Wentworth held its vote yesterday, with 75.26% of shares voted in favour of the scheme. The deal required 75% approval.
Wentworth has said cashflows in 2023 will be much reduced - making now an ideal time to sell out to partner Maurel.
Operations had returned to normal in the third quarter in Gabon, Maurel said. The company began a well stimulation campaign in the fourth quarter of 2022, with the field now capable of producing more than 21,000 bpd.
Maurel et Prom has made an offer to acquire Wentworth Resources, its partner at a Tanzanian gas project.
Scirocco Energy has triumphed over shareholders seeking a rethink on the company’s direction and its sale of its Tanzanian asset.
Wentworth Resources has struck a deal to buy Scirocco Energy’s 25% stake in the Ruvuma licence, for up to $16 million.
Wentworth Resources has posted another strong set of results with revenues up 26% on higher production.
Wentworth Resources has signed a memorandum of understanding (MoU) with Vitol to offset emissions in Tanzania.
AIM-listed Wentworth Resources’ production dipped in 2020, but revenue was largely flat and the company has upped its dividend.
The next 10 years will be critical in determining Africa’s power path – and just how much more carbon the next billion people will emit.
In the coverage of Chrysaor’s reverse takeover of Premier Oil, the chief executive of a Tanzania-focused E&P firm with no skin in the game of that deal might not have expected to get a mention.
Linda Cook’s appointment to the top job at the combined Chysaor-Premier Oil business will make her only the second woman chief executive at a London-listed oil and gas company.
Mnazi Bay production will increase for the rest of the year, following the end of the rainy season.
Demand for Wentworth Resources’ gas in Tanzania will stay flat this year, with heavy rains driving hydropower generation, but things should pick up towards the end of 2020.
The Mnazi Bay field in Tanzania produced 70.29 million cubic feet (1.99 million cubic metres) per day in 2019, according to Wentworth Resources, predicting output would remain static in 2020.
Tanzania has struggled to pay its debts to local gas producers but there are signs this is changing, with Wentworth Resources and Orca Exploration posting strong quarterly results on improved collections and higher gas demand.
Wentworth Resources said one of its non-executive directors has resigned from the company.