Petroleum Africa
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Friday, February 28, 2014
Wentworth Resources issued its results for the year 2013. During the period the company had a number of accomplishments on both the corporate and operational side. On the corporate side the company successfully completed a private placement and significantly oversubscribed subsequent offering, issuing a total of 70,950,427 new common shares for gross proceeds of $46 million.
The company also secured a new long-term loan facility at 6% interest per annum and no principal repayments due until the loan matures on December 31, 2017. A principal balance of $6 million remains outstanding at year end. In conjunction with the new loan facility, the lender was issued 5 million share purchase warrants each exercisable into one common share of the Company at $0.648 per warrant on or before December 31, 2015.
Operationally the company continued consultations with the government of Tanzania to conclude a GSA for the supply of natural gas to the Mtwara to Dar es Salaam pipeline, which is under construction and expected to be completed and commissioned during Q1 2015.
On the Mnazi Bay Block in Tanzania it completed the acquisition and processing with interpretation ongoing of 248 sq km of offshore 3D seismic. During Q4 2013 Wentworth commenced the acquisition of a combined 330 km conventional and high resolution 2D seismic program.
In Mozambique on the Rovuma Onshore Block Wentworth saw the completion of the acquisition, processing and interpretation of 1,016 km of onshore 2D seismic over the northern section of the block.
Pre-drill planning activities including the procurement of long lead items, site preparation and well planning were launched in advance of the fully funded 2014 exploration drilling campaign. Wentworth expects to see two back-to-back exploration wells drilled on the block, with the possibility of a third optional well. The first well is expected to spud in Q2 and take approximately two months to complete.
Geoff Bury, MD of Wentworth said: “We are pleased with the progress being made on the pipeline connecting our gas fields in the Mtwara region of Tanzania to the capital Dar es Salaam. This pipeline will open up new markets for our natural gas and we look forward to it coming on-stream in Q1 2015. Following the successful equity financing concluded during Q4 2013, Wentworth has a solid balance sheet and is fully funded for our planned 2014 exploration activities. Exploration drilling in our Mozambique block is expected to commence in Q2 2014 and positive results could have a significant impact on the value of our assets. We look forward to updating shareholders on these exciting activities in due course.”
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