Maurel & Prom hoping to expand its Tanzanian portfolio
Tanzania to see upstream consolidation
French independent Maurel & Prom is seeking to expand its Tanzanian portfolio
Euronext-listed Maurel & Prom and AIM-listed independent Wentworth Resources have reached an agreement for the former to acquire all the latter’s shares. Wentworth is recommending its shareholders accept M&P’s offer of 32.5p per share for a deal valued at around £61.7mn ($75.2mn), up from a previous offer made back in September. The two firms are already partners in the Mnazi Bay gas project in Tanzania, where they have an established relationship. M&P is the operator with a 48.06pc stake, Wentworth holds 31.94pc and state-owned Tanzania Petroleum Development Corporation has the remaining 20pc. “Increasing our stake through the acquisition of Wentworth is a logical step and
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
