Wentworth Resources Limited : Mnazi Bay Operational Update - First Payment Received
(Thomson Reuters ONE) -
PRESS RELEASE
4 November 2015
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
Mnazi Bay Operational Update - First Payment Received
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, is pleased to provide an
operational update following first delivery of gas to the pipeline project from
its assets near Mnazi Bay, Tanzania.
Highlights:
* Gas delivery to the new transnational pipeline has commenced and is being
used by the Ubungo-II and Symbian power plants in Dar es Salaam
* Production volumes into the pipeline are currently at 33 mmscf/day, and are
expected to reach 80 mmscf/day in Q4 2015
* An average of 33 mmscf/day was delivered to the new pipeline during October
2015 and a gross payment of $3.8 million has been received relating to the
October 2015 gas deliveries
Further to the Company's announcement on 20 August 2015 that gas deliveries to
the new transnational pipeline had commenced; the gas production facilities at
Madimba, the Mtwara to Dar es Salaam pipeline and the Kinyerezi Gas Receiving
Facility have now been fully commissioned and are operational. Mnazi Bay Gas is
currently being used to generate power in Dar es Salaam at the existing Ubungo-
II and Symbian power plants, as well as at the new Kinyerezi-I power plant.
Production volumes into the pipeline are currently at 33 mmscf/day from three
wells on a restricted flow basis, and are expected to reach 80 mmscf/day once
all of the generators at these three power plants are fully operational, which
is expected in Q4 2015. Three of the five existing gas wells at Mnazi Bay have
been successfully brought on-stream with well performance in line with
expectations. The fourth well is expected to be tied in during the month of
November 2015 and the fifth well is expected to be tied in and ready to produce
into the new pipeline in Q1 2016.
Sales gas volumes of 1,032 mmscf were delivered to the new pipeline during
October 2015 (an average of 33 mmscf/day) and a gross payment of $3.8 million to
the Mnazi Bay Joint Venture Partners has been received from the buyer of the
gas, Tanzania Petroleum Development Corporation ("TPDC"). Under the Gas Sales
Agreement signed on 12 September 2014, the sale price has been set at US$3.00
per million BTU, approximately US$3.07 per thousand cubic feet, rising in line
with the US CPI industrial index commencing in 2016.
Geoff Bury, Managing Director, commented:
"We are pleased with the progress that has been made by the Government during
the start-up and commissioning phases and we are delighted about how well the
new pipeline system is working. We, along with our Joint Venture Partners, feel
confident that our existing wells will be capable of delivering the initial
target production volumes of 80mmscf/d while we expect the Government owned
power plants to be ready to take the full amount of these volumes during the
last quarter of 2015. The Mnazi Bay Concession gas plays a vital role in
reducing the cost and improving the reliability of power generation in
Tanzania."
-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 Advisers Investor Relations +47 909 808 48
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
Hugh Sanderson
FTI Consulting Investor Relations wentworth(at)fticonsulting.com
Adviser (UK) +44 (0) 20 3727 1000
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 11 04 Press Release:
http://hugin.info/136496/R/1963861/716683.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#1963861]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 431800
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contact information:
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Kategorie:
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