Wentworth Resources PLC (AIM:WEN) has noted an announcement by its French bidder Etablissements Maurel & Prom S.A. (M&P) on 26 January 2023, which included an updated reserve estimate for the Mnazi Bay licence as of 31 December 2022.
The natural gas producer said it is currently reviewing the work performed by RPS Energy Canada Ltd (RPS), which includes a technical reserves addition since the prior year.
Wentworth added that it is also in consultation with ERC Equipoise Ltd (ERCE) in relation to the 2022 Reserve Estimate and, should it be appropriate to do so, will update its independent asset valuation for the purposes of Rule 29 of the UK Takeover Code.
The company said it will update the market once it has completed its review and ERCE has had the opportunity to consider the updated information in relation to its independent valuation.
On January 11, Wentworth said it had 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 M&P, which was announced on 5 December 2022. M&P has said it will pay 32.5p per share for Wentworth, with the total deal worth £61.7mln.
"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,” Wentworth chairman Tim Bushell said then.