Global law firm Ashurst is advising Wentworth Resources plc on its £61.7 million recommended cash acquisition by Etablissements Maurel & Prom S.A (M&P).
Wentworth is a single-asset company, with a non-operated 31.94% interest in the Mnzai Bay gas asset in Tanzania. M&P is Wentworth's partner in the Mnazi Bay asset and is operator of the licence.
The offer will be implemented by way of a Jersey scheme of arrangement, is subject to approval from the Minister of Petroleum in Tanzania and the waiver of any right of first refusal or pre-emption right of state-owned Tanzania Petroleum Development Corporation. The scheme is expected to become effective in Q2 2023.
The Ashurst team is being led by corporate partner Tom Mercer with support from senior associates Maria McAlister, Quentin Robinson and Louise Johnson and associates Millie Gibbs and Leah Fisher. Trainee solicitors Shashtika Sundar and William Morgan also assisted.
Wentworth Resources plc is a domestic natural gas producer in Tanzania with a core producing asset at Mnazi Bay in the onshore Rovuma Basin. With rapidly growing demand and with an ambitious universal energy access target set by the Government for 2030, Wentworth plays a vital role in ensuring a reliable, affordable, and growing supply of natural gas for the local market.
