Carey Olsen acts for Wentworth Resources in takeover

Posted: 17/01/2024

Lawyers from Carey Olsen's corporate team have acted as Jersey counsel for longstanding client Wentworth Resources  on its £61.7m takeover by Maurel & Prom (M&P).
 
A Jersey company previously listed on the London AIM market, Wentworth has provided natural gas to fuel Tanzania's socioeconomic development for the past 20 years. 

M&P is an oil and gas exploration and production company listed on Euronext Paris, specialising in the production of hydrocarbons.
 
The takeover of Wentworth by M&P, conducted by way of a Jersey law scheme of arrangement, has increased M&P's working interest in Tanzanian gas field Mnazi Bay from 48.06% to 80%. 

The acquisition is set to strengthen the long-term partnership between M&P and state oil company Tanzania Petroleum Development Cooperation (TPCD), as TPCD is expected to increase its stakes in Mnazi Bay from 20% to 40%. 

The arrangement would result in M&P holding 60% ownership of Mnazi Bay and TPDC holding the remaining 40%.
 
The Carey Olsen Jersey team was led by Partners Guy Coltman and David Taylor and Counsel Katherine Tresca. 

Partners John Kelleher and Marcus Pallot led on elements of the transaction involving the Jersey Royal Court. 

Other members of the team included Senior Associate Tabitha Ward and Associates Lisa Creevy and Anna Mouat.


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