Member Article

Carey Olsen acts for Wentworth Resources plc in £61.7 million takeover by scheme of arrangement

A Jersey company previously listed on the London AIM market, Wentworth has provided affordable and reliable natural gas to fuel Tanzania's socioeconomic development for the last 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 partner Guy Coltman, with fellow corporate partner 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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