PTTEP said it will make a £1.12 billion ($1.78 billion) cash offer to acquire Cove’s shares at a price of 220 pence each, compared with Shell’s 195-pence per share proposal last week that valued the London-listed player at £992.4 million.
A Shell spokesman declined to comment on whether the supermajor would increase its offer.
The Anglo-Dutch giant told Upstream last week that, separate from its Cove bid, it was also eyeing separate opportunities to acquire interests in Area 1, located in the Rovuma basin, where the other partners are operator Anadarko Petroleum, India’s Bharat Petroleum and Videocon, Mitsui of Japan plus state-owned ENH on a carry.
Meanwhile,
