Shell has quit the race to acquire UK-listed explorer Cove Energy, leaving PTTEP as the last man standing.
Cove’s prize asset is an 8.5% stake in the Offshore Area 1 off Mozambique, where operator Anadarko Petroleum is planning an LNG export project.
However, Shell has decided not to revise its £1.12 billion ($1.8 billion) offer for the company.
That leaves PTTEP Africa Investment Limited’s 240 pence per share offer, totaling £1.22
