Shell abandons race for Cove, paving way for £1.22bn PTT sale Cove's 8.5pc stake in the block's huge gas fields is seen as a prized entry-point into a region tipped to become one of the world's largest gas exporters. Shell had previously said it was looking at other options to build a higher stake in the block. Analysts believe Shell may be talking to the block's operator, Anadarko, or to Indian partners Videocon and Bharat Petroleum, about buying some of their stakes. Shell declined to comment but is understood to be continuing to review a number of options. Since the bidding war for Cove began, further major gas discoveries had been made in the block, boosting expectations of a higher offer. The battle between Shell and PTT had been due to enter an auction show-down on Tuesday had the bid remained "competitive." Unless a third party makes a late bid for Cove, shareholders will now be left to decide whether to accept PTT's terms. PTT earlier on Monday extended the deadline for acceptances until July 25, having received acceptances in respect of just 0.25pc of Cove's shares, reflecting the expectation of an increased bid from Shell. The 240p-a-share offer is still more than double Cove's share price of 112½p on January 4, the day before the company announced it was putting itself up for sale, and significantly above Shell's initial 195p-a-share proposed offer in February.