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Monday, February 29, 2016
Wentworth Resources released the results of an independent evaluation of the gas reserves within Tanzania’s Mnazi Bay Concession carried out by RPS Energy on behalf of the operator Maurel et Prom and Wentworth.
According to the evaluation, Wentworth saw resources net to the company increase; Net Proved Developed Producing (PDP) reserves increased by 88% and Net Proved plus Probable (2P) reserves increased by 20%.
Proved (1P) resources were tagged at 107.4 Bscf gross or 76.4 Bscf net and Proved + Probable (2P) were evaluated at 181.1 Bscf gross or 114.5 Bscf net.
The significant 20% increase in 2P reserves from 31 December 2014, which results from favorable data from the MB-4 well drilled during 2015 and is detailed within the Reserves Report, further demonstrates the quality of the company’s assets in Tanzania. With Mnazi Bay gas assets now onstream, and production from the existing gas fields increasing to meet the current gas demand, the existing reserves provide a solid foundation to grow production from the Mnazi Bay concession.
Geoff Bury, Managing Director, commented: “We are delighted that our updated CPR with the enhanced attributable reserves has so conclusively underpinned the core value of Wentworth. Production from Mnazi Bay continues to ramp up and we are greatly encouraged by the performance of our existing wells to date. Furthermore, in the current challenging climate within the oil and gas sector, we believe our core strategic focus on commercializing our gas in Tanzania is given further endorsement by the results of this report.”
Halliburton will cut another 5,000 jobs due to the continued slump in crude prices. The company has already reduced its staff globally by about 25% or almost 22,000 since 2014.
While Halliburton’s job cuts are substantial, its rival Schlumberger leads the way in slashing staff since the downturn in crude prices, 34,000 globally with 10,000 of those cuts coming in Q4 2015.
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