Wentworth Resources Limited : Operations Update - First Gas Delivery
(Thomson Reuters ONE) -
PRESS RELEASE
20 August 2015
WENTWORTH RESOURCES LIMITED
("Wentworth" or the "Company")
Operations Update - First Gas Delivery
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, is pleased to announce an
update on operations within the Mnazi Bay Concession, Southern Tanzania ("Mnazi
Bay").
Highlights
* First gas delivery to the new transnational pipeline commenced on 20 August
2015
* Production rates are expected to reach 70 mmscf/d by October 2015 and 80
mmscf/d by the end of 2015
* Agreement reached on payment security terms between the gas purchaser,
Tanzania Petroleum Development Corporation ("TPDC"), and the Mnazi Bay joint
venture partners ("Partners")
Gas deliveries have now commenced to the new transnational pipeline in Tanzania.
Two wells are now producing and the remaining three wells will be put on
production in the coming months. Initial production volumes will be used for
commissioning purposes and to fill the pipeline. Production rates are expected
to increase to 70 mmscf/d by October 2015 and reach 80 mmscf/d by the end of
2015. Gas deliveries by TPDC for use by power and industrial companies are
expected to commence in October. The Partners will receive payment at the end of
each calendar month for sales volumes delivered during that month. Under the
Gas Sales Agreement signed on 12 September 2014, the sale price has been set at
US$3.00 per million BTU, or around US$3.07 per thousand cubic feet, rising in
line with the US CPI industrial index.
The Partners have agreed payment security terms with TPDC, the buyer of the gas,
and various other parties. The payment security provides the Partners with
sufficient assurance that sales of natural gas will be settled in accordance
with the agreed payment terms.
Geoff Bury, Managing Director, commented:
"We are very pleased to announce that production from Mnazi Bay has now
commenced and the Mnazi Bay joint venture is the first supplier to the new
transnational pipeline in Tanzania. Concluding the payment guarantee and
starting production in our Mnazi Bay gas fields are pivotal events for Wentworth
and underpin the long-term viability of our operations in East Africa and our
partnership with Maurel & Prom and TPDC.
"Wentworth is well positioned to become a significant gas producer in Tanzania,
where supply and demand dynamics offer an opportunity which we and our Partners
are uniquely placed to realize. We expect to exit 2015 in a strong financial
position."
-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 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 08 20 Press Release:
http://hugin.info/136496/R/1946815/706660.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#1946815]
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Datum: 20.08.2015 - 17:35 Uhr
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