{"id":10829,"date":"2021-09-02T20:32:29","date_gmt":"2021-09-02T20:32:29","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10829"},"modified":"2021-09-02T20:32:29","modified_gmt":"2021-09-02T20:32:29","slug":"tanzania-wentworth-resources-provides-mnazi-bay-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-provides-mnazi-bay-update\/","title":{"rendered":"TANZANIA: Wentworth Resources Provides Mnazi Bay Update"},"content":{"rendered":"<p><strong>Strong Operational Performance<\/strong><\/p>\n<ul>\n<li>Reiterate increased production guidance range for the year of 70 &#8211; 80 MMscf\/day (gross) compared to previous guidance of 65 &#8211; 75 MMscf\/day<\/li>\n<li>Production at Mnazi Bay averaged 80 MMscf\/day (H1 2020: 58 MMscf\/day), the highest H1 production performance achieved to date<\/li>\n<li>Production capacity of existing wells and production facilities increased to 100 MMscf\/day<\/li>\n<li>Operational costs of production down 72% to $0.48\/Mscf (H1 2020: $1.72\/ Mscf), due to continued focus on cost efficiencies<\/li>\n<li>Wentworth&#8217;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<\/li>\n<\/ul>\n<ul>\n<li><strong>Sustainability Remains a Priority<\/strong><\/li>\n<\/ul>\n<ul>\n<li>Stakeholder engagement key to Wentworth&#8217;s sustainability strategy; strong relationships with in-country partners including the Government of Tanzania and local communities evidenced by ongoing demand growth, operational performance and payment of receivables<\/li>\n<li>Maintaining a robust ESG framework remains a priority following the launch of the inaugural Sustainability Report this year<\/li>\n<li>A key focus for 2021 is Wentworth&#8217;s climate strategy, to ensure effective measurement and mitigation of climate-related impacts; further updates will be shared in due course<\/li>\n<li>Announced membership of the United Nations Global Compact, underlining our commitment to operating responsibly in line with the UN&#8217;s Ten Principles on human rights, labour, environment and anti-corruption and to take strategic action to support the UN&#8217;s Sustainable Development Goals<\/li>\n<\/ul>\n<p><strong>Robust 2021 Outlook<\/strong><\/p>\n<ul>\n<li>Record H1 performance to date with average production volumes of 80.33 MMscf\/day (gross) compared with H1 2020 average of 58.28 MMscf\/day (gross)<\/li>\n<li>All-time production volume highs at Mnazi Bay of 110.65 MMscf\/day including monthly average production of 101.85 MMscf\/day (gross) during March 2021, demonstrating the ability to supply greater than 100 MMscf\/day (gross) during periods of high demand<\/li>\n<li>Strong in-country natural gas demand in H1 2021 enabled an increase in annual average production guidance for 2021 to 70-80 MMscf\/day (gross) from 65-75 MMscf\/day (gross) &#8211; Wentworth remains on track to meet guidance<\/li>\n<li>Ongoing delivery of the Company&#8217;s progressive capital returns policy<\/li>\n<\/ul>\n<p><strong>Katherine Roe, CEO, commented:<\/strong><\/p>\n<p><em>&#8216;We are delighted to have delivered a record financial and operational performance in H1 2021 which underpins our decision to increase our interim dividend once again, to $1.32 million. Following a challenging period of global economic uncertainty, to have delivered this record performance demonstrates once again the strength of our fundamentals. Our commitment to maintaining these is unwavering.<\/em><\/p>\n<p><em>&#8216;Whilst we have enjoyed a robust first half, we remain focused on meeting our full year potential and meeting the growing demand in Tanzania for reliable low-cost power. The strength of our team and partnerships, the reliable performance of the Mnazi Bay asset and the improving outlook in Tanzania ensures we are in a positive position for the future.&#8217;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strong Operational Performance Reiterate increased production guidance range for the year of 70 &#8211; 80 MMscf\/day (gross) compared to previous guidance of 65 &#8211; 75 MMscf\/day Production at Mnazi Bay &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-provides-mnazi-bay-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,11],"tags":[1608,2466,9569,2719],"class_list":["post-10829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","tag-mnazi-bay","tag-tanzania","tag-united-nations-global-compact","tag-wentworth-resources","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/Mnazi-Bay-Field.png?fit=478%2C561&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2OF","jetpack-related-posts":[{"id":10251,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-final-results-for-the-year-ended-31-december-2020\/","url_meta":{"origin":10829,"position":0},"title":"TANZANIA: Wentworth Resources Final Results for the year ended 31 December 2020","author":"","date":"April 22, 2021","format":false,"excerpt":"Financial \u00b7\u00a0\u00a0\u00a0\u00a0Declaring 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\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/01\/Wentworth-Resources.png?fit=375%2C286&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11702,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-mnazi-bay-produces-highest-gas-quarterly-performance-ever\/","url_meta":{"origin":10829,"position":1},"title":"TANZANIA: Mnazi Bay Produces Highest Gas Quarterly Performance Ever","author":"","date":"January 26, 2022","format":false,"excerpt":"Wentworth Resources and its joint venture partners achieved record quarterly production of 91.5 MMScf\/d from the Mnazi Bay gas field in the fourth quarter of 2021 supported the steadily increasing demand for natural gas in Tanzania, which remained strong throughout the second half of last year. According to the company\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9046,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-heavy-rain-covid-19-see-less-demand-for-natural-gas-h1-2020\/","url_meta":{"origin":10829,"position":2},"title":"TANZANIA: Heavy Rain, COVID-19 See Less Demand for Natural Gas H1 2020","author":"","date":"September 4, 2020","format":false,"excerpt":"There was marginal decline in industrial demand due to weakened activity as a result of COVID-19\u00a0 as well as heavy rain that resulted more reliance of hydro-power generated electricity in Tanzania. According to Wentworth Resources COVID-19 restictions and a prolonged rainy season in January and June (normally March to late\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/10\/mnazi-bay-pipeline.png?fit=437%2C531&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11419,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-expects-to-achieve-milestone-average-production-rate-for-2021-of-over-80-mmscf-day\/","url_meta":{"origin":10829,"position":3},"title":"TANZANIA: Wentworth Expects to Achieve Milestone Average Production Rate for 2021 of over 80 MMscf\/day","author":"","date":"December 17, 2021","format":false,"excerpt":"Following a successful first half of the year, demand for natural gas in\u00a0Tanzania\u00a0has again remained strong throughout the second half. This strengthening in demand in 2021 is due to sustained economic growth, continued demand in the industrial sector and partly due to lack of supply from hydro-electric generation as a\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6444,"url":"https:\/\/www.oilnewskenya.com\/index.php\/mnazi-bay-q3-2017-gross-production-volumes-reach-60mmscfd\/","url_meta":{"origin":10829,"position":4},"title":"Mnazi Bay Q3 2017 Gross Production Volumes Reach 60MMscf\/d","author":"","date":"October 23, 2017","format":false,"excerpt":"Joint Venture partner at the Mnazi Bay license has reported that Q3 2017 gross production volumes from the Mnazi Bay gas field averaged 60 MMscf\/d, bringing the year-to-date average to 45 MMscf\/d. The partners expect that production volumes will continue at similar levels into Q4 with October 2017 month-to-date averaging\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/10\/mnazi-bay-pipeline.png?fit=437%2C531&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9799,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-provides-operational-update-and-reserves-update\/","url_meta":{"origin":10829,"position":5},"title":"TANZANIA: Wentworth Resources Provides Operational Update and Reserves Update","author":"","date":"February 2, 2021","format":false,"excerpt":"Highlights \u00b7\u00a0\u00a0\u00a0\u00a0To date, there have been zero reported cases of COVID-19 at\u00a0Mnazi Bay. Employee safety remains a top priority and robust precautionary measures remain in place \u00b7\u00a0\u00a0\u00a0\u00a0Wentworth's share of gross 2P Reserves as at\u00a031 December 2020\u00a0estimated by\u00a0RPS Group\u00a0to be 142.2 Bcf (23.7 mmboe) with a post-tax NPV10 of\u00a0$116.6 million \u00b7\u00a0\u00a0\u00a0\u00a0Debt\u2026","rel":"","context":"In &quot;Eastern Africa&quot;","block_context":{"text":"Eastern Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/eastern-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/Mnazi-Bay-Field.png?fit=478%2C561&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10829"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10829\/revisions"}],"predecessor-version":[{"id":10830,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10829\/revisions\/10830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9802"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}