PTTEP equity issue

Thailand's PTTEP plans share sale of up to $3 billion

Parent company PTT will take up 65% of the deal, leaving about $1 billion to be placed with other investors. The fundraising plan comes after PTTEP wins a bid for African LNG-play Cove Energy.
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Cove continues to explore Mozambique's offshore oil and gas resources
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<div style="text-align: left;"> Cove continues to explore Mozambique's offshore oil and gas resources </div>

PTT Exploration and Production PTTEP has taken the first step towards the long-term financing of its acquisition of London-listed Cove Energy with the approval of its board of directors of a new share issue of about Bt98 billion $3 billion. The issue may comprise of up to 650 million ordinary shares, which is equal to 19.6% of the existing share capital, with the final number of shares to be adjusted to meet the fundraising target.

PTTEP didn’t say specifically that the share sale will go towards the funding of Cove, a company with natural gas assets in Mozambique, but noted that it is meant to “support the company’s plan...

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