March 10 Three key executives that were behind
the creation and sale of Cove Energy Plc have
reunited to raise funds for oil and gas exploration in waters
off Mozambique, the Financial Times reported on Sunday.
John Craven, Michael Blaha and Michael Nolan, now directors
of Discover Exploration, are looking to raise about $50 million,
the Financial Times reported.
Discover Exploration is focusing on waters east of
Mozambique in the Rovuma Basin. The waters are controlled by the
small island state of Comoros.
Discover Exploration is backed by directors' funds and
privately held Dutch oil company Oranje-Nassau Energie, the
The Financial Times also reported that the company plans to
tap further funds from institutional investors in London, after
having signed a production sharing contract with Comoros.
Thailand's PTT Exploration & Production snapped up
London-listed Cove Energy for $1.9 billion last year after Royal
Dutch Shell abandoned its bid.