Mozambique’s highly promising LNG play has sparked a bidding war.
Thai state oil company PTTEP is proposing to trump Shell’s cash takeover offer for London-listed Cove Energy and its lucrative 8.5% stake in gas-rich Area 1.
PTTEP said it will make a £1.12 billion ($1.78 billion) cash bid valuing Cove’s shares at 220 pence each.
Shell’s 195p per share proposal last week valued the London-listed player at £992.4
