(Alliance News) - Wentworth Resources PLC on Wednesday said all parties are working to satisfy governmental approval conditions regarding Etablissements Maurel & Prom SA's takeover offer.
Shares in Wentoworth Resources rose 25% to 30.30 pence each in London on Wednesday morning.
In February, the Tanzania-focused natural gas production company said 75% of votes cast at the court meeting supported the GBP61.7 million takeover deal agreed in early December last year. It then passed at the general meeting by the same margin.
Commercial discussions have been ongoing between M&P and relevant Tanzanian stakeholders regarding the satisfaction of approval conditions from the Tanzanian government, and over the last two weeks, both companies have attended meetings with the Tanzanian Petroleum Development Corporation.
Wentworth said it has arranged for the Jersey Court to consider the scheme of arrangement at a hearing on December 19. It said all parties are "working to satisfy" the government conditions ahead of the hearing.
This comes after in June, Wentworth had said it faced "a number of concerns" regarding the takeover, after attending a preliminary hearing before the Tanzanian Fair Competition Commission.
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.