Monday, February 14, 2022
Wentworth Resources plc has announced the results of the year-end Competent Persons Report for 2021 for its Mnazi Bay asset in Tanzania where the company currently produces natural gas.
Highlights
Reserves Update
RPS Energy Canada Ltd (RPS), an independent third-party reserves evaluator, completed a Competent Persons Report (CPR) for the Company’s interest in the Mnazi Bay license with an effective date of 31 December 2021. The updated full field 2P gross reserves for the Mnazi Bay gas field are 423.3 Bcf (83.6 Bcf being Wentworth’s share of net reserves). This compares to 445.3 Bcf as at 31 December 2020 reflecting a year of strong production. Full-year 2021 gross production increased 24% to 29.8 Bcf (FY 2020: 23.9 Bcf).
The after-tax NPV10 for the 2P reserves as at 31 December 2021 is US$108.1 million net to Wentworth.
During 2021, Wentworth returned US$3.9 million to shareholders, made further capital returns via share buy-backs of US$2.0 million and increased its cash position (unaudited) to US$22.8 million as at 31 December 2021 (2020: US$17.8 million).
For the full release and more data see Wentworth Resources announcement here.