Wentworth Resources Limited : Tanzania - Operational Update
(Thomson Reuters ONE) -
PRESS RELEASE
31 March 2015
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
Tanzania: Operational Update
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, today provides an
operational update in the lead up to the first delivery of gas to the new
transnational pipeline from its assets in Tanzania and announces that drilling
operations of the MB-4 development well in the Mnazi Bay Development License
Area has commenced.
Construction of the Government owned and operated Mtwara to Dar es Salaam
pipeline is now 100% complete and the two associated processing facilities are
approximately 96% complete. Regarding the Company's assets, construction has
commenced on tying-in the existing four development wells and installing flow
lines in order to supply gas to the new pipeline and two of these wells are now
fully tied-in. The Mnazi Bay Partners have been advised by Tanzania Petroleum
Development Corporation ("TPDC") that some delays have been experienced in
commissioning and startup of the gas pipeline project and, as a result, delivery
of first gas into the pipeline is now expected to take place in July 2015.
Drilling operations of the MB-4 development well are expected to commence in the
next few days and the well is designed to penetrate the Mnazi Bay Upper and
Mnazi Bay Lower gas bearing sands of the discovered Mnazi Bay gas fields. The
MB-4 development well has a planned depth of 2,089 meters True Vertical Depth
Sub Sea and, based on the current drilling program, is expected to take
approximately two months to drill and complete. The Company will provide an
update after drilling operations have been completed. Wentworth has a 31.94% net
interest in this well, which is being operated by Maurel et Prom and drilled
with the Caroil #2 drilling rig.
Geoff Bury, Managing Director, commented:
"We are very encouraged by the progress of the pipeline infrastructure and all
aspects of the gas pipeline project. Whilst completion and commissioning delays
will impact the timing and amount of expected cash flow generated in 2015, we
see clear, tangible progress towards first gas being delivered into the new
pipeline in the summer and look forward to ramping up volumes of gas supply,
helped by additional production capacity expected from the MB-4 development
well. In light of this delay, we are continuing to work on securing additional
debt financing to ensure that we have sufficient funds available to see us
through to first cashflow. With the pipeline project nearing completion and a
signed long-term Gas Sales Agreement, Wentworth and the Mnazi Bay Partners are
well positioned to be the first suppliers of gas into the new pipeline."
-Ends-
Enquiries:
Wentworth Geoffrey Bury, gpb(at)wentworthresources.com
Managing Director +403 993 4450
Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial +403 680 8773
Officer
Katherine Roe katherine.roe(at)wentworthresources.com
Head of Investor +44 7841 087 230
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)
David Simonson
Anca Spiridon
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 31.94% participation interest in production operations and a
39.925% participation interest in exploration operations of the Mnazi Bay
Concession. M&P is operator and holds a 48.06% participation interest in
production operations and 60.075% participation interest in exploration
operations with Tanzania Petroleum Development Corporation ("TPDC") holding the
remaining 20% participation interest in production operations.
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, 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 31 Press Release:
http://hugin.info/136496/R/1907704/679637.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#1907704]
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