Wentworth snaps up Cove assets

Wentworth Resources said yesterday it had agreed a deal to acquire a further 16.38 per cent stake in the Mnazi Bay gas project in Tanzania from Aim-listed Cove Energy. The move comes after Cove put itself up for sale earlier this month. Wentworth already owns a 25.4 per cent stake in Mnazi Bay and it has now traded in its indirect interest in a nearby liquefied natural gas project to help it increase this interest up to 41.78 per cent. The deal has been valued at $38.8m (£24.7m), according to Wentworth. Cove will retain indirect exposure through 2m Wentworth shares.