Wentworth Resources Limited : Tembo-1 Exploration Well Drilling Complete
(Thomson Reuters ONE) -
PRESS RELEASE
29 December 2014
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
Tembo-1 Exploration Well Drilling Complete
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, announces that drilling
operations of the Tembo-1 well have now completed and a natural gas discovery
has been made in Cretaceous aged sands. The well was drilled to a total depth of
4,553 meters (4,401 meters True Vertical Depth Sub Sea) and reached TD in
Jurassic aged sediments. Petrophysical analysis of the Cretaceous section
indicates 11 meters of natural gas net pay. Natural gas and some condensate was
recovered by modular formation dynamics testing ("MDT") confirming the
petrophysical analysis. The Onshore Rovuma Partners do not plan any further
evaluation of the Tembo well at this time but will assess all the data recovered
from this well to determine the potential commerciality of this discovery.
The Tembo-1 well has been plugged and abandoned and the drilling rig is now
being mobilized to the Kifaru-1 well location. It is expected that the Kifaru-1
well, which is approximately 10 kilometers south of Wentworth's Mnazi Bay
Concession in Tanzania, will spud in Q1 2015. This well is targeting Miocene
sands, similar to the reservoirs in the Mnazi Bay and Msimbati gas fields, as
well as Eocene and Cretaceous sands.
Wentworth holds a 13.64% participation interest in exploration operations and an
11.59% participation interest in development and production operations of the
Rovuma Onshore Concession in Mozambique. Anadarko Petroleum Corporation is
operator.
Bob McBean, Executive Chairman, commented:
"The Tembo-1 well was an exciting well and has provided additional information
about the Rovuma basin. We look forward to our continued exploration in the
Onshore Rovuma Block with the spudding of the Kifaru-1 well. With our imminent
gas production in southern Tanzania on track, 2015 should be a transformational
year for Wentworth".
-Ends-
Enquiries:
Wentworth Geoffrey Bury, gpb(at)wentworthresources.com
Managing Director +1 403 993 4450
Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial +1 403 680 8773
Officer katherine.roe(at)wentworthresources.com
Katherine Roe +44 7841 087 230
Head of Investor
Relations &
Corporate
Communications
Swedbank First Broker(Norway) +47 23 23 80 00
Securities
Ove Gusevik
Jarand Lønne
Crux Kommunikasjon Investor Relations +47 995 138 91
Adviser
(Norway)
Jan Petter Stiff
Fredrik Eeg
Panmure Gordon AIM Nominated +44 (0) 20 7886 2500
Adviser and Broker
(UK)
Dominic Morley
Adam James
FirstEnergy Broker (UK) +44 (0) 20 7448 0200
Capital
Travis Inlow
Investec Broker (UK) +44 (0) 20 7597 4000
Chris Sim
Instinctif Investor Relations +44 (0) 20 7457 2020
Partners Adviser (UK)
Catherine Wickman
Harry Cameron
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.
Wentworth holds a 13.64% participation interest in exploration operations and an
11.59% participation interest in development and production operations of the
Rovuma Onshore Concession in Mozambique. Anadarko Petroleum Corporation is
operator.
Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has 31
years of experience in the exploration and production industry, has read and
approved the technical disclosure in this regulatory announcement.
Cautionary note regarding 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, 2013,
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 to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2014 12 29 Press Release:
http://hugin.info/136496/R/1883650/665427.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1883650]
Unternehmensinformation / Kurzprofil:
Datum: 29.12.2014 - 08:00 Uhr
Sprache: Deutsch
News-ID 361620
Anzahl Zeichen: 9131
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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