12th Jun 2023 16:37
Wentworth Resources PLC - Tanzania-focused natural gas production company - Receives letter from Tanzania Petroleum Development Corp notifying of its decision to exercise its right of first refusal in respect of Wentworth's interest in the Mnazi Bay asset. Explains the waiver of this right was one of the conditions required for the takeover of the company by Maurel & Prom to go ahead. States Tanzanian Petroleum Act gives TPDC right of first refusal to buy a participating interest that is intended to be assigned to a non-affiliate. But, it does not entitle TPDC to a right of first refusal in connection with any indirect sale of a participating interest arising as a result of the acquisition of shares in Wentworth itself. As a result, company is in talks with TPDC and will will make a further announcement when it becomes clear how TPDC intends the Act to apply to the acquisition.
Current stock price: 26.50 pence
12-month change: up 2%
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
WEN.L