Wentworth Resources Limited : Inauguration of the Mnazi Bay to Dar es Salaam Gas Pipeline Project
(Thomson Reuters ONE) -
PRESS RELEASE
23 JULY 2012
WENTWORTH RESOURCES LIMITED
("Wentworth" or the "Company")
INAUGURATION OF THE MNAZI BAY TO DAR ES SALAAM GAS PIPELINE PROJECT
The government of the United Republic of Tanzania officially inaugurated the
Mnazi Bay to Dar es Salaam Gas Pipeline Project on Saturday, July 21, 2012. The
pipeline is expected to be approximately 532 km long with a 36" main line and
one 24" spur line. Construction of the pipeline will begin immediately and is
expected to take 12-14 months to complete. This is an very signifcant project
for the country and on completion will allow the Mnazi Bay Concession partners
and others to transport natural gas to large-scale electricity producers, other
industrial users and major population centres in Tanzania.
Selling gas into this coastal, transnational pipeline will be a significant
event in the history of Wentworth. Since the discovery of the Mnazi Bay gas
field in 1982 the substantial gas resources in this concession have been
effectively "stranded". Gaining access to the greater markets of Tanzania is
expected to allow full production from the Company's existing and future gas
wells. Currently three of four existing wells are being worked over to maximize
their long term productivity. The outcome of this work will provide a basis for
concluding an immediate Gas Sales Agreement to supply the pipeline and for
future development of the Mnazi Bay and Msimbati gas fields.
Senior Wentworth executives attended a two-day event to inaugurate the pipeline
project. Project presentations were given on Friday, July 20, 2012 in Madimba
village. On Saturday, July 21, 2012 Honorable Professor Sospeter Mhongo (MP),
Tanzanian Minister of Energy and Minerals, led the official groundbreaking
ceremony. Also on Saturday July 21(st), the Company co-hosted Permanent
Secretary of the Ministry of Energy and Minerals, Eliakim Maswi at the
Concession partners' gas processing facilities in Mnazi Bay.
Executive Chairman, Bob McBean, commented:
"As a committed supplier of gas to the pipeline we were honored to attend and
participate in the inauguration of this historically important project. This is
the beginning of Tanzania's future as a significant gas producing country and we
are proud to be a partner in this endeavour ."
ENDS
About the Mnazi Bay Concession
The Mnazi Bay Concession Area is located in coastal, south-eastern Tanzania in
the Ruvuma Basin. The area lies between Aminex's Ruvuma Concession Area and BG
Group's offshore Block 1. 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. Five wells have been drilled to
date: MB-1, MB-2, MB-3, MS-1X, and Ziwani-1 and all five wells encountered
hydrocarbons. MB-1 is currently producing gas at a rate of 1.7-2.0mmscf/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.
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
Charlie Leigh-Pemberton
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 assets; a committed
exploration and appraisal drilling programme; and large-scale gas monetisation
opportunities, 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 07 23 Press Release:
http://hugin.info/136496/R/1628468/521434.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#1628468]
Unternehmensinformation / Kurzprofil:
Datum: 23.07.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 167452
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Town:
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Kategorie:
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