John Craven told.

Cove and Anadarko said they would continue exploration through 2011 and evaluate potential commercialisation options. Anadarko, which partly owned the well involved in the Gulf of Mexico oil spill, has a 36.5 % working interest in the offshore area in Mozambique and Cove holds 8.5 %.
Craven also expected the East Africa-focused Cove's output from Tanzania to go up by at least 30 % to 40 % in fiscal 2010.

In August, Cove had said it can't commercially exploit the offshore Mozambican oil find, but would undertake tests to see if other parts of the geological structure could produce sellable oil.
Petronas of Malaysia, Norway's Norsk Hydro and Italy's integrated energy firm ENI are all exploring the Rovuma Basin.

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