Re: DIVESTMENT OF TANZANIAN INTEREST

16 July 2012

Cove Energy plc

Re: DIVESTMENT OF TANZANIAN INTEREST

(UPDATE ON DIVESTMENT OF MNAZI BAY CONCESSION 

AND MAUREL ET PROM'S PRE-EMPTION RIGHTS)

Cove Energy plc ("the Company" or "Cove", AIM:COV), the AIM quoted upstream oil and gas company notes the recent announcement from Wentworth Resources Limited regarding the proposed acquisition of Cove's participation interest in the Mnazi Bay Concession in Tanzania.

Wentworth has announced that all of the necessary Government approvals have now been received. A copy of Wentworth's announcement follows below.

Ends

Cove Energy plc Tel: +44 (0)20 7831 3113

John Craven, CEO

c/o Billy Clegg

Cenkos Securities 

Jon Fitzpatrick Tel: +44 (0)20 7397 8900

Ken Fleming Tel: +44 (0)131 220 9772

FTI Consulting Tel: +44 (0)20 7831 3113

Billy Clegg / Edward Westropp

Notes to Editors:

Cove has established a strong position in East Africa with exploration interests in Area 1 Offshore Mozambique, which contains the Prosperidade gas complex (Windjammer, Barquentine, Lagosta, and Camarão), the Golfinho/Atum gas complex and Tubarão gas and Ironclad oil discoveries where drilling, appraisal and well testing operations are planned to continue through 2012.

Cove also holds exploration and production interests in Mozambique Onshore and Kenya Offshore.

Cove Energy has a strong management team with a wealth of experience in the oil and gas business and the operation and management of companies in the public arena. Michael Blaha, Executive Chairman and formerly Country Chairman for Royal Dutch Shell Group in Algeria, is a Petroleum Engineer with thirty two years industry experience, most of his career spent working at Shell. John Craven, Chief Executive Officer was previously CEO and founder of Petroceltic International plc, and is a petroleum geologist with thirty eight years experience in senior technical and executive positions in major and junior oil and gas companies.

www.cove-energy.com

A full version of Wentworth's release is copied below.

16 JULY 2012

WENTWORTH RESOURCES LIMITED ("Wentworth")

 UPDATE ON THE ACQUISITION OF

COVE ENERGY'S INTEREST IN THE MNAZI BAY CONCESSION, TANZANIA

AND MAUREL ET PROM'S PRE-EMPTION RIGHTS

Further to Wentworth's announcements regarding the proposed acquisition of Cove Energy plc's ("Cove Energy") 16.38% participation interest in the production operations (20.475% participation interest in exploration operations) in the Mnazi Bay Concession ("Concession") and Maurel et Prom's ("M&P") pre-emption rights, Wentworth is pleased to announce that all of the necessary Government approvals have now been received. The following is a summary of the transactions:

·; Wentworth has entered into an agreement to purchase Cove Energy's participating interest in the Concession with an effective date of September 30, 2011 ("Effective Date"), which is held by Cove Energy's 100% owned subsidiary Cove Energy Tanzania Mnazi Bay Limited ("CETMBL"), in exchange for:

o Terminating its 4.95% royalty interest out of net profits from Cove Energy's 8.5% working intertest in the Offshore Rovuma Area 1 Concession in Mozambique;

o Two million newly issued fully paid shares in Wentworth;

o Cove Energy will also receive a contingent payment of up to US$8.5 million, should certain future natural gas production thresholds from Mnazi Bay be reached.

·; Wentworth has entered into an agreement to sell 60.075% of the shares of CETMBL to M&P for:

o Cash consideration of approximately US$ 18.9 million to be paid to Wentworth upon closing;

o M&P assuming 60.075% of the contingent payment due to Cove Energy.

·; The purchase of CETMBL by Wentworth and M&P's purchase of pro rata shares of CETMBL have now been approved by the Government of Tanzania.

·; Wentworth and M&P have agreed that upon completion of the transactions their respective pre-emption rights under the Joint Operating Agreement will be fully statisfied.

·; Wentworth shall issue an update to its trading exchanges upon closing the transactions, which is expected later this month.

From the Effective Date, M&P's and Wentworth's share of revenue, operating costs, exploration costs and development costs are as set out in the table below, with the exception of Wentworth paying 11.98% of the costs of the Ziwani-1 exploration well and 11.98% of the next US$8.8 million of capital expenditures.

Upon closing the transactions the respective interests will be as follows:

Executive Chairman, Bob McBean, commented:

"We are extremely pleased to provide this update to shareholders and to receive final government approval to close these important transactions. We continue to work with our partners, M&P and TPDC, to further the exploration and development of the Mnazi Bay Concession. In anticipation of completion of the Mtwara to Dar es Salaam pipeline, negotiations of a gas sales agreement are underway, workovers of three existing gas wells are ongoing and the partners are planning additional exploration activities. These activities are designed to increase our resource base and position Wentworth to become a significant gas producer in Tanzania."

ENDS

About the Mnazi Bay Concession

The Mnazi Bay Concession Area is located in coastal, south-eastern Tanzania in the Ruvuma Basin. The area lies between Aminex's Ruvuma Concession Area and BG Group's offshore Block 1. The 756 km² concession area contains two discovered Tertiary aged gas fields (Mnazi Bay and Msimbati) and holds additional Tertiary, Cretaceous and Jurassic hydrocarbon potential. Five wells have been drilled to date: MB-1, MB-2, MB-3, MS-1X, and Ziwani-1 and all five wells encountered hydrocarbons. MB-1 is currently producing gas at a rate of 1.7-2.0mmscf/d and this gas is transported via an 8", 27 kilometre pipeline to the Mtwara Power Plant where it generates electricity for numerous local communities.

Enquiries:

About Wentworth Resources

Wentworth Resources is a publicly traded (AIM:WRL, OSE:WRL), independent oil & gas company with: natural gas production; midstream assets; a committed exploration and appraisal drilling programme; and large-scale gas monetisation opportunities, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.

FORWARD LOOKING STATEMENTS

This press release may contain certain forward-looking information. The words "expect", "anticipate", "believe", "estimate", "may", "will", "should", "intend", "forecast", "plan", and similar expressions are used to identify forward looking information.

The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Wentworth is currently active and other factors management believes are appropriate in the circumstances. Wentworth undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable law.

Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Wentworth's control. These assumptions and risks include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in exploration, development and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the imprecision of resource and reserve estimates, assumptions regarding the timing and costs relating to production and development as well as the availability and price of labour and equipment, volatility of and assumptions regarding commodity prices and exchange rates, marketing and transportation risks, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in applicable law. Additionally, there are economic, political, social and other risks inherent in carrying on business in Tanzania and Mozambique. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Wentworth's Management's Discussion and Analysis for the year ended December 31, 2010, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.

NOTICE

Neither the Oslo Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed this press release and neither accepts responsibility for the adequacy or accuracy of this press release.