Wentworth Resources Limited : Ziwani-1 Exploration Well Drilling Update
(Thomson Reuters ONE) -
10 APRIL 2012
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
ZIWANI-1 EXPLORATION WELL
DRILLING UPDATE
Wentworth wishes to provide an update of the Ziwani-1 exploration well,
currently drilling in the Mnazi Bay Concession, Tanzania. As previously
reported, the well was spudded on February 1, 2012 and was anticipated to take
35 to 40 days to drill. However, there have been some significant delays due to
equipment down-time, additional activities not accounted in the well plan and
extra bit changes. The 12 1/4" section of the well has been drilled to a depth
of 1,606 meters. This section has been successfully logged and the 9 5/8" casing
has been run. The 8 1/2" section of the well has now been drilled to a depth of
2,588 meters. While there have been a number of gas shows to date, no
significant channel sands were identified in the Pliocene or Miocene. A number
of sands have been identified throughout the Oligocene and drilling continues.
The plan is to complete the well to the original target depth of 2,700 meters
and carry out a full logging program. This will allow the well to be drilled to
all the targets as originally planned in the Pliocene, Miocene and Oligocene.
Subject to conclusion of the exercise of the pre-emptive rights exercised by
Maurel & Prom ("M&P") on Wentworth's acquisition of Cove Energy's interest in
the Mnazi Bay Concession announced on January 30, 2012, Wentworth will pay
11.98% of the costs and hold a 39.925% participating interest in the Ziwani-1
well. M&P currently estimates that the total cost of the Ziwani-1 well will be
$1.95 million net to Wentworth ($16.25 million in total).
Managing Director, Geoff Bury, commented:
"Although the results of the Ziwani-1 well are so far not as expected, the
Company is working with M&P to analyze the data obtained and evaluate its impact
on the upcoming exploration activities that will follow the planned work-overs
of three existing wells in the Mnazi Bay gas field. We look forward to
completing Ziwani-1 and focusing on the prospective areas within the block."
About the Mnazi Bay Concession
The Mnazi Bay Concession Area is located in coastal, south-eastern Tanzania in
the Ruvuma (Rovuma) Basin. The area lies between Aminex and Tullow Oil's Ruvuma
Concession Area and Ophir Energy and BG Group's offshore Block 1. Ophir and BG
Group's Chaza-1 gas discovery lies just northeast of Mnazi Bay's marine border.
The 756 km² concession area contains two discovered Tertiary aged gas fields
(Mnazi Bay and Msimbati) and holds additional Tertiary, Cretaceous and Jurassic
hydrocarbon potential. Four wells have been drilled to date: MB-1, MB-2, MB-3
and MS-1X, and all four wells encountered hydrocarbons. MB-1 is currently
producing gas at a rate of 1.7-2.0 mmscf/d and this gas is transported via an
8", 27 kilometre pipeline to the Mtwara Power Plant where it generates
electricity for numerous local communities.
END
Enquiries:
Wentworth Bob McBean, Executive Chairman rpm(at)wentworthresources.com
Eric Fore, Finance, Investor & etf(at)wentworthresources.com
Public Relations Manager
Panmure Gordon Nominated adviser & broker +44 (0) 20 7459 3600
Katherine Roe
Brett Jacobs
FirstEnergy Broker +44 (0) 20 7448 0200
Capital
Majid Shafiq
Travis Inlow
College Hill Investment relations adviser +44 (0) 20 7457 2020
Nick Elwes
Catherine Maitland
Alexandra Roper
Axxept Investment relations adviser +47 (0) 99 22 0200
Per Arne Totland
About Wentworth Resources
Wentworth Resources is a publicly traded (AIM:WRL, OSE:WRL), independent oil &
gas company with: natural gas production; midstream and downstream assets; a
committed exploration and appraisal drilling programme; and large-scale gas
monetisation programmes, all in the Rovuma Delta Basin of coastal southern
Tanzania and northern Mozambique.
FORWARD LOOKING STATEMENTS
This press release may contain certain forward-looking information. The words
"expect", "anticipate", "believe", "estimate", "may", "will", "should",
"intend", "forecast", "plan", and similar expressions are used to identify
forward looking information.
The forward-looking statements contained in this press release are based on
management's beliefs, estimates and opinions on the date the statements are made
in light of management's experience, current conditions and expected future
development in the areas in which Wentworth is currently active and other
factors management believes are appropriate in the circumstances. Wentworth
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking
information. By their nature, forward-looking statements are subject to numerous
assumptions, risks and uncertainties that contribute to the possibility that the
predicted outcome will not occur, including some of which are beyond Wentworth's
control. These assumptions and risks include, but are not limited to: the risks
associated with the oil and gas industry in general such as operational risks in
exploration, development and production, delays or changes in plans with respect
to exploration or development projects or capital expenditures, the imprecision
of resource and reserve estimates, assumptions regarding the timing and costs
relating to production and development as well as the availability and price of
labour and equipment, volatility of and assumptions regarding commodity prices
and exchange rates, marketing and transportation risks, environmental risks,
competition, the ability to access sufficient capital from internal and external
sources and changes in applicable law. Additionally, there are economic,
political, social and other risks inherent in carrying on business in Tanzania
and Mozambique. There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events could vary or differ
materially from those anticipated in such statements. See Wentworth's
Management's Discussion and Analysis for the year ended December 31, 2011,
available on Wentworth's website, for further description of the risks and
uncertainties associated with Wentworth's business.
NOTICE
Neither the Oslo Stock Exchange nor the AIM Market of the London Stock Exchange
has reviewed this press release and neither accepts responsibility for the
adequacy or accuracy of this press release.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2012 04 10 Press Release:
http://hugin.info/136496/R/1600959/505420.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Wentworth Resources Limited via Thomson Reuters ONE
[HUG#1600959]
Unternehmensinformation / Kurzprofil:
Datum: 10.04.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 133147
Anzahl Zeichen: 9030
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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