An AIM-listed oil explorer focused on east Africa has decided to put itself up for sale.
The directors of Cove Energy, based in Dublin and London, said today that, following a decision in December to sell its assets in Mozambique, they would put the entire business up for sale.
It owns an 8.5% participating interest in the Mozambique Offshore Area 1 block, called Rovuma Area 1, which includes an LNG project operated by Anadarko, which is moving towards the development stage.
It said this represented a “substantial portion” of its business, which it had built in east Africa.
“As such the directors have unanimously agreed that a sale of the company may be appropriate at this time,” the firm said today.
“The directors have decided to conduct a formal sale process for the entire issued and to be issued share capital of the company.”
This will run alongside other strategic options outlined in December, including just selling the Rovuma Area 1 Interest.
Cove was set up as a minerals explorer in 2003 but announced a switch to oil and gas exploration in 2009, focusing on Africa and the Mediterranean.
It bought assets off Mozambique, including the Rovuma Area 1 equity, for around £7million in 2009.
It also has interests in blocks offshore Kenya, operated by Anadarko and BG Group.