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,
Managing Director |
gpb@wentworthresources.com
+403 993 4450 |
|
|
|
|
Lance
Mierendorf,
Chief Financial Officer
|
lance.mierendorf@wentworthresources.com
+403 680 8773 |
|
Katherine
Roe
Head of Investor Relations & Corporate Communications
|
katherine.roe@wentworthresources.com
+44 7841 087 230 |
Swedbank First Securities |
Broker (Norway) |
+47 23 23
80 00 |
|
Ove
Gusevik |
|
|
Jarand
Lønne
|
|
Crux Kommunikasjon |
Investor Relations Adviser
(Norway) |
+47 995
138 91 |
|
Jan
Petter Stiff |
|
|
Carl
Bachke
|
|
Panmure Gordon |
AIM Nominated Adviser and Broker (UK) |
+44 (0)
20 7886 2500 |
|
Dominic
Morley |
|
|
Adam
James
|
|
FirstEnergy Capital |
Broker (UK) |
+44 (0)
20 7448 0200 |
|
Travis
Inlow
|
|
Investec |
Broker (UK) |
+44 (0)
20 7597 4000 |
|
Chris
Sim
|
|
Instinctif Partners |
Investor Relations Adviser (UK) |
+44 (0)
20 7457 2020 |
|
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
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
HUG#1907704