Independent East Africa-focused oil & gas company Wentworth Resources (OSE:WR; AIM:WRL) announced the results of an independent evaluation of the gas reserves within the Mnazi Bay Concession in Tanzania.
The evaluation was carried out by RPS Energy Canada Ltd., on behalf of Maurel et Prom, the field operator, and Wentworth ResAccording
According to the evaluation, in the first full year of production, all wells have produced as expected, underpinning the quality of the company’s assets in Tanzania.
With Mnazi Bay gas production from the existing gas wells stabilising and the expected significant ramp up in volumes starting in 2018 in line with the expected start-up of the new power plants, Kinyerezi I expansion and Kinyerezi II, the existing reserves provide a solid foundation to grow production from the Mnazi Bay concession in the near future.
Geoff Bury, Managing Director of Wentworth Resources, commented: “We are delighted that this updated reserve report continues to support the quality of our reserves in Mnazi Bay. The results of this independent reserve report are consistent with the previous year and reinforces the potential of the Mnazi Bay fields. With production expected to materially ramp up in 2018, the successful performance of our existing wells and all the necessary infrastructure in place we look forward to sustained production from our valuable Tanzania asset.”
Wentworth holds 31.94% ownership in the Mnazi Bay concession.
The field achieved average gross daily gas production during Q4 2016 of 39.4 MMscf/d compared to 34.3 MMscf/d during Q3 2016 as less downtime was experienced at the gas fired power generation facilities, Ubungo-II and Kinyerezi-I power stations.