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.