Three key executives that were behind the creation and sale of Cove Energy Plc (CNVGF.PK) 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 daily reported.
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 PTTE.BK snapped up London-listed Cove Energy for $1.9 billion last year after Royal Dutch Shell (RDSa.L) abandoned its bid.
(Reporting by Karen Rebelo in Bangalore)