REG - Maurel & Prom Wentworth Resources - Update on Acquisition of Wentworth Resources PLC

Wentworth ResourcesAnnouncement

21/12/2023 17:00

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RNS Number : 6745X  Maurel & Prom  21 December 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

FOR IMMEDIATE RELEASE

 

ETABLISSEMENTS MAUREL & PROM S.A.

 

21 December 2023

 

Update on Acquisition of Wentworth Resources PLC

 

Further to the announcement on 7 December 2023, Etablissements Maurel &
Prom S.A. ("M&P") is pleased to confirm that is has successfully completed
the acquisition of Wentworth Resources Plc ("Wentworth") as announced 5
December 2022 (the "Acquisition").

 

Following completion of the Acquisition, M&P's working interest in the
Mnazi Bay asset increased from 48.06% to 80%, whilst TPDC holds the remaining
20%. TPDC, as per the Agreement signed with M&P, will now have one months
to exercise its Call Option to increase its stake from 20% to 40%. The
resulting working interests in the Mnazi Bay asset would be 60% for M&P
and 40% for TPDC.

 

Commenting, Olivier de Langavant, Chief Executive Officer of M&P, said:
"We are delighted to have completed the acquisition of Wentworth. This is an
important and exciting moment for M&P, as it sets the basis for the next
phase of growth of its long and successful partnership with TPDC to bring
about the continued growth and development of Tanzania's natural gas sector.
We would further like to take this opportunity to thank our partners at TPDC
and other Tanzanian Government stakeholders for working collaboratively to
achieve a successful outcome of the Acquisition."

 

Unless otherwise defined herein, capitalised terms used in this announcement
shall have the same meanings as defined in the announcements regarding the
Acquisition made by M&P on 5 December 2022 and 7 December 2023.

 

 

For further information please contact:

 

Etablissements Maurel & Prom S.A.

+33 1 53 83 16 00

Olivier de Langavant (CEO)

Pablo Liemann (Business Development Manager)

Matthieu Lefrancq (Business Development)

 

Hannam & Partners - Financial Advisor

+44 (0) 207 907 8500

Samuel Merlin

Ernest Bell

Mario Doerflinger

 

Celicourt Communications Limited

+44 (0)7525 951011

+44 (0)7947 868206

Mark Antelme

Philip Dennis

 

 

Important information

 

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any securities, or the
solicitation of any vote or approval in any jurisdiction, pursuant to this
announcement or otherwise. Any offer, if made, will be made solely by certain
offer documentation which will contain the full terms and conditions of any
offer, including details of how it may be accepted.

The distribution of this announcement in jurisdictions other than the United
Kingdom and the availability of any offer to shareholders of Wentworth who are
not resident in the United Kingdom may be affected by the laws of relevant
jurisdictions. Therefore, any persons who are subject to the laws of any
jurisdiction other than the United Kingdom or shareholders of Wentworth who
are not resident in the United Kingdom will need to inform themselves about,
and observe, any applicable requirements.

 

Disclaimer

 

H&P Advisory Ltd ("Hannam & Partners"), which is regulated in the
United Kingdom by the Financial Conduct Authority, is acting exclusively for
M&P and no-one else in connection with the possible offer and will not be
responsible to anyone other than M&P for providing the protections
afforded to clients of Hannam & Partners nor for providing advice in
relation to the acquisition or any other matters referred to in this
announcement.

 

Disclosure requirements of the Code

 

Rule 8.3

 

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified.

 

An Opening Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant securities
of each of (i) the offeree company and (ii) any securities exchange
offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a)
applies must be made by no later than 3.30 pm (London time) on the 10th
business day following the commencement of the offer period and, if
appropriate, by no later than 3.30 pm (London time) on the 10th business day
following the announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of the
offeree company or of a securities exchange offeror prior to the deadline for
making an Opening Position Disclosure must instead make a Dealing Disclosure.

 

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror, save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London
time) on the business day following the date of the relevant dealing.

 

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.

 

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).

 

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk (http://www.thetakeoverpanel.org.uk) , including
details of the number of relevant securities in issue, when the offer period
commenced and when any offeror was first identified. You should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any
doubt as to whether you are required to make an Opening Position Disclosure or
a Dealing Disclosure.

 

Publication of this announcement

 

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available, subject to certain restrictions relating to persons resident in
restricted jurisdictions, at https://www.maureletprom.fr/en
(https://www.maureletprom.fr/en) , by no later than 12 noon (London time) on 7
December 2023. The content of the website referred to in this announcement is
not incorporated into and does not form part of this announcement.

 

 

 

 

 Français                                                English
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 millions de pieds cubes par jour         Mpc/j  mmcfd   million cubic feet per day
 milliards de pieds cubes                 Gpc    bcf     billion cubic feet
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 barils équivalent pétrole par jour       bep/j  boepd   barrels of oil equivalent per day
 millions de barils équivalent pétrole    Mbep   mmboe   million barrels of oil equivalent

 

 

 

For more information, please visit https://www.maureletprom.fr/en/
(https://www.maureletprom.fr/en/)

 

Contacts

 

Maurel & Prom

Press, shareholder and investor relations

Tel: +33 (0)1 53 83 16
45

ir@maureletprom.fr (mailto:ir@maureletprom.fr)
 

 

NewCap

Financial communications and investor relations/Media relations

Louis-Victor Delouvrier/Nicolas Merigeau

Tel: +33 (0)1 44 71 98 53/+33 (0)1 44 71 94
98

maureletprom@newcap.eu (mailto:maureletprom@newcap.eu)

 

 

 

This document may contain forecasts regarding the financial position, results,
business and industrial strategy of Maurel & Prom. By nature, forecasts
contain risks and uncertainties to the extent that they are based on events or
circumstances that may or may not happen in the future. These forecasts are
based on assumptions we believe to be reasonable, but which may prove to be
incorrect and which depend on a number of risk factors, such as fluctuations
in crude oil prices, changes in exchange rates, uncertainties related to the
valuation of our oil reserves, actual rates of oil production and the related
costs, operational problems, political stability, legislative or regulatory
reforms, or even wars, terrorism and sabotage.

 

 

 

Maurel & Prom is listed for trading on Euronext Paris

CAC All-Tradable - CAC Small - CAC Mid & Small - Eligible PEA-PME and SRD

Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

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