{"id":9799,"date":"2021-02-02T19:11:37","date_gmt":"2021-02-02T19:11:37","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=9799"},"modified":"2021-02-02T19:14:12","modified_gmt":"2021-02-02T19:14:12","slug":"wentworth-resources-provides-operational-update-and-reserves-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-provides-operational-update-and-reserves-update\/","title":{"rendered":"TANZANIA: Wentworth Resources Provides Operational Update and Reserves Update"},"content":{"rendered":"

Highlights<\/span><\/strong><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>To 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<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Wentworth’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<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Debt free with\u00a0$17.8 million\u00a0cash on hand as at\u00a031 December 2020\u00a0(unaudited)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Production guidance for full-year 2021 set at 65-75 MMscf\/day (gross)<\/span><\/p>\n

\u00a0<\/span>Mnazi Bay Operations and Operational Outlook<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Repairs to the MB-2 flowline were completed on\u00a0time on\u00a0<\/span>9 December 2020\u00a0and the well has continued to perform in line with expectations<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>A planned slickline campaign commenced on 22 January 2021 which primarily includes a continuation of the Mnazi Bay Partners’ ongoing pressure monitoring programmes.<\/span>\u00a0<\/span><\/p>\n

Reserves Update<\/span><\/strong><\/p>\n

RPS Group, an independent third-party reserves evaluator, performed a Competent Persons Report (“CPR”) for the Company with an effective date of\u00a031 December 2020.\u00a0 The updated full field 2P gross reserves for\u00a0Mnazi Bay\u00a0are 445.3 Bcf (90.8 Bcf being Wentworth’s share of net reserves).\u00a0 This compares to 468.9 Bcf as at\u00a031 December 2019. As full-year 2020 gross production totaled 23.9 Bcf (gross), this demonstrates a minimal change attributable to technical and economic factors to previous reserves estimates.<\/span><\/p>\n

The NPV10 after tax for the 2P reserves as at\u00a031 December 2020\u00a0is\u00a0$116.6 million\u00a0net to Wentworth. This compares to\u00a0$118.6 million\u00a0for 2019.\u00a0 It should be noted that during 2020, Wentworth increased its cash position to\u00a0$17.8 million\u00a0(unaudited), while distributing\u00a0$3.2 million\u00a0in dividends, compared to cash of\u00a0$13.5 million\u00a0as at\u00a031 December 2019.<\/span><\/p>\n

\"\"<\/p>\n\n\n\n\n
\n

\u207d\u00b9\u207e\u00a0<\/span>Gross Reserves are Company Working Interest Share of Total Field Reserves<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u207d\u00b2\u207e\u00a0<\/span>Net Reserves are calculated as the product of Company Gross Reserves and the ratio of Company net revenue to Company WI share of field gross revenue<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\"\"<\/p>\n

Katherine Roe, CEO, commented:<\/span><\/p>\n

“The results of our 2020 Competent Persons Report show the continued strong technical fundamentals underlying the Mnazi Bay field and its potential to generate strong, long-term free cash flows that\u00a0 form the basis of our sustainable dividend policy.\u00a0 We look forward to continuing to use our fiscal discipline and financial performance to create further value for shareholders.”<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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 … 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":[7443,11],"tags":[1608,2466,2719],"class_list":["post-9799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eastern-africa","category-top-news","tag-mnazi-bay","tag-tanzania","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-2y3","jetpack-related-posts":[{"id":10829,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-provides-mnazi-bay-update\/","url_meta":{"origin":9799,"position":0},"title":"TANZANIA: Wentworth Resources Provides Mnazi Bay Update","author":"","date":"September 2, 2021","format":false,"excerpt":"Strong Operational Performance Reiterate increased production guidance range for the year of 70 - 80 MMscf\/day (gross) compared to previous guidance of 65 - 75 MMscf\/day Production at Mnazi Bay averaged 80 MMscf\/day (H1 2020: 58 MMscf\/day), the highest H1 production performance achieved to date Production capacity of existing wells\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\/02\/Mnazi-Bay-Field.png?fit=478%2C561&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11825,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-mnazi-bay-volumes-24-up-in-latest-competent-persons-report\/","url_meta":{"origin":9799,"position":1},"title":"TANZANIA: Mnazi Bay Volumes 24% Up in latest Competent Persons Report","author":"","date":"February 14, 2022","format":false,"excerpt":"Highlights \u00b7\u00a0 \u00a0\u00a0Wentworth's share of gross 2P Reserves as at\u00a031 December 2021\u00a0estimated to be 135.2 Bcf (22.5 MMboe) with an after-tax NPV10 of\u00a0US$108.1 million \u00b7\u00a0\u00a0\u00a0\u00a0Gross full-year 2021 production was 29.8 Bcf representing an approximate 24% increase over 2020 gross production volumes \u00b7\u00a0\u00a0\u00a0\u00a0Remaining economically recoverable gross 2P sales gas for the\u00a0Mnazi\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":[]},{"id":10251,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-final-results-for-the-year-ended-31-december-2020\/","url_meta":{"origin":9799,"position":2},"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":2715,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworth-resources-operational-update-east-africa-acreage\/","url_meta":{"origin":9799,"position":3},"title":"Wentworth Resources Operational Update on its East Africa Acreage","author":"","date":"March 17, 2015","format":false,"excerpt":"Wentworth Resources plans the commenced planning for drilling operations of the fifth (MB-4) development well which is expected to spud in March. The well which will complete in 90 days or June is expected to initially produce 20mmscf\/day (gross). Meanwhile the explorer has commenced design and construction of field infrastructure\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\/wentworth-resources.jpg?fit=690%2C340&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/wentworth-resources.jpg?fit=690%2C340&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/wentworth-resources.jpg?fit=690%2C340&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2691,"url":"https:\/\/www.oilnewskenya.com\/index.php\/wentworths-tanzania-mnazi-bay-reserves-valued-153-million\/","url_meta":{"origin":9799,"position":4},"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":12357,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-provides-operational-update\/","url_meta":{"origin":9799,"position":5},"title":"TANZANIA: Wentworth Resources Provides Operational Update","author":"","date":"June 22, 2022","format":false,"excerpt":"Following record production achieved in 2021,\u00a0Wentworth and its joint venture partners\u00a0continued to realize\u00a0strong production\u00a0rates\u00a0throughout 2022,recording an average production rate\u00a0of 92 MMscf\/d year to date. The five producing wells in the Mnazi Bay field and the associated joint venture operated facilities continued to perform well and without issues. Furthermore, the reductions\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\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9799","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=9799"}],"version-history":[{"count":3,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9799\/revisions"}],"predecessor-version":[{"id":9805,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9799\/revisions\/9805"}],"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=9799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}