Cove in African gas find

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, sending the British oil explorer’s shares to an all-time high.

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 three trillion cubic feet of gross resource to that previously encountered at Windjammer (255bn cubic feet net to Cove),” Cenkos Securities analysts wrote in a note to the market yesterday.