Wentworth Resources PLC Potential Exercise of Ruvuma Pre-Emption Rights (2425S)
12 Julho 2022 - 2:12PM
UK Regulatory
TIDMWEN
RNS Number : 2425S
Wentworth Resources PLC
12 July 2022
12 July 2022
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Potential Exercise of Ruvuma Pre-Emption Rights
Wentworth Resources (AIM: WEN ), the independent,
Tanzania-focused natural gas production company, notes today's
announcement from Scirocco Energy plc ("Scirocco") in relation to
the Company's proposed acquisition of the 25% non-operated working
interest in the Ruvuma Production Sharing Agreement ("Ruvuma
Asset") announced on 13 June 2022 (the "Proposed Acquisition").
Scirocco announced that it has been informed by its partner ARA
Petroleum Tanzania Ltd ("ARA") of its intention to exercise its
pre-emption rights in relation to the Proposed Acquisition under
the terms of the Joint Operating Agreement. This Pre-emption would
be subject to approval by the Government of Tanzania.
In addition, Scirocco confirmed that Tanzania Petroleum
Development Corporation ("TPDC"), the national oil company of
Tanzania and wholly owned by the Government of Tanzania, has
indicated that it is considering exercising its statutory right of
first refusal in relation to the Proposed Acquisition pursuant to
Section 86(5) of the Petroleum Act 2015.
Scirocco is now taking advice to understand the implications of
these developments and will then enter into discussions with each
party to confirm next steps.
In the event that Pre-emption does not proceed, Wentworth
remains committed to the Proposed Acquisition.
No payment under the loan facility arrangement has been made to
Scirocco and no consideration will be due unless the Proposed
Acquisition completes.
Katherine Roe, CEO, Wentworth, said:
"The discussions regarding a potential exercise of pre-emption
rights by Scirocco's partners underline the compelling economics of
the transaction we constructed, which was designed to be in the
best interests of our shareholders and in-country stakeholders with
a focus on driving reinvestment into the Ruvuma Asset and into
Tanzania.
"We will await the outcome of the pre-emption discussions and
provide a further update in due course."
Ends
Enquiries:
Wentworth Resources Katherine Roe, katherine.roe@wentplc.com
Chief Executive Officer +44 (0) 7841 087 230
AIM Nominated Adviser and Joint Broker
Callum Stewart
Ashton Clanfield
Stifel Nicolaus Europe Limited Simon Mensley +44 (0) 20 7710 7600
Joint Broker
Richard Crichton
Peel Hunt LLP Alexander Allen +44 (0) 20 7418 8900
Communications Advisor
Sara Powell
Ben Brewerton
FTI Consulting Ollie Mills +44 (0) 20 3727 1000
About Wentworth Resources
Wentworth Resources plc (AIM: WEN) is a leading, domestic
natural gas producer in Tanzania with a core producing asset at
Mnazi Bay in the onshore Rovuma Basin in Southern Tanzania.
Inside Information
The information contained within this announcement is deemed by
Wentworth to constitute inside information as stipulated under the
Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
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END
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July 12, 2022 13:12 ET (17:12 GMT)
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