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Thai PTT set to win Cove after Shell drops bid

Reuters -- Royal Dutch/Shell (RDSa.L) abandoned its bid for Cove Energy Plc (COVE.L) on Monday, leaving smaller Thai rival PTT PTTE.BK to complete a $1.9 billion takeover after a five-month battle.

Both companies coveted Cove for its east African gas prospects and Shell's exit from the bid fueled talk it has found a new way to tap that market.

Cove owns an 8.5 percent stake in a Mozambique license in the Rovuma offshore basin containing gas discoveries that could be a major provider of liquefied natural gas (LNG) to Asia.

The move will have cost hedge funds dear. An auction process had been due to start this week, and Cove stock had been bid well above PTT's offer price of 240 pence a share in anticipation that Shell would raise its 220 pence offer.

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Submitted Jul 17, 2012 By: Mudsprings

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Wanda127 Champion Author Florida Posts:2,570 Points:941,325 Joined:May 2010	Message Posted: Jul 17, 2012 11:04:15 PM Ignore Wanda127 Report Abuse I don't really understand why they pulled out.
ExplorerWA Champion Author Washington Posts:4,235 Points:824,100 Joined:Feb 2011	Message Posted: Jul 17, 2012 10:47:00 PM Ignore ExplorerWA Report Abuse So why did they pull out?
sljbc475 Champion Author Tucson Posts:4,360 Points:900,075 Joined:Dec 2010	Message Posted: Jul 17, 2012 8:45:41 AM Ignore sljbc475 Report Abuse Not beneficial to us here in the US.
ReddevilNO Champion Author New Orleans Posts:3,481 Points:600,090 Joined:Aug 2011	Message Posted: Jul 17, 2012 6:48:27 AM Ignore ReddevilNO Report Abuse Okay.
skippypa Champion Author Hawaii Posts:8,616 Points:1,768,630 Joined:Jun 2008	Message Posted: Jul 17, 2012 6:15:48 AM Ignore skippypa Report Abuse Ok
farmboyTN Champion Author Tennessee Posts:2,367 Points:472,730 Joined:Feb 2012	Message Posted: Jul 17, 2012 5:28:26 AM Ignore farmboyTN Report Abuse ok
humblepie Champion Author Toledo Posts:35,329 Points:2,399,070 Joined:Mar 2006	Message Posted: Jul 17, 2012 5:12:40 AM Ignore humblepie Report Abuse big money knows something i think
molebaby96 Champion Author Tallahassee Posts:2,173 Points:529,005 Joined:Nov 2011	Message Posted: Jul 17, 2012 5:08:27 AM Ignore molebaby96 Report Abuse Time will tell.
bisonjim Champion Author Florida Posts:1,115 Points:230,705 Joined:May 2012	Message Posted: Jul 17, 2012 5:03:25 AM Ignore bisonjim Report Abuse OK
wrunner Champion Author Virginia Posts:4,582 Points:1,164,060 Joined:Dec 2009	Message Posted: Jul 17, 2012 4:50:56 AM Ignore wrunner Report Abuse Shell got to do, what Shell got to do. [Edited by: wrunner at 7/17/2012 4:51:57 AM EST]
1fulltank Champion Author Buffalo Posts:8,041 Points:1,571,970 Joined:Nov 2008	Message Posted: Jul 17, 2012 2:34:06 AM Ignore 1fulltank Report Abuse Shell knows what they are doing.
furiousfowl Champion Author Riverside Posts:16,975 Points:2,770,735 Joined:May 2005	Message Posted: Jul 17, 2012 2:31:02 AM Ignore furiousfowl Report Abuse And the impact on gas prices will be ....?
kd5kpd Champion Author Texas Posts:3,877 Points:1,443,675 Joined:Apr 2006	Message Posted: Jul 17, 2012 2:30:22 AM Ignore kd5kpd Report Abuse DILLIGAF ?
Prodaddy Champion Author Houston Posts:8,516 Points:1,921,910 Joined:May 2007	Message Posted: Jul 17, 2012 2:28:54 AM Ignore Prodaddy Report Abuse You win some, you lose some, and some get rained out
blk911 Champion Author Colorado Springs Posts:2,928 Points:775,290 Joined:Nov 2004	Message Posted: Jul 17, 2012 2:25:46 AM Ignore blk911 Report Abuse Does it matter?
nztyraider Champion Author Nevada Posts:2,322 Points:716,205 Joined:Apr 2009	Message Posted: Jul 17, 2012 2:22:15 AM Ignore nztyraider Report Abuse good for them.
hybridaholic Champion Author Appleton Posts:8,505 Points:1,583,515 Joined:Dec 2008	Message Posted: Jul 17, 2012 2:18:05 AM Ignore hybridaholic Report Abuse Interesting.
Matt G Champion Author Boston Posts:4,673 Points:2,800,740 Joined:Jun 2004	Message Posted: Jul 17, 2012 2:17:37 AM Ignore Matt G Report Abuse Ok
AuburnTim Champion Author Indiana Posts:6,828 Points:1,559,190 Joined:May 2005	Message Posted: Jul 17, 2012 2:16:36 AM Ignore AuburnTim Report Abuse IDK
FedupwithGreed All-Star Author Victoria Posts:733 Points:175,975 Joined:Oct 2008	Message Posted: Jul 17, 2012 2:13:07 AM Ignore FedupwithGreed Report Abuse OK
stueyAZ Sophomore Author Phoenix Posts:222 Points:25,005 Joined:Nov 2011	Message Posted: Jul 17, 2012 2:13:06 AM Ignore stueyAZ Report Abuse OK
yonasb Champion Author Houston Posts:3,463 Points:758,000 Joined:Apr 2011	Message Posted: Jul 17, 2012 2:11:15 AM Ignore yonasb Report Abuse Ok
Teddy95 Champion Author Dayton Posts:41,285 Points:2,723,825 Joined:Oct 2005	Message Posted: Jul 17, 2012 2:07:44 AM Ignore Teddy95 Report Abuse Hmmm...
Thomtec Champion Author Nashville Posts:2,600 Points:635,395 Joined:May 2011	Message Posted: Jul 17, 2012 2:07:38 AM Ignore Thomtec Report Abuse ok
chicoCA Champion Author California Posts:2,115 Points:1,801,300 Joined:Nov 2007	Message Posted: Jul 17, 2012 2:01:20 AM Ignore chicoCA Report Abuse okay
kcboy Champion Author Utah Posts:4,089 Points:1,533,170 Joined:Jun 2005	Message Posted: Jul 17, 2012 1:58:33 AM Ignore kcboy Report Abuse ok
Kawibiker Champion Author Illinois Posts:1,221 Points:215,465 Joined:May 2012	Message Posted: Jul 17, 2012 1:55:23 AM Ignore Kawibiker Report Abuse ok
PetroScopper Champion Author Houston Posts:6,760 Points:1,577,635 Joined:Aug 2008	Message Posted: Jul 17, 2012 1:53:53 AM Ignore PetroScopper Report Abuse Shell is not worried about that project, they have far too much going on that is extremely profitable right now.
UseLessGasFolks Champion Author Iowa Posts:5,586 Points:1,323,550 Joined:Jul 2007	Message Posted: Jul 17, 2012 1:52:09 AM Ignore UseLessGasFolks Report Abuse How long before pirates take over these rigs?
ItisAJeepThing Champion Author Tucson Posts:20,025 Points:2,178,305 Joined:Oct 2006	Message Posted: Jul 17, 2012 1:49:23 AM Ignore ItisAJeepThing Report Abuse We should be doing everything possible to promote the use of abundant, cheap and clean American natural gas as our primary alternative to oil based fuels. North America could become energy independent and not have to worry about our enemies in Iran, Venezuela and the rest of OPEC. "Motorists would save the equivalent of $1.50 to $2 per gallon on fuel, cars would pollute less and America would produce its own energy..." TRUE!!!
unclenorman Champion Author Tampa Posts:1,479 Points:166,855 Joined:Jan 2012	Message Posted: Jul 17, 2012 1:48:55 AM Ignore unclenorman Report Abuse Go Thailand!!!!!
RogerB Champion Author Indianapolis Posts:18,232 Points:2,651,060 Joined:Dec 2005	Message Posted: Jul 17, 2012 1:48:43 AM Ignore RogerB Report Abuse Energy will always be big $$$$.
LanguageMan1 Champion Author Tampa Posts:11,861 Points:1,688,515 Joined:Apr 2008	Message Posted: Jul 17, 2012 1:43:47 AM Ignore LanguageMan1 Report Abuse It might prove to be better that the Thai's will own it instead of Shell.
gaspumpin Champion Author Indiana Posts:1,792 Points:415,820 Joined:Apr 2012	Message Posted: Jul 17, 2012 1:40:47 AM Ignore gaspumpin Report Abuse Did Shell find a way?
pepinoNC Champion Author Raleigh Posts:2,291 Points:686,265 Joined:May 2011	Message Posted: Jul 17, 2012 1:32:37 AM Ignore pepinoNC Report Abuse Poor shell
Ken2OD Champion Author Grand Rapids Posts:9,208 Points:1,998,665 Joined:Dec 2005	Message Posted: Jul 17, 2012 1:30:24 AM Ignore Ken2OD Report Abuse Shell's string of bad luck is continuing. Their new gas drilling rig in Alaska ran aground in Dutch Harbor while en-route to the Arctic Ocean north of the North Slope. The "Noble Discoverer", a 571-foot drill ship, was towed away from land after drifting Saturday near Dutch Harbor because of an improperly placed anchor. Live pictures of the rig can be seen on the FAA AKWeatherCam site in Alaska. Go to the Dutch Haystack North Loop. Read more here: http://www.adn.com/2012/07/14/2542598/shell-drill-ship-drifts-near-shore.html#storylink=cpy [Edited by: Ken2OD at 7/17/2012 1:33:43 AM EST]
langolera Champion Author Akron Posts:1,901 Points:693,530 Joined:Sep 2005	Message Posted: Jul 17, 2012 1:26:47 AM Ignore langolera Report Abuse ok
bearzz Champion Author California Posts:1,568 Points:445,645 Joined:Mar 2011	Message Posted: Jul 17, 2012 1:26:38 AM Ignore bearzz Report Abuse Make money . . . lose money. . . that's what happens in investing.
captain013 Champion Author Maryland Posts:2,154 Points:486,355 Joined:Sep 2011	Message Posted: Jul 17, 2012 1:26:34 AM Ignore captain013 Report Abuse Oh well
johnd900 Veteran Author Massachusetts Posts:475 Points:192,305 Joined:Jan 2012	Message Posted: Jul 17, 2012 1:25:34 AM Ignore johnd900 Report Abuse interesting
9C1 Champion Author Chicago Posts:22,994 Points:4,274,060 Joined:Jul 2001	Message Posted: Jul 17, 2012 1:24:19 AM Ignore 9C1 Report Abuse More fuel for the speculators.
RENEGADEGAS Champion Author Missouri Posts:15,069 Points:1,618,825 Joined:Jul 2008	Message Posted: Jul 17, 2012 1:21:48 AM Ignore RENEGADEGAS Report Abuse afghaned ... Very true.
2bigtanks All-Star Author Akron Posts:772 Points:371,610 Joined:Jun 2011	Message Posted: Jul 17, 2012 1:20:40 AM Ignore 2bigtanks Report Abuse Bad
roadrunnerMO Champion Author Kansas Posts:8,547 Points:1,727,165 Joined:Jul 2008	Message Posted: Jul 17, 2012 1:20:04 AM Ignore roadrunnerMO Report Abuse Let em lose their butts in those hedge funds.
5Golfer8 Champion Author Tucson Posts:2,263 Points:326,925 Joined:Jun 2011	Message Posted: Jul 17, 2012 1:19:41 AM Ignore 5Golfer8 Report Abuse What ever.
windows7isfast Champion Author Winnipeg Posts:2,532 Points:515,940 Joined:Nov 2011	Message Posted: Jul 17, 2012 1:15:43 AM Ignore windows7isfast Report Abuse ok
southrob Champion Author Tucson Posts:3,736 Points:714,900 Joined:Mar 2011	Message Posted: Jul 17, 2012 1:14:21 AM Ignore southrob Report Abuse and back here we need to dhan
rd2000 Champion Author Florida Posts:3,712 Points:714,695 Joined:Jul 2007	Message Posted: Jul 17, 2012 1:12:52 AM Ignore rd2000 Report Abuse not good.
Tigercat88 Champion Author North Carolina Posts:3,337 Points:644,565 Joined:Jul 2011	Message Posted: Jul 17, 2012 1:12:26 AM Ignore Tigercat88 Report Abuse Too Bad.
afghaned Champion Author Hamilton Posts:11,983 Points:1,313,385 Joined:May 2004	Message Posted: Jul 17, 2012 1:11:19 AM Ignore afghaned Report Abuse Another unstable area. No surprise Shell bowed out.