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Wentworth Resources

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JE00BGT34J81

Wentworth takeover held up by dispute over Mnazi Bay rights

June 12, 2023 at 11:38 am EDT

Wentworth Resources PLC - Tanzania-focused natural gas production company - Receives letter from Tanzania Petroleum Development Corp notifying of its decision to exercise its right of first refusal in respect of Wentworth's interest in the Mnazi Bay asset. Explains the waiver of this right was one of the conditions required for the takeover of the company by Maurel & Prom to go ahead. States Tanzanian Petroleum Act gives TPDC right of first refusal to buy a participating interest that is intended to be assigned to a non-affiliate. But, it does not entitle TPDC to a right of first refusal in connection with any indirect sale of a participating interest arising as a result of the acquisition of shares in Wentworth itself. As a result, company is in talks with TPDC and will will make a further announcement when it becomes clear how TPDC intends the Act to apply to the acquisition.

Current stock price: 26.50 pence

12-month change: up 2%

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about Wentworth Resources

CAP-XX reports strong product sales to aid first half	Dec. 21	AN
Maurel & Prom: has completed the acquisition of Wentworth	Dec. 21	CF
Maurel & Prom's Acquisition of Wentworth Resources Becomes Effective	Dec. 21	MT
Etablissements Maurel & Prom S.A. completed the acquisition of Wentworth Resources plc from group of sellers.	Dec. 20	CI
Wentworth takeover gets court sanction, to suspend shares	Dec. 19	AN
Maurel & Prom’s Wentworth Resources Takeover Bid Gets Court Sanction	Dec. 19	MT
EARNINGS AND TRADING: Goldplat profit tumbles despite revenue jump	Dec. 18	AN
Wentworth Resources Receives Tanzania Competition Approval for Takeover by Etablissements Maurel & Prom	Dec. 18	MT
EARNINGS AND TRADING: Smoove says acquisition by Digcom approved	Dec. 15	AN
N4 Pharma hails "encouraging" siRNA research	Dec. 07	AN
Etablissements Maurel & Prom Secures Waiver for Wentworth Resources Acquisition	Dec. 07	MT
Wentworth Resources Eyes Mid-December Approval for Takeover by Maurel & Prom	Dec. 06	MT
Wentworth shares jump on progress in takeover talks with M&P	Dec. 06	AN
Wentworth Resources average daily production breaks record	Nov. 13	AN
EARNINGS: tinyBuild vows need to adapt as swings to loss; Yu profit up	23-09-26	AN
Wentworth Resources plc Reports Earnings Results for the Half Year Ended June 30, 2023	23-09-26	CI
Wentworth Resources plc Updates Production Guidance for 2023	23-09-26	CI
Maurel & Prom: half-year results hit by falling crude oil prices	23-08-04	CF
Wentworth takeover not approved by Tanzanian authorities	23-07-12	AN
News Highlights : Top Energy News of the Day	23-07-07	DJ
Wentworth swings to loss as M&P takeover drags on	23-06-30	AN
Earnings Flash (WEN.L) WENTWORTH RESOURCES Reports FY22 Revenue $37.7M	23-06-30	MT
Earnings Flash (WEN.L) WENTWORTH RESOURCES Reports FY22 Loss $-0.07	23-06-30	MT
Wentworth Resources plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-06-30	CI
Wentworth Resources plc Auditor Raises 'Going Concern' Doubt	23-06-29	CI

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Company Profile

Wentworth Resources plc is a Jersey-based domestic natural gas producer in Tanzania. The Company is engaged in oil and gas exploration, development and production operations in Tanzania. The Company operates through the Tanzania Operations segment. Its gas operations include the exploration, development, and production of natural gas and other hydrocarbons. The Mnazi Bay Development and Production License (Mnazi Bay) sits in southern Tanzania, approximately 410 kilometers south of Dar es Salaam, and covers an area of approximately 756 square kilometers (km2), of which the site is comprised of the Mnazi Bay and Msimbati producing gas fields. The Mnazi Bay field produces from a total of five wells, which include the Mnazi Bay (MB)- 1, MB-2, MB-3, MB-4, and MS-1X. The Company's subsidiaries include Wentworth Resources (UK) Limited, Wentworth Holding (Jersey) Limited, Wentworth Tanzania (Jersey) Limited and Wentworth Gas (Jersey) Limited.

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