PTT Exploration & Production Plc (PTTEP), Thailand's biggest oil explorer, has raised its offer for Cove Energy Plc (COV) to 1.22 billion pounds (US$1.92 billion), beating out Royal Dutch Shell Plc (RDSA).
Cove's main asset is a stake in offshore fields in Mozambique that may hold more than five times the United Kingdom's gas reserves. The size of the discoveries justify building plants to freeze the fuel and ship it to Asian markets.
PTTEP is now offering 240 pence per Cove share, a nine per cent premium to Shell's bid of 220 pence. Shell earlier raised its offer to match PTTEP and had received approval from the Mozambique government for the takeover. Cove rose above PTTEP's offer price in London on Wednesday.
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