Top-News
Mittwoch,
22.06.2016 08:00
von
GlobeNewswire
| Aufrufe: 122
Wentworth Resources Limited : Operational Update
Wirtschaftsnachrichten (Symbolbild).
pixabay.com
PRESS RELEASE
22 June 2016
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
Operational Update
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 on its appraisal asset in northern Mozambique and its producing gas asset in Mnazi Bay, Tanzania; ahead of the Company's Annual General Meeting to be held later this morning in London.
Mozambique - Operatorship and appraisal plan approved by Government
Further to the gas discovery made at the Tembo-1 well location in December 2014, Wentworth is pleased to report that Government approval by the Ministerio dos Reuros Minerais e Energia (Minister of Minerals & Energy) for an Appraisal Plan has now been received. Under the two-year appraisal period, Wentworth becomes the Operator of the Rovuma Onshore Concession ("Concession") and increases its participation interest in the Concession from 11.59% to 85%. State owned Empresa Nacional de Hidrocarbonetos ("ENH") retains a 15% participation interest as a carried partner through to the commencement of commercial operations. In addition, ENH has the right to acquire a further 15% participation interest in the Concession from Wentworth within 18 months from the date of submission for a development plan for consideration equal to the proportionate share of past costs incurred.
Implementation of a work program will commence in 2016 with the reprocessing of approximately 1,000 km of existing seismic data, the cost of which will be funded from internally generated cash flow. Commencing the second half 2017, the Company plans to acquire a minimum of 500 km of new onshore 2D seismic data. The drilling of an appraisal well is anticipated to occur in 2018 after the identification of a suitable drilling location based on the evaluation and integration of the new and existing seismic data.
The Tembo-1 well was drilled to a total depth of 4,553 metres into rocks of Upper Jurassic age. Natural gas and some condensate was recovered by modular formation dynamics testing ("MDT") confirming the petro physical analysis of 11 meters of pay in sands of Cretaceous age. Tembo-1 was a milestone well for the Rovuma basin and an extensive amount of pertinent geologic data was collected which will have a significant impact on future exploration efforts in the basin. Further analysis of the geologic and petro physical data has led to the identification of additional zones of potential bypassed pay. These zones and the tested gas bearing sands will be subject to further evaluation with additional seismic and drilling. The agreed appraisal area, located around the Tembo-1 discovery onshore, measures approximately 2,500 km2 providing the necessary running room to develop this potentially world class play fairway.
Tanzania - Production volumes continue to ramp up but have plateaued following impact of seasonal hydro-power generation and Symbion electrical power generation suspension
In Mnazi Bay, Tanzania, gas deliveries continue to the new transnational pipeline and are ultimately used in power generation facilities near Tanzania's commercial capital, Dar es Salaam. Production volumes from the Mnazi Bay gas field have been ramping up and peaked at 74 MMscf/d during Q2. However, volumes were curtailed for a period of time during April 2016 due to heavy rains when some natural gas power generation was displaced by hydro generated power. Furthermore, sales volume to the pipeline have been maintained at 50 MMscf/d since 2 June 2016 due to a dispute between Symbion, one of the power plants which utilises Mnazi Bay gas which has temporarily ceased operations, and TANESCO. It is unclear how long it will be before the dispute is resolved and power generation at the Symbion power plant resumes and, until such time, volumes are expected to remain at this level. Daily production volumes of 70 - 80 MMscf/d are still expected to be achieved in 2016, once this dispute has been resolved and power demand stabilizes.
As stated previously, payments to the Joint Venture for monthly gas sales delivered to the new pipeline by Tanzania Petroleum Development Corporation ("TPDC"), have been regularly received.
Bob McBean, Executive Chairman, commented:
"I am very pleased to announce the receipt of Government approval for our operatorship and appraisal plan over the Tembo-1 gas discovery in Mozambique. With all the data gained to date through our exploration drilling and seismic interpretation, we believe this area of onshore Mozambique to be highly prospective and although we expect minimal capital spend this year, I am looking forward to working with ENH as we progress this acreage position toward appraisal drilling in the future.
"We continue to be extremely pleased with the performance of our wells in Mnazi Bay and how the new pipeline system is successfully delivering natural gas to Dar es Salaam. Whilst production volumes are lower than expected for the second quarter, this is considered short term in nature and the capacity to step up our production volumes remains in place. With further power generation capacity still being installed, we are confident of the long term growth prospects for Wentworth."
-Ends-
| Enquiries: | ||
| Wentworth | Geoffrey Bury, Managing Director | gpb@wentworthresources.com +1 403 993 4450 |
| Lance Mierendorf, Chief Financial Officer | lance.mierendorf@wentworthresources.com +1 403 680 8773 | |
| Katherine Roe Vice President Corporate Development & Investor Relations | katherine.roe@wentworthresources.com +44 7841 087 230 | |
| Swedbank First Securities | Broker (Norway) | +47 23 23 80 00 |
| Ove Gusevik | ||
| Jarand Lønne | ||
| Crux Advisers | Investor Relations Adviser (Norway) | +47 909 808 48 |
| Jan Petter Stiff | ||
| Carl Bachke | ||
| Stifel Nicolaus Europe Limited | AIM Nominated Adviser and Broker (UK) | +44 (0) 20 7710 7600 |
| Callum Stewart | ||
| Ashton Clanfield | ||
| FirstEnergy Capital | Broker (UK) | +44 (0) 20 7448 0200 |
| Hugh Sanderson | ||
| FTI Consulting | Investor Relations Adviser (UK) | wentworth@fticonsulting.com +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; exploration and appraisal opportunities; and large-scale gas monetisation initiatives, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.
Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has over 30 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, 2015, 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.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wentworth Resources Limited via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wentworth Resources Limited via Globenewswire
HUG#2022148
Werbung
Mehr Nachrichten zur Wentworth Resources Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
-1
Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.
