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Tuesday, December 17, 2013
The management team that led Cove Energy through its acquisition by Thailand’s PTTEP, have joined forces for a new exploration firm, Discover Energy. The new company is backed by major private equity group Carlyle Group, who has committed up to $200 million in funding for the company.
Cove was part of the partnership that discovered significant reserves off the coast of Mozambique prior to being acquired for $1.9 billion by PTTEP.
In a new venture the company’s former management team has turned its eyes toward the Comoros Islands to the east of Mozambique as well as New Zealand.
In a statement released December 16, Discover said that the $200 million raised will allow it to fund existing operations in both countries as well as new opportunities in Europe, Africa, Latin America and Asia.
Discover will focus on exploration and appraisal programs that focus on deepwater petroleum systems. Concentrating on young and emerging basins, de-risked through 2D and 3D seismic data surveys, it aims to participate in multi-well drilling programs through farm-ins, farm-outs and M&A activity. The Carlyle Group investment will fund its near-term, high-impact drilling programs offshore New Zealand where, like with Cove offshore Mozambique it is partnered with Anadarko Petroleum. The funding will provide working capital for its stake offshore the Comoros.
Discover holds 10% interests in the PEP38451 permit in both the Taranaki and Canterbury basins, offshore New Zealand. It also has a 60% participation in a PSC offshore the Comoros, which is currently awaiting governmental approval. The Comoros PSC is located in an area on trend with the major Rovuma delta gas discoveries offshore northern Mozambique.
Discover Executive Chairman Michael Blaha said “We are delighted that [Carlyle] has agreed to support the company with significant investment funding to allow us to acquire these two New Zealand opportunities and to capture other future opportunities that are available to us from host governments and our international peers in the oil and gas industry. We are confident of using the success we enjoyed with Cove Energy as a bridgehead to our new endeavors.”
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