Wentworth Resources Limited : Operations Update
(Thomson Reuters ONE) -
PRESS RELEASE
24 APRIL 2013
WENTWORTH RESOURCES LIMITED
("Wentworth" or the "Company")
OPERATIONS UPDATE
Wentworth, the East Africa and Rovuma Basin-focused oil & gas company, announces
the following operations update:
Mnazi Bay Exploration
The 248km² of new 3D seismic recently acquired offshore Mnazi Bay is currently
being processed and interpreted with full results expected in the third quarter
2013. The acquisition of additional onshore 2D seismic is being considered and
the concession partners have agreed to drill one well in the fourth quarter of
this year, subject to identifying a drillable prospect after taking into account
the interpreted offshore 3D, existing 2D and possible additional onshore
seismic.
Mnazi Bay to Dar es Salaam Gas Pipeline Project
China National Petroleum Corporation (CNPC) recently awarded a US$45 million
contract to Zhejiang Kingland Pipeline & Technologies to supply spiral and
longitudinal submerged arc welded pipe for the Mnazi Bay to Dar es Salaam
natural gas pipeline project ("Pipeline"). Wentworth has been advised by the
government that the Pipeline is expected to be completed in the second half of
2014.
Gas Sales Agreement for Mnazi Bay Concession
Negotiations with the Government of Tanzania for a gas sales agreement ("GSA")
for a minimum of 80 mmscf/d (gross) and 25.6 mmcf/d (net to Wentworth), with the
potential to increase it to 130 mmcf/d (gross) and 41.5 mmcf/d (net to
Wentworth), subject to available gas resources, of Mnazi Bay concession natural
gas to supply the Pipeline are ongoing and the execution of that GSA is expected
in the near term. The commencement of gas sales to the Pipeline will unlock
Wentworth's cost recovery pools, which currently total approximately US$80
million (net to Wentworth), and is expected to result in the recovery of the
US$35 million receivable (net to Wentworth) from Tanzania Petroleum Development
Corporation. Recovery of this receivable is expected within 18 months following
commencement of gas sales to the Pipeline.
Onshore Rovuma 2D Seismic & Drilling
Wentworth's partner and concession operator, Anadarko Petroleum, advised that,
pursuant to the provisions of the Petroleum Law of Mozambique, a request to
extend the second exploration period of the Exploration and Production
Concession Contract for the Rovuma Block Onshore Area has been approved by the
Government. The second exploration period now ends on 31 August 2014. The
concession partners have agreed to drill two wells back-to-back in 2014 with an
option for a third well. The partners are awaiting execution of the rig
contract.
This extension will give the concession partners time to finalize the detailed
processing and interpretation of the new 2D seismic and to optimize the usage of
the drilling rig when secured. Spudding of the first well is expected by the end
of the second quarter 2014 with the second well expected to spud immediately
following completion of the drilling operations of the first well. The drilling
of the first and second wells shall satisfy the exploration work commitments of
the second and third exploration periods respectively.
Geoff Bury, Managing Director added: "This is an exciting time in our Company's
history. The new gas pipeline being built in Tanzania brings a large untapped
market to our doorstep. We are preparing for the very first large scale
production of Mnazi Bay gas to serve that market. Our G&G and other exploration
work is paying off and we are preparing to drill new exploration and development
wells in Tanzania and Mozambique."
"We are grateful to the government of Mozambique for granting additional time to
complete the concession's second exploration work program. The extension enables
us to fully evaluate the new 2D seismic that has recently been acquired over the
north central and northern coastal sections of the concession; commit to a
second firm exploration well; and provides sufficient time within the weather
window to drill an optional third well. Our operator in Mozambique, Anadarko, is
gearing up for onshore exploration drilling which Wentworth believes is on trend
with the recent massive offshore Rovuma Basin natural gas discoveries."
ENDS
Enquiries:
Wentworth Geoff Bury, Managing Director gpb(at)wentworthresources.com
Eric Fore, Finance, Investor & etf(at)wentworthresources.com
Public Relations Manager +971 (0) 50 458 0422
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 Investor relations adviser +44 (0) 20 7457 2020
Rupert Trefgarne
Catherine Wickman
Alexandra Roper
Crux Investor relations adviser +47 909 808 48
Kommunikasjon
Carl Christian Bachke
About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM: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, 2012,
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.
2013 04 24 Press Release:
http://hugin.info/136496/R/1695631/558050.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#1695631]
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2013 - 08:02 Uhr
Sprache: Deutsch
News-ID 252256
Anzahl Zeichen: 10437
contact information:
Town:
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Kategorie:
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