Wentworth Resources Limited : Mozambique and Tanzania Oil & Gas Resources Update
(Thomson Reuters ONE) -
PRESS RELEASE
30 SEPTEMBER 2013
MOZAMBIQUE AND TANZANIA OIL & GAS RESOURCES UPDATE
Wentworth Resources Limited ("Wentworth" or the "Company"), the Oslo Stock
Exchange and London Stock Exchange (AIM market) listed oil and gas exploration
and production company (OSE: WRL/ AIM: WRL.L), is pleased to announce the
results of an independent technical evaluation of the Rovuma Onshore License in
Mozambique and the Mnazi Bay Concession in Tanzania respectively, carried out by
RPS Energy, Calgary, Canada.
This report marks the beginning of a busy operational period for the Company.
The Rovuma Onshore License partners have committed to a two-well exploratory
drilling programme set to begin in Q2 2014, with an option to drill a third
exploration well. The partners in the Mnazi Bay Concession are in advanced
negotiations on a gas sales agreement that will commercialize gas via the Mnazi
Bay to Dar es Salaam pipeline that is currently under construction by third
party contractors for the government of Tanzania.
HEADLINE RESULTS:
* Potential oil play within the Tembo prospect in the Rovuma Onshore License:
1,205 MMstb gross undiscovered mean Oil-in-Place*
* 81% increase from 6.3 Tcf to 11.4 Tcf gross discovered and undiscovered mean
Gas Initially-in-Place* for the Rovuma Onshore License and Mnazi Bay
Concession areas combined
* 7 prospects identified and evaluated in the Rovuma Onshore License (operated
by Anadarko) and 6 prospects identified and evaluated in the Mnazi Bay
Concession (operated by Maurel et Prom)
Rovuma Onshore License, Mozambique
Under All Prospects as Gas Scenario
* An increase in net mean prospective (unrisked) gas resources from 177 Bscf
to 550 Bscf, an increase of 211%
* An increase in net P10 prospective (unrisked) gas resources from 315 Bscf to
825 Bscf, an increase of 162%
Under Tembo Prospect Oil Scenario
* Tembo prospect identified as potentially oil-bearing and scheduled to be
first prospect to be drilled in Mozambique
* An increase in net mean prospective (unrisked) gas resources from 177 Bscf
to 375 Bscf plus 32 MMstb oil
* An increase in net P10 prospective (unrisked) gas resources from 315 Bscf to
513 Bscf plus 90 MMstb oil
Mnazi Bay PSA, Tanzania
* Net mean contingent gas resources maintained at 266 Bscf while net mean
prospective (unrisked) gas resources decreased from 823 Bscf to 637 Bscf due
to the uncommercial hydrocarbons encountered in the Ziwani-1 well in 2012
Certain key extracts from RPS' Competent Person's Report ("CPR") follow and the
complete updated CPR is available for download on the Company's website at
www.wentworthresources.com.
+----------------------------------+----------+----------+----------+----------+
|Figures quoted are net to | P90 | P50 | Mean | P10 |
|Wentworth | | | | |
+----------------------------------+----------+----------+----------+----------+
|Rovuma Onshore, Mozambique (GAS CASE) |
+----------------------------------+----------+----------+----------+----------+
|GIIP | 551 Bscf| 831 Bscf| 901 Bscf|1,340 Bscf|
+----------------------------------+----------+----------+----------+----------+
|Prospective (Unrisked) | 330 Bscf| 504 Bscf| 550 Bscf| 825 Bscf|
+----------------------------------+----------+----------+----------+----------+
|Rovuma Onshore, Mozambique (OIL CASE) |
+----------------------------------+----------+----------+----------+----------+
|GIIP | 425 Bscf| 594 Bscf| 618 Bscf| 834 Bscf|
+----------------------------------+----------+----------+----------+----------+
|OIP | 12 MMstb| 88 MMstb| 140 MMstb| 325 MMstb|
+----------------------------------+----------+----------+----------+----------+
|Prospective - gas (Unrisked) | 254 Bscf| 359 Bscf| 375 Bscf| 513 Bscf|
+----------------------------------+----------+----------+----------+----------+
|Prospective - oil (Unrisked) | 3 MMstb| 22 MMstb| 32 MMstb| 90 MMstb|
+----------------------------------+----------+----------+----------+----------+
|Mnazi Bay, Tanzania |
+----------------------------------+----------+----------+----------+----------+
|GIIP (contingent plus prospective)| 789 Bscf|1,243 Bscf|1,348 Bscf|2,033 Bscf|
+----------------------------------+----------+----------+----------+----------+
|Contingent (Unrisked) | 86.6 Bscf| 213 Bscf| 266 Bscf| 509 Bscf|
+----------------------------------+----------+----------+----------+----------+
|Prospective (Unrisked) | 425 Bscf| 614 Bscf| 637 Bscf| 879 Bscf|
+----------------------------------+----------+----------+----------+----------+
|TOTAL MOZAMBIQUE (USING OIL CASE) AND TANZANIA |
+----------------------------------+----------+----------+----------+----------+
|GIIP |1,214 Bscf|1,837 Bscf|1,966 Bscf|2,867 Bscf|
+----------------------------------+----------+----------+----------+----------+
|OIP | 12 MMstb| 88 MMstb| 140 MMstb| 325 MMstb|
+----------------------------------+----------+----------+----------+----------+
|Contingent (Unrisked) | 86.6 Bscf| 213 Bscf| 266 Bscf| 509 Bscf|
+----------------------------------+----------+----------+----------+----------+
|Prospective - gas (Unrisked) | 679 Bscf| 973 Bscf|1,012 Bscf|1,392 Bscf|
+----------------------------------+----------+----------+----------+----------+
|Prospective - oil (Unrisked) | 3 MMstb| 22 MMstb| 32 MMstb| 90 MMstb|
+----------------------------------+----------+----------+----------+----------+
Wentworth Managing Director, Geoff Bury, commented:
"Receiving a significant gas resources upgrade for our Onshore Rovuma License
area and the fact that we now have an oil prospect to drill in Mozambique in Q2
2014 is highly encouraging. We are entering into a potentially transformational
15 month period for the Company. At least two Anadarko operated exploration
wells will be drilled in Mozambique, which could offer significant upside to
shareholders. In addition, first gas delivery into the new pipeline in Tanzania
is expected in early 2015 increasing estimated gross gas production to 80
mmcf/day, a 40-fold increase over current production."
Enquiries:
Wentworth Geoff Bury, gpb(at)wentworthresources.com
Managing
Director
Eric Fore, etf(at)wentworthresources.com
Finance &
Investor +971 (0) 50 458 0422
Relations
Manager
Panmure Gordon AIM NOMAD & +44 (0) 20 7886 2500
broker
Callum Stewart
Adam James
Charlie Leigh-
Pemberton
FirstEnergy Capital Broker +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow
College Hill Investor +44 (0) 20 7457 2020
relations
adviser
Catherine
Wickman
Alexandra Roper
Crux Kommunikasjon Investor +47 (0) 995 138 91
relations
adviser
Jan Petter Stiff
Fredrik Eeg
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.
RPS MOZAMBIQUE AND TANZANIA RESOURCES ASSESSMENT
Prospective Resources - Rovuma Onshore License, Mozambique
RPS has identified seven prospects on the Rovuma Onshore License. The tables
below show RPS's estimates of prospective resources:
+-----------------------------+
|Rovuma Onshore Block Unrisked|
| Resource Estimates - GIIP |
| (Bscf) |
+-----------------------------++------------------------+----------------------+
| | 100% Field Values | Wentworth 11.59% |
| | | Interest |
+------------------------------+------------------------+----------------------+
|Prospect |P(90) P(50) Mean P(10) |P(90) P(50) Mean P(10)|
| | | |
|Tembo |243 1,643 2,441 5,610 |28 190 283 650 |
| | | |
|Maroon |882 1,571 1,679 2,627 |102 182 195 304 |
| | | |
|Orange |105 366 453 904 |12 42 53 105 |
| | | |
|Pink |376 846 1,001 1,816 |44 98 116 210 |
| | | |
|Scarlett |353 992 1,253 2,471 |41 115 145 286 |
| | | |
|Teal |183 356 392 649 |21 41 45 75 |
| | | |
|Yellow |234 497 551 942 |27 58 64 109 |
| | | |
| | | |
| |4,757 7,167 7,771 11,561| |
|Stochastic Total (unrisked) | |551 831 901 1,340|
+------------------------------+------------------------+----------------------+
+------------------------------+
|Rovuma Onshore Block Unrisked |
| Prospective Recoverable |
| Resources (Bscf) |
+------------------------------++-----------------------+----------------------+
| | 100% Field Values | Wentworth 11.59% |
| | | Interest |
+-------------------------------+-----------------------+----------------------+
|Prospect |P(90) P(50) Mean P(10)|P(90) P(50) Mean P(10)|
| | | |
|Tembo |143 974 1,482 3,419|17 113 172 396 |
| | | |
|Maroon |524 940 1,018 1,613|60.7 109 118 187 |
| | | |
|Orange |62 219 275 559 |7 25 32 65 |
| | | |
|Pink |216 506 607 1,120|25 59 70 130 |
| | | |
|Scarlett |205 591 760 1,515|24 68 88 176 |
| | | |
|Teal |108 214 238 397 |12.5 25 28 46 |
| | | |
|Yellow |138 301 337 586 |16 35 39 68 |
| | | |
| | | |
| |2,849 4,347 4,745 7,121|330 504 550 825 |
|Stochastic Total (unrisked) | | |
+-------------------------------+-----------------------+----------------------+
RPS considers that the prospects' hydrocarbons are more likely to be gas than
oil. However, there is some possibility that the Tembo prospect may contain oil
(estimated by RPS to be about 30% - 40%). In this case (which is called the
"oil case") the consolidated prospect totals would be as shown in the following
tables:
+-------------+
| Rovuma |
|Onshore Block|
| Unrisked |
| Resource |
| Estimates - |
| 'Oil Case' |
|GIIP (Bscf & |
| MMstb) |
+-------------++-------------------------------+-------------------------------+
| | 100% Field Values | Wentworth 11.59% Interest |
+--------------+-------------------------------+-------------------------------+
|Prospect |P(90) P(50) Mean P(10) |P(90) P(50) Mean P(10) |
| | | |
| |(MMstb) (MMstb) (MMstb) (MMstb)|(MMstb) (MMstb) (MMstb) (MMstb)|
| | | |
|Tembo |107 756 1,205 2,808 |12 88 140 325 |
| | | |
| | | |
| | | |
|Total Oil |107 756 1,205 2,808 |12 88 140 325 |
| | | |
| | | |
| | | |
| |(Bscf) (Bscf) (Bscf) (Bscf) |(Bscf) (Bscf) (Bscf) (Bscf) |
| | | |
|Maroon |882 1,571 1,679 2,627 |102 182 195 304 |
| | | |
|Orange |105 366 453 904 |12 42 53 105 |
| | | |
|Pink |376 846 1,001 1,816 |44 98 116 210 |
| | | |
|Scarlett |353 992 1,253 2,471 |41 115 145 286 |
| | | |
|Teal |183 356 392 649 |21 41 45 75 |
| | | |
|Yellow |234 497 551 942 |27 58 64 109 |
| | | |
| | | |
| | | |
|Stochastic |3,667 5,123 5,329 7,198 |425 594 618 834 |
|Total | | |
|(unrisked) | | |
+--------------+-------------------------------+-------------------------------+
+-------------+
| Rovuma |
|Onshore Block|
| Unrisked |
| Prospective |
| Recoverable |
| Resources - |
| 'Oil Case' |
| (Bscf & |
| MMstb) |
+-------------++-------------------------------+-------------------------------+
| | 100% Field Values | Wentworth 11.59% Interest |
+--------------+-------------------------------+-------------------------------+
|Prospect |P(90) P(50) Mean P(10) |P(90) P(50) Mean P(10) |
| | | |
| |(MMstb) (MMstb) (MMstb) (MMstb)|(MMstb) (MMstb) (MMstb) (MMstb)|
| | | |
|Tembo |25 192 277 780 |3 22 32 90 |
| | | |
| | | |
| | | |
|Total Oil |25 192 277 780 |3 22 32 90 |
| | | |
| | | |
| | | |
| |(Bscf) (Bscf) (Bscf) (Bscf) |(Bscf) (Bscf) (Bscf) (Bscf) |
| | | |
|Maroon |524 940 1,018 1,613 |60.7 109 118 187 |
| | | |
|Orange |62 219 275 559 |7 25 32 65 |
| | | |
|Pink |216 506 607 1,120 |25 59 70 130 |
| | | |
|Scarlett |205 591 760 1,515 |24 68 88 176 |
| | | |
|Teal |108 214 238 397 |12.5 25 28 46 |
| | | |
|Yellow |138 301 337 586 |16 35 39 68 |
| | | |
| | | |
| | | |
|Stochastic |2,194 3,100 3,234 4,428 |254 359 375 513 |
|Total | | |
|(unrisked) | | |
+--------------+-------------------------------+-------------------------------+
Partners in the Rovuma Onshore License are:
Anadarko: 42% (Operator) through exploration; 35.7% production
Wentworth: 13.64% through exploration; 11.59% production
Maurel et Prom: 32.6% through exploration; 27.71% production
PTTEP: 11.76% through exploration; 10% production
ENH: 15% production
Contingent Resources - Mnazi Bay PSA, Tanzania
RPS estimates of contingent resources for the Mnazi Bay and Msimbati gas fields
are shown in the following tables:
+-------------------------------+
| Mnazi Bay & Msimbati Unrisked |
| Resource Estimates - GIIP |
| (Bscf) |
+-------------------------------++-----------------------+---------------------+
| | 100% Field Values | Wentworth 31.94% |
| | | Interest |
+--------------------------------+-----------------------+---------------------+
|Field |P(90) P(50) Mean P(10)|P(90) P(50) Mean
| | |
|Upper & Lower Msimbati |42 122 166 334 |13 39 53
| | |
|Msimbati NE |30 112 161 347 |10 36 51
| | |
|Msimbati NE Extension |7 36 56 125 |2.2 11 18
| | |
|Upper & Lower Mnazi |210 561 730 1,442|67 179 233
| | |
|Total(*) |365 892 1,112 2,117|117 285 355
+--------------------------------+-----------------------+----------------------
+--------------------------------+
| Mnazi Bay & Msimbati Unrisked |
|Resource Estimates - EUR (Bscf) |
+--------------------------------++----------------------+---------------------+
| | 100% Field Values | Wentworth 31.94% |
| | | Interest |
+---------------------------------+----------------------+---------------------+
|Field |P(90) P(50) Mean P(10)|P(90) P(50) Mean
| | |
|Upper & Lower Msimbati |31 91 124 252 |10 29 40
| | |
|Msimbati NE |22 84 121 261 |7 27 39
| | |
|Msimbati NE Extension |5 27 42 93 |1.6 8.6 13
| | |
|Upper & Lower Mnazi |156 419 547 1,085|50 134 175
| | |
|Total(*) |271 667 834 1,594|86.6 213 266
+---------------------------------+----------------------+----------------------
(*) Totals determined probabilistically and do not sum arithmetically except the
mean values.
Prospective Resources - Mnazi Bay PSA, Tanzania
On the Mnazi Bay license area, RPS has estimated the quantity of undiscovered
gas resources that are likely to co-exist within six identified prospect
locations. The tables below show RPS's estimates of prospective resources:
+------------------------------+
|Mnazi Bay Unrisked Prospective|
| Resource Estimates - GIIP |
| (Bscf) |
+------------------------------++-----------------------+----------------------+
| | 100% Field Values | Wentworth 39.925% |
| | | Interest |
+-------------------------------+-----------------------+----------------------+
|Prospect |P(90) P(50) Mean P(10)|P(90) P(50) Mean P(10)|
| | | |
| | | |
| | | |
|Nanguruwe |38 96 110 202 |15 38 44 81 |
| | | |
|Nanguruwe North |24 85 109 225 |9.6 34 43 90 |
| | | |
|Nanguruwe West |239 594 682 1,247|95 237 272 498 |
| | | |
|Mwambo |298 572 612 975 |119 228 244 389 |
| | | |
|OSX-1 |257 643 723 1,292|103 257 289 516 |
| | | |
|OSX-2 |95 222 248 434 |38 89 99 173 |
| | | |
| | | |
| |1,683 2,400 2,486 3,400|672 958 993 1,357|
|Stochastic Total (unrisked) | | |
+-------------------------------+-----------------------+----------------------+
+------------------------------+
|Mnazi Bay Unrisked Prospective|
| Resource Estimates - EUR |
| (Bscf) |
+------------------------------++-----------------------+----------------------+
| | 100% Field Values | Wentworth 39.925% |
| | | Interest |
+-------------------------------+-----------------------+----------------------+
|Prospect |P(90) P(50) Mean P(10)|P(90) P(50) Mean P(10)|
| | | |
|Nanguruwe |23 62 72 133 |9.2 25 29 53 |
| | | |
|Nanguruwe North |14 51 66 136 |5.6 20 26 54 |
| | | |
|Nanguruwe West |138 354 415 769 |55 141 166 307 |
| | | |
|Mwambo |191 369 399 640 |76 147 159 256 |
| | | |
|OSX-1 |164 414 471 847 |65 165 188 338 |
| | | |
|OSX-2 |61 142 161 287 |24 57 64 115 |
| | | |
| | | |
| |1,064 1,537 1,596 2,201|425 614 637 879 |
|Stochastic Total (unrisked) | | |
+-------------------------------+-----------------------+----------------------+
Partners in the Mnazi Bay PSA are:
Maurel et Prom: 60.075% (Operator) through exploration; 48.06% production
Wentworth: 39.925% through exploration; 31.94% production
TPDC: 20% production
The updated RPS Competent Person's Report ("CPR") is available for download on
the Company's website at www.wentworthresources.com.
Notes and Glossary
* The terms 'Discovered and Undiscovered Oil or Gas Initially-in-Place' are used
in accordance with the SPE Petroleum Resources Management System classification
of 2007. Previously reported Contingent and Prospective Gas Initially-in-Place
numbers are equivalent to the Discovered and Undiscovered GIIP classification.
This announcement and the Competent Person's Report have been prepared using the
Standard of SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007.
Gerold Fong, Vice President Exploration of the Company and an Exploration
Geophysicist with over 30 years of international and frontier experience in many
basins worldwide, has read and approved the technical disclosure in this
regulatory announcement. Mr. Fong holds a B.sc. in Geophysics from the
University of Calgary and is a member of the Association of Professional
Engineers and Geoscientist of Alberta.
+---------------------+--------------------------------------------------------+
|Bscf |billion standard cubic feet |
+---------------------+--------------------------------------------------------+
|Contingent Resources |Quantities of petroleum estimated, as at a given date,|
| |to be potentially recoverable from known accumulations,|
| |but the applied project(s) are not yet considered mature|
| |enough for commercial development due to one or more|
| |contingencies |
+---------------------+--------------------------------------------------------+
|EUR |Estimated Ultimate Recovery |
+---------------------+--------------------------------------------------------+
|GCoS |Geological probability of success |
+---------------------+--------------------------------------------------------+
|GIIP |Gas Initially In Place |
+---------------------+--------------------------------------------------------+
|MMstb |million barrels |
+---------------------+--------------------------------------------------------+
|OIP |Oil in Place |
+---------------------+--------------------------------------------------------+
|Prospective Resources|Deposits that are estimated, on a given date, to be|
| |potentially recoverable from accumulations yet to be|
| |discovered |
+---------------------+--------------------------------------------------------+
|PSA |Production sharing agreement |
+---------------------+--------------------------------------------------------+
|Tcf |trillion standard cubic feet |
+---------------------+--------------------------------------------------------+
|TPDC |Tanzania Petroleum Development Corporation |
+---------------------+--------------------------------------------------------+
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.
ENDS
2013 09 30 Press Release:
http://hugin.info/136496/R/1732197/579468.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#1732197]
Unternehmensinformation / Kurzprofil:
Datum: 30.09.2013 - 08:02 Uhr
Sprache: Deutsch
News-ID 301183
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contact information:
Town:
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