Oslo Stock Exchange listed independent and East Africa-focused oil & gas company Wentworth Resources has announced that an internal assessment of the prospective resource estimate for the Tembo Structure is 1.7 Tcf (unrisked P50) with the significant oil shows in the Tembo-1 discovery well also suggest the potential for an oil case of 219 MMbbls (unrisked P50).According to Wentworth Resources the estimates are restricted to the Tembo structure and not the 2,500 sq. km. Tembo Block.
Already the analysis of the results from the Tembo-1 discovery well and interpretation of the existing seismic data are now complete with the company proceeding to advance its appraisal programme with a number of potential drilling locations identified for an appraisal well, which is planned for Q2 2018.
Further wentworth has announced that the farm-out process for the Company’s Tembo-1 appraisal asset in northern Mozambique is now underway to secure an industry partner to participate in the appraisal well.
The Company which has an 85% working interest in the Tembo Block says it feels confident that it will be able to secure an industry partner to participate in this appraisal programme and will continue to update the market as material developments on this asset occur.
“We are very excited about being ready and in a position to advance the appraisal of the Tembo-1 discovery and feel confident that this exciting opportunity will attract an industry partner who shares our commitment to drilling an appraisal well next year,” Geoff Bury, Managing Director, commented.
In relation to the Company’s Mnazi Bay asset in Tanzania, the company reports that the Tanzania Petroleum Development Corporation (TPDC) and Tanzania Electric Supply Company Limited (TANESCO) have recently paid monthly invoices totalling $1.0 million net for gas sales.
“The Mnazi Bay Partners continue to work closely with the Government of Tanzania to settle all outstanding invoices. As part of our Gas Sales Agreement with TPDC, payment guarantees are in place which can be utilised, if deemed necessary, should payments from TPDC become excessively delayed,”Wentworth says in a statement.
Other positive developments include an increase in daily production volumes since the end of the rainy season and we maintain our guidance for the year of 40 – 50 MMscf/d.