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Tuesday, October 1, 2013
The independent technical evaluation for Wentworth Resources’ Rovuma Onshore License in Mozambique and the Mnazi Bay Concession in Tanzania is in. The evaluation was carried out by RPS Energy.
According to the evaluation by RPS, the Rovuma Onshore License saw an increase in net mean prospective (unrisked) gas resources from 177 Bcf to 550 Bcf, an increase of 211%. It also saw an increase in net P10 prospective (unrisked) gas resources from 315 Bcf to 825 Bcf, an increase of 162%. The Tembo Prospect has been identified as potentially oil-bearing and is scheduled to be the first prospect drilled in Mozambique. The prospect saw an increase in net mean prospective (unrisked) gas resources from 177 Bcf to 375 Bscf plus 32 million barrels of oil and an increase in net P10 prospective (unrisked) gas resources from 315 Bcf to 513 Bcf plus 90 million barrels oil
In Tanzania the evaluation of the Mnazi Bay PSA’s net mean contingent gas resources was maintained at 266 Bcf while net mean prospective (unrisked) gas resources decreased from 823 Bcf to 637 Bcf due to the non-commercial hydrocarbons encountered in the Ziwani-1 well in 2012
Wentworth said that the report marks the beginning of a “busy operational period” for the company, with the Rovuma Onshore License partners committed to a two-well drilling program, with an option for a third. The Mozambique program is set to begin in Q2 2014. In Tanzania the partners on the Mnazi Bay Concession are in advanced negotiations on a gas sales agreement that will commercialize gas via the Mnazi Bay to Dar es Salaam pipeline that is currently under construction by third party contractors for the government.
Wentworth MD, Geoff Bury, commented: “Receiving a significant gas resources upgrade for our Onshore Rovuma License area and the fact that we now have an oil prospect to drill in Mozambique in Q2 2014 is highly encouraging. We are entering into a potentially transformational 15 month period for the Company. At least two Anadarko operated exploration wells will be drilled in Mozambique, which could offer significant upside to shareholders. In addition, first gas delivery into the new pipeline in Tanzania is expected in early 2015 increasing estimated gross gas production to 80 Mmcf/d, a 40-fold increase over current production.”
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