Wentworth Resources Highlights Tanzania Reserves

Source: www.gulfoilandgas.com 3/9/2015, Location: Africa

Wentworth, the Oslo Stock Exchange and AIM listed independent, East Africa-focused oil & gas company, is pleased to announce the results of an independent evaluation of the gas reserves within the Mnazi Bay Concession in Tanzania, carried out by RPS Energy Canada Ltd. (RPS), Calgary, Canada.

This report marks a further significant shift in Wentworth's operational status, with independent reserves attributed to the Company's Mnazi Bay gas fields for the first time. Production in Tanzania is now imminent, as Wentworth has a gas sales agreement in place and the facilities required to produce these reserves are nearing completion.

Highlights:

- Wentworth's Proved + Probable (2P) reserves is valued at US$152.9 million after tax (NPV10)
- Proved (1P) - 89.2 Bscf gross (14.9 MMboe); 68.2 Bscf net (11.4 MMboe)
- Proved + Probable (2P) - 141.5 Bscf gross (23.6 MMboe); 95.5 Bscf net (15.9 MMboe)
- Proved, Probable & Possible (3P) - 226.6 Bscf gross (37.8 MMboe); 135.3 Bscf net (22.6 MMboe)

Geoff Bury, Managing Director, commented:

"We are very pleased that we now have reserves associated with our Mnazi Bay concession. This is a further step towards bringing our gas on stream and follows on the heels of the signing of our gas sales agreement (GSA) last year, and the ongoing implementation of the field infrastructure."

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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 


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