Mozambique’s government has given the thumbs up to supermajor Shell’s offer to buy London-listed explorer Cove Energy.
The purchase, which is yet to be finalised, would give the Anglo-Dutch outfit a stake in the huge Prosperidade gas discovery off Mozambique and planned LNG export project.
Cove Energy confirmed it has received written confirmation of the government’s approval of the deal.
An all-cash offer of 220 British pence per share, up from Shell’s initial 195p bid, was recommended by Cove’s board last month.
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