Shell has struck a deal to buy Cove Energy, giving the Anglo-Dutch supermajor an entry into an LNG export plan for Mozambique.
Cove accepted Shell's bid of 200 British pence per share, which values the London-listed explorer at £1.12 billion ($1.8 billion).
The key asset in the deal is Cove's 8.5% stake in Mozambique's Offshore Area 1, where operator Anadarko Petroleum is planning a multi-train LNG project.
