Gulf Oil and Gas accountACCOUNT

Wentworth Updates Reserves in the Mnazi Bay in Tanzania

Source: www.gulfoilandgas.com 1/18/2018, Location: Africa

Share |
Wentworth, the Oslo Stock Exchange (WRL) and AIM (WRL) listed independent, East Africa-focused oil & gas company, is pleased to announce the results of its annual independent evaluation of the gas reserves within the Mnazi Bay Concession in Tanzania, carried out by RPS Energy Canada Ltd. ("RPS"), Calgary, Canada on behalf of Maurel et Prom (Operator) and Wentworth Resources.

Highlights (net to Wentworth) as at 31 December 2017:
Net Proved + Probable (2P) reserves are valued at US$159.6 million after tax (NPV10)
Proved (1P) reserves: 97.3 Bscf gross (16.2 MMboe); 72.7 Bscf net (12.1 MMboe)
Proved + Probable (2P) reserves: 176.4 Bscf gross (29.4 MMboe); 115.1 Bscf net (19.2 MMboe)
Proved, Probable & Possible (3P) reserves: 265.0 Bscf gross (44.2 MMboe); 155.8 Bscf net (26.0 MMboe)

The Company experienced a strong year of production in 2017 with good well performance; there were no significant problems or issues identified in the wells, underpinning the quality of the Company's assets in Tanzania. Volumes have begun to ramp up significantly with the first two turbines at Kinyerezi-2 now operational and the remaining four turbines expected to be commissioned during this year. Further sources of demand are also expected to materialise and, with the existing reserves providing a solid foundation, the Company is well placed to grow production from the Mnazi Bay concession in the near future.

Geoff Bury, Managing Director, commented: "Our annual updated reserve report continues to support the quality of our reserves in Mnazi Bay. The results of this independent reserve report are consistent with the previous year, less the gas produced during 2017, and reinforces the potential of the Mnazi Bay fields.

With strong average production delivered last year and significantly higher volumes currently being experienced, combined with the continued successful performance of our existing wells and all the necessary infrastructure in place, we look forward to sustained production from our valuable Tanzania asset."

For more information about related Opportunities and Key Players visit East Africa Projects

Reservoir Engineering & Recovery Methods News in Tanzania >>

Egypt >>  5/14/2018 - Last week, the Minister of Energy of Cyprus, Mr. George Lakkotrypis, and the Minister of Petroleum and Mineral Resources of Egypt, Eng. Tarek El Molla...
Libya >>  5/13/2018 - Libya’s offshore Bahr al-Salam gas field has resumed operations with production of 380 million cubic feet per day, state firm NOC said after completin...

Egypt >>  5/10/2018 - Eni announces the start-up of the third production unit (T-2) of the Zohr project, increasing the installed capacity to 1.2 bcfd. Zohr is now producin...
Egypt >>  5/3/2018 - Eni announces an oil discovery on the A-2X exploration prospect located in South West Meleiha license, in the Egyptian Western Desert, some 103 Km Nor...

Morocco >>  5/2/2018 - Shearwater GeoServices (Shearwater) has been awarded a contract to acquire 3D seismic for Genel Energy in the Sidi Moussa license offshore Morocco. Ad...

Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


Tanzania Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Tanzania >>

More News

 

Oil & Gas Companies in Tanzania >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.