{"id":5052,"date":"2016-08-16T09:55:26","date_gmt":"2016-08-16T09:55:26","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5052"},"modified":"2017-01-24T20:10:55","modified_gmt":"2017-01-24T20:10:55","slug":"wentworth-resources-posts-loss-for-h1-2016-despite-gas-sales-increase","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-posts-loss-for-h1-2016-despite-gas-sales-increase\/","title":{"rendered":"Wentworth Resources Posts Loss for H1 2016 Despite Gas Sales Increase"},"content":{"rendered":"

East Africa-focused oil & gas company Wentworth Resources which operates in Tanzania and Mozambique has posted another $0.17 million net loss in Q2 bringing the total loss to $1.08 \u00a0million for the six month period ending June 30th 2016.<\/p>\n

During this quarter gas sales revenue rose to $3.43 million as compared to $0.29 million in same period last year as the company achieved an average gross daily gas production of 51 MMscf\/d in Q2 as compared to first quarter production of 48 MMscf\/d.<\/p>\n

This led to an increase in cash and cash equivalents to $6.29 million at June 30, 2016 from $2.75 million on hand at December 31, 2015<\/p>\n

During the quarter exploration and development capital expenditures incurred were down to $2.16 million compared to $9.35 million during Q2 2015 due to installation of remaining components of permanent field infrastructure that was ongoing during Q2 2016 and is expected to be completed by the end of Q4 2016.<\/p>\n

As per June 30, 2016 working capital was $7.28 million compared to $11.98 million at December 31, 2015.<\/p>\n

Wentworth also commenced repayment of existing debt facility with $1.0m principal repayment during Q2 2016.<\/p>\n

\u201cIn Tanzania, Wentworth has seen significant growth in gas sales since the start of operation of the new pipeline in August 2015. This provides the Company with consistent cash flow to fund our ongoing activities, service our debt facility and to build cash reserves.\u00a0 As we continue to strengthen our balance sheet, we look forward to growing the Company without having to rely on the equity markets to do so,\u201d says Wentworth Resources Managing Director Geoff Bury.<\/p>\n

During Q2 in the Rovuma Onshore basin in Mozambique the company received Mozambique Government approval of a two-year appraisal<\/a> program for the Tembo gas discovery and increasing Wentworth`s participation interest in the Tembo appraisal area of the Rovuma Onshore Block from 11.59 per cent to 85 per cent.<\/p>\n

In the concession Wentworth has commenced reprocessing existing 2D seismic data over the Tembo appraisal area as the first step in appraising the discovery.Preliminary evaluation of the Tembo-1 well results and the regional seismic evaluation suggests the possibility of a substantial hydrocarbon accumulation.<\/p>\n

\u201cAs operator of this concession we have the ability to match the timing of the appraisal activities to our available cash flow and with our increased interest we have the flexibility to seek industry partners to participate in this appraisal plan,” Bury concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

East Africa-focused oil & gas company Wentworth Resources which operates in Tanzania and Mozambique has posted another $0.17 million net loss in Q2 bringing the total loss to $1.08 \u00a0million … 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":[26,3523,4989,1608,1636,4720,4988,2466,2503,2719],"class_list":["post-5052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-2d-seismic","tag-gas-sales","tag-loss","tag-mnazi-bay","tag-mozambique","tag-profit","tag-rovuma-onshore-basin","tag-tanzania","tag-tembo-1","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-1ju","jetpack-related-posts":[{"id":5725,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-reports-increased-gas-sales-in-tanzania\/","url_meta":{"origin":5052,"position":0},"title":"Wentworth Resources Reports Increased Gas Sales in Tanzania","author":"","date":"February 28, 2017","format":false,"excerpt":"Wentworth Resources in its latest update and Q4 2016 Financial Statements\u00a0has reported that the Mnazi Bay field achieved average gross daily gas production during the fourth quarter of 39.4 MMscf\/d up from 34.3 MMscf\/d during Q3 2016 due to less downtime experienced at the gas fired power generation facilities, Ubungo-II\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":5052,"position":1},"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":6159,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzanias-mnazi-bay-asset-gas-sales-reach-7-9-million-2017\/","url_meta":{"origin":5052,"position":2},"title":"Tanzania\u2019s Mnazi Bay Asset Gas Sales Reach $7.9 Million in 2017","author":"","date":"July 19, 2017","format":false,"excerpt":"Mnazi bay asset joint venture partner Wentworth Resources has reported that total cash received for invoiced gas sales from Tanzania Petroleum Development Corporation (TPDC) and Tanzania Electric Supply Company Limited (TANESCO) has reached $7.9 million in 2017 in today\u2019s update to shareholders. The amount includes the most recent payment of\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\/01\/Mnazi-Bay-Concession.png?fit=448%2C554&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6444,"url":"https:\/\/www.oilnewskenya.com\/index.php\/mnazi-bay-q3-2017-gross-production-volumes-reach-60mmscfd\/","url_meta":{"origin":5052,"position":3},"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 "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\/2017\/10\/mnazi-bay-pipeline.png?fit=437%2C531&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10251,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-final-results-for-the-year-ended-31-december-2020\/","url_meta":{"origin":5052,"position":4},"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 "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\/2020\/01\/Wentworth-Resources.png?fit=375%2C286&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1547,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-anticipates-its-first-gas-delivery-from-tanzania-to-be-q1-2015\/","url_meta":{"origin":5052,"position":5},"title":"Wentworth anticipates its first gas delivery from Tanzania to be in Q1 2015","author":"Samuel Kamau Mbote","date":"August 4, 2014","format":false,"excerpt":"Wentworth resources which has interest in the Mnazi Bay concession expects its first gas delivery in the first quarter of 2015 according to a presentation made in June to investors. Wentworth says the delivery will be under take or pay agreement with delivery point adjacent to existing facilities. The delivery\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\/songo-songo2.png?fit=465%2C546&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\/5052","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=5052"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5052\/revisions"}],"predecessor-version":[{"id":5053,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5052\/revisions\/5053"}],"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=5052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=5052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=5052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}