Brief: Maurel Et Prom Updates On The Acquisition Of Wentworth Resources

Wentworth Resources

07/12/2023 06:51

Dec 7 (Reuters) - Etablissements Maurel et Prom SA
 MAUP.PA :
    * UPDATE ON ACQUISITION OF WENTWORTH RESOURCES PLC
    * HAS SIGNED AGREEMENT THAT STRENGTHENS ITS EXISTING
LONG-TERM 
PARTNERSHIP WITH THE TANZANIA PETROLEUM DEVELOPMENT CORPORATION
(“TPDC”)
    * AGREEMENT IS STRUCTURED AS A ‘CALL OPTION’ FOR TPDC, WHICH
PROVIDES A PATHWAY FOR TPDC TO INCREASE ITS  OWNERSHIP BY UP TO
20% IN THE PRODUCTION INTEREST (THE “CALL OPTION”).
    * M&P HAS RECEIVED REQUIRED PRE-EMPTION WAIVER FROM TPDC AND
TANZANIAN GOVERNMENT APPROVAL FOR ACQUISITION, AND ONLY FINAL
CONSENT FROM TANZANIA’S FAIR COMPETITION COMMISSION  (“FCC”)
REMAINS OUTSTANDING
    * THE ACQUISITION SHALL BE FUNDED BY THE £63 MILLION PLACED
IN
ESCROW AS PART OF THE ACQUISITION ANNOUNCED  ON 5 DECEMBER 2022.

Further company coverage:  MAUP.PA 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7785110;))