'Mozambique find commercial duster'

Moving on: to other parts, Cove in Mozambique

AP/SCANPIX

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By News Wires

 18 August 2010 08:36 GMT

UK explorer Cove Energy said it can't commercially exploit an oil find off Mozambique though it would undertake tests to see if other parts of the geological structure could produce sellable oil.



Cove said it believes the discovery is the first documented occurrence of oil in deepwater off the coast of East Africa, a region which is fast becoming a new focal point for exploration, attracting the attention of oil majors.

Cove's statement today confirmed and added details to what its partner in the licence Anadarko said yesterday.

Panmure Gordon analyst Peter Hitchens said the fact that a large fan system which contains oil had been found was exciting.

"The company will therefore analyse the data obtained in this well and look for a…

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