Wentworth tees off on Cove's Mnazi stake
Wentworth Resources, the East Africa-focused oil and gas company, is set to boost its interest in the Mnazi Bay concession, offshore Tanzania, through a swap deal with Cove Energy.
Wentworth Resources, the East Africa-focused oil and gas company, is set to boost its interest in the Mnazi Bay concession, offshore Tanzania, through a swap deal with Cove Energy.
The transaction will see Wentworth terminate its 4.95% royalty interest from Cove's share in the Rovuma Area 1 Concession.
In addition, Cove will receive two million new shares in Wentworth, and a payment from Wentworth of up to $8.5 depending on natural gas production rates.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The total value of the transaction is approximately $38.8m.
Following completion Wentworth will hold a 41.78% interest in Mnazi Bay, Maure & Prom will hold 38.22% and the Tanzania Petroleum Development Corporation 20%.
The Executive Chairman of Wentworth, Bob McBean, says the transaction is a boon to both Cove and his own firm, describing it as a "win situation for both parties".
News of the deal saw Wentworth's shares gain 0.9% by 10:39.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Government launches full review of parental leave and pay – what could it mean for you?
The government wants parental leave to be fairer - will its shake-up fix the widespread problem for families?
-
Nationwide: House prices see biggest monthly fall in over two years
UK house prices dropped by 0.8% in June, according to Nationwide. We reveal the top-performing and worst-performing regions