Petroleum Africa
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Tuesday, April 11, 2017
Wentworth Resources reports that the demand for its discovered gas reserves from Mnazi Bay, Tanzania is firming up with current gross volumes being maintained within the previously guided range of 40-50 Mmscf/d and Q1 production averaging 43 Mmscf/d.
In addition TPDC began gas deliveries in Q1 to a new industrial customer, Goodwill Tile Factory, demonstrating demand growth from the industrial sector which is expected to increase throughout 2017 as Dangote Cement begins using gas for power generation.
The company has seen TPDC settle its accounts in full from November and December 2016, as well as a 2015 invoice for line fill gas volumes. It also received payment from Tanesco for five months of outstanding invoices.
Combined cash receipts totaling $4.9 million, net to Wentworth, have been primarily used to settle outstanding amounts that were due to the operator, Maurel et Prom. As part of its Gas Sales Agreement with TPDC, payment guarantees are in place which can be utilized, if determined necessary, should payments from TPDC be excessively delayed.
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