Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) 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) as at 31 December 2016:
- Net Proved + Probable (2P) reserves are valued at US$180.3 million after tax (NPV10)
- Proved (1P) reserves: 110.1 Bscf gross (18.3 MMboe); 79.8 Bscf net (13.3 MMboe)
- Proved + Probable (2P) reserves: 181.0 Bscf gross (30.2 MMboe); 115.9 Bscf net (19.3 MMboe)
- Proved, Probable & Possible (3P) reserves: 270.7 Bscf gross (45.1 MMboe); 156.5 Bscf net (26.1 MMboe)
In the first full year of production, all wells have produced as expected, underpinning the quality of the Company's assets in Tanzania. With Mnazi Bay gas production from the existing gas wells stabilising and the expected significant ramp up in volumes starting in 2018 in line with the expected start-up of the new power plants, Kinyerezi I expansion and Kinyerezi II, the existing reserves provide a solid foundation to grow production from the Mnazi Bay concession in the near future. Wentworth holds 31.94% ownership in the Mnazi Bay Concession.
Geoff Bury, Managing Director, commented:
"We are delighted that this 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 and reinforces the potential of the Mnazi Bay fields. With production expected to materially ramp up in 2018, the successful performance of our existing wells and all the necessary infrastructure in place we look forward to sustained production from our valuable Tanzania asset."
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