Clermont Energy Partners, LLP

Clermont Energy Partners, LLP (Clermont) is a London-based investment advisory firm specialized in the oil and gas sector with focus on frontier markets

Acting under the classic merchant banking model, Clermont uses its network and experience to associate clients and relevant interested parties to development of attractive investment projects. In particular, Clermont will be instrumental in aligning the interests of foreign investors and local entrepreneurs.

Clermont is a limited liability partnership registered in England and Wales. Registration Number: OC 338442. Clermont is approved and regulated by the FSA.

News

26 April 2012: Update on Wentworth Resources Limited in the Acquisition of Cove Energy's interest in Mnazi Bay Concession, Tanzania - CLERMONT advised Wentworth Resources Limited. 

Updates:

•   The purchase  by Wentworth of Cove Energy's interest in Mnazi Bay Concession ("CETMBL") has been approved by the Government of Tanzania 
•  Wentworth has now entered into an agreement to sell 60.075% of the shares of CETMBL to M&P for: 
  - Cash consideration of approximately US$ 18.9 million to be paid to Wentworth upon closing, and
   - M&P assuming 60.075% of the contingent payments due to Cove Energy. 
•  M&P and Wentworth have agreed that upon completion of this transaction their respective pre-emption rights under the Joint Operating Agreement will be fully statisfied, 
•  From the Effective Date (September 30, 2011), M&P's and Wentworth's share of revenue, operating costs, exploration costs and development costs are as set out in the table below, with the exception of M&P paying 88.02% of the costs of the Ziwani-1 exploration well and 88.02% of the next US$8.8 million of capital expenditures. 
•  The sale of 60.075% of the shares of CETMBL to M&P is subject to government approval. 
 

Highlights:

•  Wentworth will acquire Cove’s 16.38% participation interest in Mnazi Bay
•  In exchange Wentworth will terminate its 4.95% royalty interest out of net profits from Cove’s 8.5% working interest in the Offshore Rovuma Area 1 Concession
•  Cove will receive two million newly issued fully paid shares in Wentworth
•  Cove will also receive a Contingent Payment from Wentworth of up to US$ 8.5 million, should certain future natural gas production thresholds from Mnazi Bay be reached
•  The transaction is valued at approximately US$ 38.8 milion
 
For the Complete Press Release and additional info click here