Following the announcement of December 7, 2023, Etablissements Maurel & Prom SA (“M&P”) is pleased to confirm that it has successfully completed the acquisition of Wentworth Resources Plc (“Wentworth”) announced on December 5, 2022 (the ” Acquisition “).
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: “We are delighted to have completed the acquisition of Wentworth. This is an important and exciting moment for M&P as it 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. We would further like to take this opportunity to thank our partners at TPDC and other Tanzanian government stakeholders for working collaboratively to achieve this positive outcome. »