Cove Energy executives look to Mozambique for oil success

THREE former Cove Energy executives have reunited to launch Discover Exploration, an exploration firm that will search for oil and gas offshore Mozambique.

In a strategy update yesterday, explorer Discover yesterday said it had signed its first licence – covering 18,000 square kilometres – to explore the Rovuma Basin offshore the African country in waters controlled by the small island state of Comoros.

John Craven, Michael Blaha and Michael Nolan – formerly of Cove Energy – are appointed chief executive, executive chairman and chief financial officer respectively.

Discover will initially focus on offshore sub-Saharan Africa, with an aim to build a portfolio of oil and gas exploration assets in emerging basins.

The vehicle is backed by seed financing from Holland’s Oranje-Nassau Energie, the management team and the board.

Thailand’s PTT Exploration & Production snapped up London-listed Cove Energy for $1.9bn (£1.27m) last year after Anglo-Dutch energy giant Shell abandoned its bid. Discover is being advised by Investec Bank on its financing strategy.