Three major executives that took part in the creation and sale of Cove Energy Plc have come together again to raise funds for an oil and gas exploration project in Mozambique. According to the Financial Times, the three executives are John Craven, Michael Blaha and Michael Nolan who have formed Discover Explorations.
The firm is expected to raise US$50 million and its focus would be in waters east of Mozambique's Rovumba Basin, currently under the supervision of the island state of Comoros. The project is backed by funds from the directors and the Dutch oil company Oranje-Nassau Energie. Other funds are expected to come in from institutional investors in London, after the firm has just finalized a production sharing contract with Comoros.
The success of the three directors came after they pulled off the sale of Cove Energy to PTT Exploration and Production of Thailand for US$1.9 billion in 2012.
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