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Wentworth Resources

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JE00BGT34J81

Wentworth Resources accepts takeover by Etablissements Maurel & Prom

December 05, 2022 at 06:22 am EST

(Alliance News) - Wentworth Resources PLC on Monday said it agreed the terms of a potential takeover by Etablissements Maurel & Prom SA, a Paris-listed and based oil company focused on the production of hydrocarbons.

The offer is for 32.5 pence per share in cash, valuing Wentworth at around GBP61.7 million. The offer for Wentworth, a Tanzania-focused natural gas producer, is a premium of around 30% to the closing price of 25.0p on Friday.

Wentworth Resources shares rose 23% to 30.77 pence each on Monday morning in London. Etablissements Maurel shares were 1.2% higher at EUR4.08 each in Paris.

Wentworth's directors consider the offer to be "fair and reasonable", and recommend its shareholders vote in favour of the takeover at upcoming court and general meetings.

Wentworth said it expects the deal to complete in the second quarter of 2023.

By Tom Budszus; tombudszus@alliancenews.com

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
S&P GSCI NATURAL GAS INDEX	91.96 PTS	-1.11%	-1.11%	-
BRENT CRUDE OIL SPOT	88.13 USD	+0.17%	+2.03%	-
WTI	83.79 USD	+0.19%	+2.10%	-

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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