Financial<\/p>\n
\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Declaring a final dividend in respect of FY 2020 of 1.0 pence per share ($2.6 million); a total dividend distribution in respect of 2020 of $3.8 million (1.5 pence per share) representing an increase of 27% from 2019 ($3.0 million) and a yield of approximately 6.7% (calculated on an annualised basis)<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Strong and resilient financial performance against a challenging macro-economic backdrop<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Revenues of $18.9 million (2019: $18.6 million), underpinned by long-term fixed gas price contracts<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Adjusted earnings\u00a0before\u00a0interest,\u00a0taxes,\u00a0depreciation,\u00a0amortization\u00a0and\u00a0exploration (EBITDAX) of $9.7 million (2018: $8.8 million)<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Debt free with cash on hand of $17.8 million at 31 December 2020<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>TPDC continues to remain fully current with all invoices for gas sales<\/p>\n \n Operational<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Production averaged 65.5 MMscf\/day (2019: 70.3 MMscf\/day), lower due to fluctuating demand but in line with guidance of 60-70 MMscf\/day<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Capacity from existing wells and production facilities increased to in excess of 100 MMscf\/day<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Low operational cost of production of $0.69 \/ Mscf<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Wentworth’s share of Gross 2P Reserves as at 31 December 2020 estimated by RPS to be 90.8 Bcf with a post-tax NPV10 of $116.6 million<\/span><\/p>\n Sustainability<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Ongoing ESG strategy remains a priority with a focus on measurement and mitigation strategies for climate-related impacts in 2021<\/p>\n Sustainability Report<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Published inaugural Sustainability Report for 2020; it addresses how we manage the impacts of our business by upholding relevant international standards and how we take our responsibility to our stakeholders, society and the environment seriously<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Announced membership of the United Nations\u00a0 Global Compact, underlining our commitment to operating responsibly in line with the UN’s Ten Principles on human rights, labour, environment and anti-corruption and to take strategic action to the support the UN’s Sustainable Development Goals<\/p>\n Social and Environmental Impact<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>The power access gap in Tanzania is growing despite domestic energy supply increasing; transformational\u00a0 growth is needed in domestic energy supply to deliver the Government’s target of universal access by 2030 through low-cost, low carbon solutions that will secure a just transition for Tanzania<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Natural gas will play a critical role in meeting this target to support cheaper and more reliable electricity as well as facilitating an enabling environment to supplement carbon-free renewable energy systems, such as hydro and solar<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Natural gas constitutes 50% of Tanzania’s energy mix:<\/p>\n o\u00a0\u00a0<\/span>Production from Mnazi Bay constitutes 50% of the gas produced into the grid<\/p>\n o\u00a0\u00a0<\/span>30% of Tanzania’s electricity customers rely on Mnazi Bay gas<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Wentworth and its partners play an important role in delivering on UN Sustainable Development Goal 7, ensuring universal access to affordable, reliable and modern energy services<\/p>\n \n 2021 Outlook<\/p>\n