Wentworth Updates Reserves in the Mnazi Bay in Tanzania

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

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


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.