Wentworth Resources Provides Tanzania Reserves Update

Source: www.gulfoilandgas.com 2/25/2016, 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 on behalf of Maurel et Prom (Operator) and Wentworth Resources.

Highlights (net to Wentworth):

- Net Proved Developed Producing (PDP) reserves increased by 88%
- Net Proved + Probable (2P) reserves increased by 20%
- Net Proved + Probable (2P) reserves are valued at US$179.2 million after tax (NPV10)
- Proved (1P) - 107.4 Bscf gross (17.9 MMboe); 76.4 Bscf net (12.7 MMboe)
- Proved + Probable (2P) - 181.1 Bscf gross (30.2 MMboe); 114.5 Bscf net (19.1 MMboe)
- Proved, Probable & Possible (3P) - 275.3 Bscf gross (45.9 MMboe); 156.0 Bscf net (26.0 MMboe)

The significant 20% increase in 2P reserves from 31 December 2014, which results from favourable 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 on-stream, 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 commercialising our gas in Tanzania is given further endorsement by the results of this report. "

Partners in the Mnazi Bay Concession are:
Maurel et Prom: 60.075% (Operator) through exploration; 48.06% production
Wentworth: 39.925% through exploration; 31.94% production
TPDC: 20% production

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


Ukraine >>  3/31/2021 - Cub Energy Inc. announces the results of its independent reserves evaluations as of December 31, 2020 on its oil and gas properties in Ukraine. The e...
United Kingdom >>  3/31/2021 - Hurricane Energy plc, the UK based oil and gas company, announces that the Competent Person's Report ("CPR") on the Company's West of Shetland assets ...

Nigeria >>  3/29/2021 - Africa Oil Corp. is pleased to announce the posting of its 2020 statement of reserves on SEDAR as part of its Annual Information Form. This disclosure...
Brazil >>  3/25/2021 - Alvopetro Energy Ltd. announces our year-end 2020 financial results and the filing of our annual information form. ...

Turkey >>  3/25/2021 - Valeura Energy Inc., an upstream oil and gas company with assets in the Thrace Basin of Turkey, reports its financial and operating results for the th...
Brazil >>  3/23/2021 - Alvopetro Energy Ltd. announces the results of an independent assessment of the Company's Gomo natural gas resource prepared by GLJ Ltd. ("GLJ") dated...

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 


Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.