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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:2,484 Points:912,080 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:4,062 Points:794,225 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:4,205 Points:869,450 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:3,355 Points:578,640 Joined:Aug 2011	Message Posted: Jul 17, 2012 6:48:27 AM Ignore ReddevilNO Report Abuse Okay.
skippypa Champion Author Hawaii Posts:8,461 Points:1,738,005 Joined:Jun 2008	Message Posted: Jul 17, 2012 6:15:48 AM Ignore skippypa Report Abuse Ok
farmboyTN Champion Author Tennessee Posts:2,251 Points:446,790 Joined:Feb 2012	Message Posted: Jul 17, 2012 5:28:26 AM Ignore farmboyTN Report Abuse ok
humblepie Champion Author Toledo Posts:34,101 Points:2,368,445 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:2,120 Points:502,820 Joined:Nov 2011	Message Posted: Jul 17, 2012 5:08:27 AM Ignore molebaby96 Report Abuse Time will tell.
bisonjim Champion Author Florida Posts:1,039 Points:203,305 Joined:May 2012	Message Posted: Jul 17, 2012 5:03:25 AM Ignore bisonjim Report Abuse OK
wrunner Champion Author Virginia Posts:4,430 Points:1,133,660 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:7,888 Points:1,541,385 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:16,840 Points:2,746,155 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:3,721 Points:1,413,800 Joined:Apr 2006	Message Posted: Jul 17, 2012 2:30:22 AM Ignore kd5kpd Report Abuse DILLIGAF ?
Prodaddy Champion Author Houston Posts:8,365 Points:1,892,260 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:2,923 Points:771,115 Joined:Nov 2004	Message Posted: Jul 17, 2012 2:25:46 AM Ignore blk911 Report Abuse Does it matter?
nztyraider Champion Author Nevada Posts:2,268 Points:691,500 Joined:Apr 2009	Message Posted: Jul 17, 2012 2:22:15 AM Ignore nztyraider Report Abuse good for them.
hybridaholic Champion Author Appleton Posts:8,350 Points:1,553,640 Joined:Dec 2008	Message Posted: Jul 17, 2012 2:18:05 AM Ignore hybridaholic Report Abuse Interesting.
Matt G Champion Author Boston Posts:4,518 Points:2,770,115 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:707 Points:163,930 Joined:Oct 2008	Message Posted: Jul 17, 2012 2:13:07 AM Ignore FedupwithGreed Report Abuse OK
stueyAZ Sophomore Author Phoenix Posts:212 Points:23,630 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:736,125 Joined:Apr 2011	Message Posted: Jul 17, 2012 2:11:15 AM Ignore yonasb Report Abuse Ok
Teddy95 Champion Author Dayton Posts:41,130 Points:2,693,200 Joined:Oct 2005	Message Posted: Jul 17, 2012 2:07:44 AM Ignore Teddy95 Report Abuse Hmmm...
Thomtec Champion Author Nashville Posts:2,448 Points:605,220 Joined:May 2011	Message Posted: Jul 17, 2012 2:07:38 AM Ignore Thomtec Report Abuse ok
chicoCA Champion Author California Posts:1,965 Points:1,771,605 Joined:Nov 2007	Message Posted: Jul 17, 2012 2:01:20 AM Ignore chicoCA Report Abuse okay
kcboy Champion Author Utah Posts:3,958 Points:1,505,100 Joined:Jun 2005	Message Posted: Jul 17, 2012 1:58:33 AM Ignore kcboy Report Abuse ok
Kawibiker Champion Author Illinois Posts:1,165 Points:203,400 Joined:May 2012	Message Posted: Jul 17, 2012 1:55:23 AM Ignore Kawibiker Report Abuse ok
PetroScopper Champion Author Houston Posts:6,607 Points:1,547,050 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:5,431 Points:1,292,925 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:19,735 Points:2,148,655 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:1,333 Points:136,450 Joined:Jan 2012	Message Posted: Jul 17, 2012 1:48:55 AM Ignore unclenorman Report Abuse Go Thailand!!!!!
RogerB Champion Author Indianapolis Posts:18,046 Points:2,621,085 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:11,707 Points:1,658,865 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:1,655 Points:385,555 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:2,138 Points:655,865 Joined:May 2011	Message Posted: Jul 17, 2012 1:32:37 AM Ignore pepinoNC Report Abuse Poor shell
Ken2OD Champion Author Grand Rapids Posts:9,057 Points:1,969,015 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:1,746 Points:663,055 Joined:Sep 2005	Message Posted: Jul 17, 2012 1:26:47 AM Ignore langolera Report Abuse ok
bearzz Champion Author California Posts:1,417 Points:416,645 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:1,999 Points:455,730 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:22,843 Points:4,243,660 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:14,894 Points:1,588,300 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:8,391 Points:1,696,540 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:2,128 Points:298,600 Joined:Jun 2011	Message Posted: Jul 17, 2012 1:19:41 AM Ignore 5Golfer8 Report Abuse What ever.
windows7isfast Champion Author Winnipeg Posts:2,394 Points:488,325 Joined:Nov 2011	Message Posted: Jul 17, 2012 1:15:43 AM Ignore windows7isfast Report Abuse ok
southrob Champion Author Tucson Posts:3,585 Points:685,150 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:3,556 Points:684,070 Joined:Jul 2007	Message Posted: Jul 17, 2012 1:12:52 AM Ignore rd2000 Report Abuse not good.
Tigercat88 Champion Author North Carolina Posts:3,182 Points:613,940 Joined:Jul 2011	Message Posted: Jul 17, 2012 1:12:26 AM Ignore Tigercat88 Report Abuse Too Bad.
afghaned Champion Author Hamilton Posts:11,798 Points:1,283,210 Joined:May 2004	Message Posted: Jul 17, 2012 1:11:19 AM Ignore afghaned Report Abuse Another unstable area. No surprise Shell bowed out.