{"id":3236,"date":"2015-08-13T12:52:22","date_gmt":"2015-08-13T12:52:22","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3236"},"modified":"2015-08-13T12:52:22","modified_gmt":"2015-08-13T12:52:22","slug":"wentworth-resources-reports-4-5-million-loss-mnazi-bay-development-continues","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-reports-4-5-million-loss-mnazi-bay-development-continues\/","title":{"rendered":"Wentworth Resources reports $4.5 million loss as Mnazi Bay Development Continues"},"content":{"rendered":"

Wentworth Resources has reported a $4.5 million loss for the six months ended in June 30th<\/sup> 2015 as second quarter exploration dropped and development capital expenditures increased significantly to $2.31 million and $7.04 million, respectively, compared to $3.69 million and $0.30 million, respectively, in 2014.<\/p>\n

The loss is also due to an increase in financing costs as the company raised funds for development in Tanzania including $4.36 million of a credit facility<\/a> to fund operator cash calls for Mnazi Bay development expenditures<\/p>\n

According to financial statements released in Wednesday the working capital is also down to $5.77 million compared to $15.84 million at December 31, 2014<\/p>\n

On July 1, 2015 the company successfully completed a private placement<\/a> and issued 15,412,269 new common shares for cash consideration of $0.50 per share for total gross proceeds of $7.64 million.<\/p>\n

According to managing director Geoff Bury the new funds further secure the Company’s balance sheet in advance of generating cash flow once gas sales<\/a> start in the coming weeks.<\/p>\n

“The recent successful equity raise completed on July 1 demonstrates confidence in our long-term investment strategy in East Africa.\u00a0 These new funds further secure the Company’s balance sheet in advance of generating cash flow from natural gas sales to the new government owned transnational pipeline in Tanzania. With discussion in regards to the payment guarantee agreement at an advanced stage, the Company looks forward to bringing gas on stream in the weeks ahead.\u00a0 We wish to thank shareholders for their continued support during this exciting period in the Company’s history,” he said<\/p>\n

Wentworth Resources has 39.925 percent participating interest in exploration and 31.94 percent in production while the operator Marel et Prom has 48.06 percent and 60.075 percent participating interest in exploration and production respectively. The Tanzania Petroleum Development Corporation will also acquire a 20% production interest during production.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wentworth Resources has reported a $4.5 million loss for the six months ended in June 30th 2015 as second quarter exploration dropped and development capital expenditures increased significantly to $2.31 … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":2940,"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":[11],"tags":[2949,1608,2466,2472,2543,2719],"class_list":["post-3236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-marel-et-prom","tag-mnazi-bay","tag-tanzania","tag-tanzania-petroleum-development-corporation","tag-tpdc","tag-wentworth-resources","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/05\/Wentworth-Resources.png?fit=375%2C286&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-Qc","jetpack-related-posts":[{"id":2667,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-gets-5-6m-credit-facility-finance-ongoing-mnazi-bay-concession-development\/","url_meta":{"origin":3236,"position":0},"title":"Wentworth Resources gets $5.6m credit facility to finance ongoing Mnazi Bay Concession development","author":"","date":"March 5, 2015","format":false,"excerpt":"Wentworth Resources has announced that the Company has subsequently drawn an amount of $5.6 million on an existing $20 million credit facility with a Tanzania-based bank, TIB Development Bank Limited. The credit facility relates to the Mnazi Bay Concession development and operating costs that were incurred and paid for by\u2026","rel":"","context":"In "Top News"","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\/2015\/03\/Mnazi-Bay-Concession.png?fit=805%2C440&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/Mnazi-Bay-Concession.png?fit=805%2C440&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/Mnazi-Bay-Concession.png?fit=805%2C440&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/Mnazi-Bay-Concession.png?fit=805%2C440&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":3110,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-raises-7-6-million-finance-tanzanias-mnazi-bay-developments\/","url_meta":{"origin":3236,"position":1},"title":"Wentworth Resources raises $7.6 million to finance Tanzania\u2019s Mnazi Bay developments","author":"","date":"June 29, 2015","format":false,"excerpt":"Wentworth Resources has announced that it has successfully raised gross proceeds of USD 7.6 million (GBP 4.9 million, NOK 59.7 million) with institutional investors and certain Directors and members of the Executive Management through a private placement of 15,412,269 new shares. The private placement saw no discount to market price\u2026","rel":"","context":"In "Top News"","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\/2015\/05\/Wentworth-Resources.png?fit=375%2C286&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5440,"url":"https:\/\/www.oilnewskenya.com\/index.php\/mnazi-bay-jv-partners-see-sales-decline-following-symbion-power-plant-closure\/","url_meta":{"origin":3236,"position":2},"title":"Mnazi Bay JV Partners See Sales Decline following Symbion Power Plant Closure","author":"","date":"November 29, 2016","format":false,"excerpt":"Mnazi Bay joint venture partners have seen a decline in gas sales as the average gross daily gas production for the third quarter was 34 MMscf\/d down from 51 MMscf\/d during Q2 2016 the suspension of operations at the Symbion gas-fired power plant as a result of a dispute with\u2026","rel":"","context":"In "Top News"","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\/2016\/11\/symbion-power-plant.png?fit=710%2C294&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/11\/symbion-power-plant.png?fit=710%2C294&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/11\/symbion-power-plant.png?fit=710%2C294&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/11\/symbion-power-plant.png?fit=710%2C294&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2691,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworths-tanzania-mnazi-bay-reserves-valued-153-million\/","url_meta":{"origin":3236,"position":3},"title":"Wentworth\u2019s Tanzania Mnazi Bay Reserves valued at $153 million","author":"","date":"March 12, 2015","format":false,"excerpt":"Wentworth Resources has announced the results of an independent evaluation of its gas reserves within the Mnazi Bay Concession in Tanzania, carried out by RPS Energy Canada Ltd have put the value at $152.9 million after tax. This is the first independent reserves attributed to the Company's Mnazi Bay gas\u2026","rel":"","context":"In "Top News"","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\/2014\/08\/mnazi-bay.png?fit=315%2C417&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3101,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-estimates-3-5m-tanzania-monthly-gas-sales\/","url_meta":{"origin":3236,"position":4},"title":"Wentworth Resources Estimates $3.5m in Tanzania Monthly Gas Sales","author":"","date":"June 23, 2015","format":false,"excerpt":"Wentworth Resources says it estimates that monthly gas sales in Tanzania into new government owned pipeline Q3 2015 could reach an estimated $3.5m monthly. Initially Mnazi Bay will be the only supplier of gas in Tanzania into new pipeline from 5 wells which will be producing in the field by\u2026","rel":"","context":"In "Top News"","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\/2014\/09\/mnazi-bay-gas.jpg?fit=750%2C665&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/mnazi-bay-gas.jpg?fit=750%2C665&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/mnazi-bay-gas.jpg?fit=750%2C665&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/mnazi-bay-gas.jpg?fit=750%2C665&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12909,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-maurel-prom-s-a-wentworth-resources-reach-agreement-on-terms-of-a-recommended-acquisition-of-mnazi-bay\/","url_meta":{"origin":3236,"position":5},"title":"TANZANIA: Maurel & Prom S.A., Wentworth Resources Reach Agreement on Terms of a Recommended Acquisition of Mnazi Bay","author":"","date":"December 5, 2022","format":false,"excerpt":"Wentworth Resources plc and Etablissements Maurel & Prom S.A. (M&P) have announced that they have reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of Wentworth by M&P. Summary \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Under the terms of the Acquisition, which will be subject to\u2026","rel":"","context":"In "Countries"","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.jpg?fit=826%2C460&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth.jpg?fit=826%2C460&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth.jpg?fit=826%2C460&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth.jpg?fit=826%2C460&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3236","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=3236"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3236\/revisions"}],"predecessor-version":[{"id":3237,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3236\/revisions\/3237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/2940"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}