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Dar es Salaam
Tanzania Upstream Independents
Simon Ferrie
17 February 2023
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Tanzanian upstream merger nears

Maurel & Prom is building support for its acquisition of Wentworth, but at least some shareholders are opposed

French independent Maurel & Prom’s proposed acquisition of AIM-listed Wentworth Resources will face some shareholder opposition. Investment fund managers Fidelity International, which directly and indirectly holds 11.87pc of Wentworth’s shares, has notified that “that it intends to vote against the acquisition”. For the deal to proceed, shareholders representing at least 75pc of voting rights need to approve the acquisition. Maurel & Prom has already secured “irrevocable undertakings to vote in favour” from shareholders with a combined stake of around 23.14pc. The general meeting and vote will take place on 23 February. The French firm’s latest offer is for all of Wentworth’s shares

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Old hands dominate Algeria’s upstream auction
24 June 2025
The country’s latest licensing round attracted bids from IOCs and NOCs in a better showing than its last outreach to bidders
Angola’s oil industry revamp
24 June 2025
Africa’s second-largest oil producer is creating the right conditions for the sector to try to boost output, explains Ian Cloke, COO of UK-based Afentra
ADNOC targets Santos in big LNG push
24 June 2025
The takeover, if it gets the all-clear from regulators and other government authorities, would propel XRG and its parent firm ADNOC into the top tier of global LNG players
Oil demand ramps up air miles
23 June 2025
Jet fuel will play crucial role in oil consumption growth even with efficiency gains and environmental curbs, with geopolitical risks highlighting importance of plentiful stocks

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