Wentworth Resources Limited : Tanzania: MB-4 Drilling Update
(Thomson Reuters ONE) -
PRESS RELEASE
17 June 2015
WENTWORTH RESOURCES LIMITED
("Wentworth" or the "Company")
Tanzania: MB-4 Drilling 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
completion of drilling operations at the MB-4 development well in the Mnazi Bay
Concession, southern Tanzania.
The MB-4 development well, drilled to a total depth of 2,788 meters (True
Vertical Depth Sub Sea) and is located approximately 800 meters from the MB-2
and MB-3 wells in the Mnazi Bay gas field, has crossed Miocene gas reservoirs
with net pay of 24 meters (Upper Mnazi Bay) and 43 meters (Lower Mnazi Bay)
respectively, both ranked among the best of the five wells drilled in this field
to date. Pressure measurements have confirmed the lateral and the vertical
connectivity of each reservoir.
Within this well two reservoirs have been selectively tested at different two-
hour stabilised flows with the Upper Mnazi Bay achieving a constrained flow-rate
of up to 18.8 mmscf/day and the Lower Mnazi Bay of up to 22.2 mmscf/day. The
table below shows the test results:
+-----------------+----------------+-------+-------+-------+-------+-------+
| | choke (inches) | 16/64 | 24/64 | 32/64 | 36/64 | 40/64 |
+-----------------+----------------+-------+-------+-------+-------+-------+
| | Qg (mmscf/day) | 3.9 | 8.7 | 14.7 | 18.8 | - |
| Upper Mnazi Bay +----------------+-------+-------+-------+-------+-------+
| | WHFP (bars) | 173 | 172 | 167 | 165 | - |
+-----------------+----------------+-------+-------+-------+-------+-------+
| | Og (mmscf/day) | - | 9.2 | 15.7 | 19.3 | 22.2 |
| Lower Mnazi Bay +----------------+-------+-------+-------+-------+-------+
| | WHFP (bars) | - | 176 | 171 | 167 | 163 |
+-----------------+----------------+-------+-------+-------+-------+-------+
The well will be connected to the production facilities which are currently
being installed in the field, for start-up in Q3 2015. These results confirm the
Mnazi Bay gas field's ability to produce output over and above the initial 80
mmscf/day, possibly up to 130 mmscf/day.
MB-4 well was deepened to the Oligocene where it encountered high-pressure
intervals of unknown origin.
Wentworth has a 31.94% net interest in this well, which was operated by Maurel
et Prom.
Geoff Bury, Managing Director, commented:
"We are extremely pleased with the outcome of the MB-4 well as the result
confirms our reservoir model for the Mnazi Bay gas field. The success of the
well not only provides further confirmation of the value of our discovered
reserves in Mnazi Bay, but also provides additional flexibility for meeting gas
delivery obligations agreed in our Gas Sales Agreement. We look forward to the
start of production in the third quarter as a transformational step for the
Company."
-Ends-
Enquiries:
Geoffrey Bury, gpb(at)wentworthresources.com
Managing Director +1 403 993 4450
Wentworth Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial +1 403 680 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
Stifel Nicolaus AIM Nominated +44 (0) 20 7710 7600
Europe Limited Adviser and Broker
(UK)
Callum Stewart
Ashton Clanfield
FirstEnergy Broker (UK) +44 (0) 20 7448 0200
Capital
Travis Inlow
FTI Consulting Investor Relations +44 (0) 20 3727 1000
Adviser (UK)
Edward Westropp
Tom Hufton
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 to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2015 06 17 Press Release:
http://hugin.info/136496/R/1929002/692833.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#1929002]
Unternehmensinformation / Kurzprofil:
Datum: 17.06.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 401057
Anzahl Zeichen: 10361
contact information:
Town:
Calgary, Alberta
Kategorie:
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