Wentworth Resources PLC (AIM:WEN), the natural gas producer, said it has assets in the value range of US$59mln to US$75mln following an independent valuation.
The value of the ongoing business, it said, is somewhere between 24.8p per share and 27.9p per share.
An independent valuation was commissioned by Wentworth and conducted by ERC Equipoise Ltd ahead of its proposed sale to Etablissements Maurel & Prom (M&P), which was announced on 5 December.
"Wentworth recommends that Shareholders vote in favour of the Acquisition to enable them to realise the future value potential in the near-term for cash without further capital expenditure, operational risk and time,” said Wentworth chairman Tim Bushell.
M&P will pay 32.5p per share, with the total deal worth £61.7mln.