Member Info for alph

I find todays announcement pretty vague, and the jump in SP strange. After countless promisses that turned out to be nothing burgers, I get supicisous. It is a bit conveniant that everything is supposedly falling in place just a working day after AGM, where Roe's position is expected to be discussed..

Or is it just me?

....or https://chat.xtrainvestor.com/channel/wen to be more precise.

Https://dailynews.co.tz/tpdc-denies-rumours-on-drying-up-of-natural-gas-wells/

Two more productionwells planned for 2024.

The M&P offer soon equals WENs cash position..

annoying as hell. at least as i have ordered a new ioniq 6 which is due august, and planned paid by wen-cash.

however, todays downfall seems like a big over reaction to me. now we know there are 2 parts interested in wen's part, instead of only 1. base price is still 32,5 pence. why do some sell it for 25 pence? just because they are ****ed off? doesnt seem like a good investment strategy to me.

As expected, M&P didnt wait long for their big development plans for Mnazi Bay.
Drilling well planned for 2023..
https://www.pura.go.tz/uploads/documents/en-1681831185-Main%20Activities%20to%20be%20Implemented%20by%20NOC%20and%20IOCs%20in%202023.pdf

I generally fart in your direction, Mrs Roe.

The sale is secured, and Ms. Roe can finally go back to talk about the bright future for Mnazi Bay Licence...

https://www.lse.co.uk/rns/WEN/operational-and-corporate-update-64uepk295ix4o8s.html

From DNB, stock broker for Norwegian retaliers:

We can confirm that from DNB BANK ASA there are voting instructions for a total of 4,957,669 shares - all against.

Which must mean that FIL has voted "yes" for enough voting rights to get the deal through. Did anyone mention brown envelopes..?

If not FIL has withdrawn (parts of) their claim, something is wrong with the voting numbers at the courtmeeting.
Of 25,687,527 votes for "against", 21,183,000 of them belongs to Fidelity Investment Ltd. That leaves 4 504 527 votes left.
Mick alone, together with several Norwegian private investors (who have received confirmation from their broker that votes have been delivered in time) have casted way more no-votes that 4,5 million.

3 options: 1 Either has FIL voted "yes" for parts of their shares . 2. Norwegian brokers havent done what they have confirmed they have done or 3. Millons of no-votes have been discarded.

75,26% in favour.
Several Norwegian investors vote were not accepted...

This taste dirty.

....and the dividend should be increased as well.

Todays management, if it decide to continue after a no vote, has no arguments left to keep a big administration and high G&A after having argued for 2,5 months that there is none interesting project in East Africa for them, and that they have little or none influence on operations at Mnazi Bay. They should make WEN into a single asset investment company.

By going public with this, FIL is obviously interesting in selling now - but to the right price.
A new offer I think should be no less than 40 pence. Lower than that would be considered arrogant.

M&P is in highly risk to be voted down, and would have to wait for 12 months for their next bid.

Vote NO.

Wentworth Resources plc ("Wentworth") and Etablissements Maurel & Prom S.A. ("M&P") announced on 5 December 2022 that they had reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of Wentworth by M&P at 32.5 pence per share (the "Acquisition").



Wentworth has today received notification from Fidelity International, which has direct and indirect interests in 21,183,000 shares, representing 11.87 per cent. of Wentworth's issued share capital, that it intends to vote against the Acquisition.



In order for the Acquisition to proceed, the scheme of arrangement (the "Scheme") requires approval by a majority in number representing not less than 3/4ths of the voting rights of the Scheme Shareholders voting, in person, or by proxy at the Court Meeting. In addition, the Resolution must be passed at the General Meeting to authorise the Directors to implement the Scheme and to deal with certain ancillary matters which require the approval of Wentworth Shareholders present and voting representing at least 2/3rds of the votes cast at the General Meeting (either in person or by proxy).

Why should they sell?

Dangote Cement, big customer for Mnazi Bay gas.
Estimated 5.1Mt total
market sales for 9M 2022
• DCP sales of 1.4Mt for 9M
2022, including 290.6Kt of
clinker
• Volumes up 11.7%
• 27.4% market share for the
period

https://dangotecement.com/results-and-presentation-for-shares/

From M&P press release:

M&P’s working interest gas production (48.06%) on the Mnazi Bay permit stood at 43.3 mmcfd (gross
production: 90.2 mmcfd) for the first nine months of 2022, a 15% increase compared to the first nine
months of 2021.

Aimster:
USD 3,44/MMbtu. Expected to increase to USD 3,68/MMbtu in 2023.

I received my dividend on Friday afternoon.

Probably a unemployed and bitter guy who studied geology for 3 months and with way too much free time.

Actus: ARA Petroleum intends to exercise its pre-emption rights in relation to the proposed acquisition by Wentworth of a 25% WI in the Ruvuma PSC from Scirocco Energy. • This pre-emption is subject to approval by the Government of Tanzania. In addition, Tanzania Petroleum Development Corporation (TPDC) has indicated that it is considering exercising its statutory right of first refusal in relation to the proposed acquisition. While TPDC is not a party to the operating agreement for the Ruvuma PSC, this statutory right supersedes the contractual pre-emption. • Given that the Al-Zubair family already controls 75% of Ruvuma (through Ara Petroleum and Aminex), Wentworth has been surprised by the decision of Ara Petroleum to exercise its pre-emption right that would give the family an effective 100% interest in the PSC. This would be unusual in oil and gas, particularly for such a strategic energy asset for Tanzania. • Given the profile of TPDC and the general limited appetite for appraisal risk from NOCs, there could be more here than meets the eye. • In any case, the interest from two parties in the terms of the transaction agreed with Wentworth highlights its accretive nature."

Considering Zubair pays all AEX cost, they would carry 100% of financial risk if they take over SCIRs part.. And of course 100 ,% in control of Rovuma destiny. Maybe not in TZ interest?