Wentworth Getting Paid in Tanzania

Thursday, July 20, 2017

Wentworth Resources reported that it has received further payments from TPDC and TANESCO totaling $1.2 million net to the company. The additional payments brings the total cash received for invoiced gas sales to $7.9 million in 2017.

Since the end of March, receivables from TPDC have remained consistent at four months and receivables from TANESCO have improved from thirteen months to eight months. The Mnazi Bay Partners continue to work closely with the government of Tanzania to settle the remaining outstanding invoices.

According to Wentworth,daily production volumes during the rainy months of April and May were impacted by the use of hydroelectric power. However, since the end of the rainy season, gas demand has increased with June volumes averaging 45 Mmscf/d bringing the average for Q2 to 31 Mmscf/d. Furthermore, the company has experienced a temporary increase in volumes since the start of Q3 due to maintenance work elsewhere in the pipeline system with July month-to-date averaging 71 Mmscf/d. The company plans to maintain its guidance for 2017 between 40 – 50 Mmscf/d.

In relation to the recent legislative changes in Tanzania and the introduction of three new bills relating to the mining and oil & gas sectors, the company has undertaken a review of these new laws to determine their implications on the company’s Tanzanian operations. Based on its current understanding of this new legislation and given the existing terms and conditions of its relevant agreements, Wentworth does not anticipate any material impact on existing operations.

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