(CercleFinance.com) – Maurel & Prom has successfully completed the acquisition of Wentworth Resources announced on December 5, 2022.
Following the completion of the Acquisition, M&P’s share of the Mnazi Bay assets increased from 48.06% to 80%, with TPDC holding the remaining 20%.
TPDC, in accordance with the Agreement signed with M&P, now has one month to exercise its Purchase Option to increase its stake from 20% to 40%. The resulting shares in the Mnazi Bay assets would be 60% for M&P and 40% for TPDC.
Olivier de Langavant, Managing Director of M&P, said: ‘This is an important and exciting moment for M&P, which strengthens the foundations for the next phase of development of its long and successful partnership with TPDC to contribute to the growth of the Tanzanian natural gas sector.’