Wentworth Resources Limited : Tanzania Reserves Update
(Thomson Reuters ONE) -
PRESS RELEASE
9 March 2015
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
Tanzania Reserves Update
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, is pleased to announce the
results of an independent evaluation of the gas reserves within the Mnazi Bay
Concession in Tanzania, carried out by RPS Energy Canada Ltd. ("RPS"), Calgary,
Canada.
This report marks a further significant shift in Wentworth's operational status,
with independent reserves attributed to the Company's Mnazi Bay gas fields for
the first time. Production in Tanzania is now imminent, as Wentworth has a gas
sales agreement in place and the facilities required to produce these reserves
are nearing completion.
HIGHLIGHTS:
* Wentworth's Proved + Probable (2P) reserves is valued at US$152.9 million
after tax (NPV10)
* Proved (1P) - 89.2 Bscf gross (14.9 MMboe); 68.2 Bscf net (11.4 MMboe)
* Proved + Probable (2P) - 141.5 Bscf gross (23.6 MMboe); 95.5 Bscf net (15.9
MMboe)
* Proved, Probable & Possible (3P) - 226.6 Bscf gross (37.8 MMboe); 135.3 Bscf
net (22.6 MMboe)
Geoff Bury, Managing Director, commented:
"We are very pleased that we now have reserves associated with our Mnazi Bay
concession. This is a further step towards bringing our gas on stream and
follows on the heels of the signing of our gas sales agreement (GSA) last year,
and the ongoing implementation of the field infrastructure."
Mnazi Bay, Tanzania Reserves:
Certain key extracts from RPS' Reserves Assessment follow and the complete
report is available on the Company's website at www.wentworthresources.com.
+------------------------------------------------------------------------------+
| Reserves Summary for Mnazi Bay as at December 31, 2014 |
+------------+----------------------+------------------------------------------+
| | Full Field | Wentworth 31.94% WI |
| +----------------------+---------------------+--------------------+
|Reserve | Gross Reserves | Gross((1)) Reserves | Net((2)) Reserves |
|Category +----------+-----------+----------+----------+---------+----------+
| |Sales Gas |BOE (MMbbl)|Sales Gas | BOE |Sales Gas| BOE |
| | (Bscf) | | (Bscf) | (MMbbl) | (Bscf) | (MMbbl) |
+------------+----------+-----------+----------+----------+---------+----------+
|PDP | 82.9| 13.8| 26.5| 4.4| 20.7| 3.5|
| | | | | | | |
|1P | 279.2| 46.5| 89.2| 14.9| 68.2| 11.4|
| | | | | | | |
|2P | 443.0| 73.8| 141.5| 23.6| 95.5| 15.9|
| | | | | | | |
|3P | 709.3| 118.2| 226.6| 37.8| 135.3| 22.6|
+------------+----------+-----------+----------+----------+---------+----------+
1. Gross Reserves are Wentworth's working interest share of Total Field
Reserves.
2. Net Reserves are calculated as the product of Wentworth's Gross Reserves and
the ratio of Wentworth's net revenue to Wentworth's working interest share
of field gross revenue.
+---------------------------------------------------------------------------+
|Wentworth Resources Working Interest Reserves for Mnazi Bay as at December|
| 31, 2014 |
+----------------------------+----------------------------------------------+
| | NPV Before Tax (Millions US$) using discount |
|Reserve Category | factor of |
| +------ |
| | 0% 5% 10% 15% 20%|
+----------------------------+----------------------------------------------+
|Proved | |
| | |
| Producing | 73.6 69.3 65.4 61.9 58.7|
| | |
| Undeveloped |102.3 77.8 59.5 45.5 34.8|
+----------------------------+----------------------------------------------+
| Total Proved |175.8 147.1 124.8 107.4 93.5|
| | |
| Probable | 66.4 48.7 37.5 30.3 25.4|
+----------------------------+----------------------------------------------+
|Proved + Probable |242.2 195.8 162.4 137.7 118.9|
| | |
| Possible |120.1 65.6 36.9 21.1 12.1|
+----------------------------+----------------------------------------------+
|Proved + Probable + Possible|362.3 261.3 199.2 158.8 131.0|
+----------------------------+----------------------------------------------+
+---------------------------------------------------------------------------+
| Wentworth Resources Working Interest Reserves for Mnazi Bay as at |
| December 31, 2014 |
+----------------------------+----------------------------------------------+
| | NPV After Tax (Millions US$) using discount |
|Reserve Category | factor of |
| +------ |
| | 0% 5% 10% 15% 20%|
+----------------------------+----------------------------------------------+
|Proved | |
| | |
| Producing | 72.7 68.5 64.7 61.3 58.2|
| | |
| Undeveloped | 93.5 71.1 54.2 41.4 31.4|
+----------------------------+----------------------------------------------+
| Total Proved |166.2 139.6 118.9 102.7 89.6|
| | |
| Probable | 60.1 44.1 33.9 27.3 22.9|
+----------------------------+----------------------------------------------+
|Proved + Probable |226.3 183.7 152.9 130.0 112.5|
| | |
| Possible |110.2 60.3 33.9 19.3 11.0|
+----------------------------+----------------------------------------------+
|Proved + Probable + Possible|336.5 244.0 186.8 149.3 123.5|
+----------------------------+----------------------------------------------+
There has been no change to Prospective Resources in the Company's Mnazi Bay
Concession.
Partners in the Mnazi Bay Concession are:
Maurel et Prom: 60.075% (Operator) through exploration; 48.06%
production
Wentworth: 39.925% through exploration; 31.94% production
TPDC: 20% production
Notes and Glossary
These assessments are made in accordance with the standard defined in the
SPE/WPC Petroleum Resources Management System (2007) and the Canadian Oil and
Gas Evaluation Handbook ("COGEH").
Gerold Fong, Vice President Exploration of the Company and an Exploration
Geophysicist with over 31 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 |
+---------------------+--------------------------------------------------------+
|BOE or boe |Barrels of oil equivalent |
+---------------------+--------------------------------------------------------+
|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 |
+---------------------+--------------------------------------------------------+
|GIIP |Gas Initially In Place |
+---------------------+--------------------------------------------------------+
|MMbbl |Million barrels |
+---------------------+--------------------------------------------------------+
|MMboe |Million barrels of oil equivalent |
+---------------------+--------------------------------------------------------+
|NPV |Net present value (at a specified discount rate and|
| |specified discount date) |
+---------------------+--------------------------------------------------------+
|PDP |Proved developed producing |
+---------------------+--------------------------------------------------------+
|Gross Reserves |Reserves volumes before deductions for royalty |
+---------------------+--------------------------------------------------------+
|Net Reserves |Reserves volumes after deduction of royalty |
+---------------------+--------------------------------------------------------+
|1P |Proved Reserves, those quantities of petroleum, which,|
| |by analysis of geoscience and engineering data, can be|
| |estimated with reasonable certainty to be commercially|
| |recoverable, from a given date forward, from known|
| |reservoirs and under defined economic conditions,|
| |operating methods, and government regulations. |
+---------------------+--------------------------------------------------------+
|2P |Proved + Probable Reserves, those additional Reserves|
| |which analysis of geoscience and engineering data|
| |indicate are less likely to be recovered than Proved|
| |Reserves but more certain to be recovered than Possible|
| |Reserves. It is equally likely that actual remaining|
| |quantities recovered will be greater than or less than|
| |the sum of the estimated Proved plus Probable Reserves |
+---------------------+--------------------------------------------------------+
|3P |Proved + Probable + Possible Reserves, those additional|
| |reserves which analysis of geoscience and engineering|
| |data suggest are less likely to be recoverable than|
| |Probable Reserves. |
+---------------------+--------------------------------------------------------+
|Prospective Resources|Petroleum deposits that are estimated, on a given date,|
| |to be potentially recoverable from accumulations yet to|
| |be discovered |
+---------------------+--------------------------------------------------------+
|Reserves |Quantities of petroleum anticipated to be commercially|
| |recoverable by application of development projects to|
| |known accumulations from a given date forward under|
| |defined conditions. |
+---------------------+--------------------------------------------------------+
|TPDC |Tanzania Petroleum Development Corporation |
+---------------------+--------------------------------------------------------+
|WI |Working interest attributable to 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
Carl Bachke
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.
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, 2014,
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.
2015 03 09 Press Release:
http://hugin.info/136496/R/1900289/675400.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#1900289]
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Datum: 09.03.2015 - 08:01 Uhr
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