Update on Divestment of Mnazi Bay Concession

Source: www.gulfoilandgas.com 2/21/2012, Location: Africa

Cove Energy plc, the AIM quoted upstream oil and gas company, notes the announcement issued today by Wentworth Resources Limited (Wentworth) confirming, inter alia, that the concession partner and operator, M&P Exploration and Production Tanzania Limited (M&P), has elected to exercise its right of pre-emption under the Joint Operating Agreement in relation to the proposed disposal to Wentworth by Cove of its 16.38% participation interest in the production operations (20.475% participation interest in exploration operations) in the Mnazi Bay Concession in Tanzania, all as previously announced by Cove on 30th January 2012.

As indicated in that announcement, the consideration due to be received by Cove under the terms of the divestment agreement, comprising termination of the Mozambique royalty, receipt of 2 million Wentworth shares and contingent payments of up to US$8.5 million, remain unchanged by M&P's exercise of its right of pre-emption. Shareholders should note that the Government of Tanzania has approved Cove's transaction and that the other concession partner, Tanzania Petroleum Development Corporation, has elected not to exercise its right of pre-emption. Cove will work together with Wentworth and M&P to complete the proposed transaction.


Australia >>  4/14/2021 - FAR Limited has received the accompanying letter from Remus Horizons advising its intention to make a takeover offer for FAR shares at 2.1 cents per s...
Australia >>  4/14/2021 - Empire Energy has signed a binding Sale and Purchase Agreement with Pangaea (NT) Pty Ltd as trustee of the Pangaea (NT) Unit Trust to acquire Pangaea’...

Netherlands/Holland >>  4/14/2021 - Kistos, the AIM quoted closed-ended investment company which has been established with the objective of creating value for its investors through acqui...
India >>  4/13/2021 - Oilex has announced that all necessary approvals from the Government of India (GoI) for the sale of its Participating Interest (PI) in the Bhandut PSC...

United Arab Emirates >>  4/13/2021 - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), has announced the acquisiti...
United States >>  4/12/2021 - Further to the company announcement issued on 4 December 2020, Ørsted has now completed the divestment of 25% of the Ocean Wind Offshore Wind Farm to ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.