Petroleum Africa
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Thursday, November 20, 2014
Wentworth Resources saw the signing of a long-term gas sales and purchase agreement in Tanzania for its production from the Mnazi Bay Concession where it is partnered with Maurel et Prom. In its Q3 highlights the company reported that it will sell the gas at $3.00 per mmbtu; the gas will be delivered to new government owned pipeline which is scheduled for completion and commissioning during Q1 2015.
The company also came to terms for two credit facilities totaling $26 million with a Tanzanian bank. Execution of the credit facility agreements is anticipated before then of the year pending finalization of a security agreement with the bank. Following execution of the credit facility agreements, Wentworth will use the funds to pay for field infrastructure costs, drilling of one development well in Tanzania and the repayment of an existing $6 million long-term loan.
Wentworth also saw the completion of a 315-km 2D seismic survey over prospective areas of the Mnazi Bay Concession and commenced processing and interpreting of the data during Q3.
It also continued drilling the Tembo-1 exploration well in the Rovuma Onshore Block in Mozambique where it is partnered with Anadarko Petroleum. Following completion of Tembo-1 well, the drilling rig will be mobilized to the northern section of the Onshore Rovuma Block to drill the Kifaru-1 prospect.
Geoff Bury, Managing Director, commented: “Signing of a long-term gas sales agreement on September 12, 2014 was a key milestone for Wentworth and has established a solid foundation for significant growth in East Africa. With the government owned, Chinese constructed gas pipeline and gas processing facilities on schedule for completion and commissioning in Q1 2015, development activities connecting our existing field infrastructure to the pipeline have accelerated. We expect to be ready to deliver gas from our discovered gas fields in Mnazi Bay when requested by the government and production is expected to reach 80 Mmscf/d by the end of Q2 2015.
“Drilling of the Tembo-1 exploration well has taken much longer than originally planned and we appreciate the patience of shareholders as the well remains a tight hole until drilling operations are complete. With the drilling of Tembo-1 and Kifaru-1 and the delivery of first gas, the next three to six months looks to be a transformational period in the company’s short history.”
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