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…
Mnazi Bay is a 756 square km gas field that lies between the Ruvuma and the Offshore Block 1 concessions in Tanzania.
East Africa-focused oil & gas company Wentworth Resources (OSE:WRL, AIM:WRL) signed in 2004 a Production Sharing Agreement (PSA) with the government of Tanzania for a Gas To Power (GTP) project to exploit the potential gas resources.
In 2009 Wentworth sold about 51% stake to French consortium Maurel & Prom (M&P), which became the operator of the Mnazi Bay gas field.
At December 31st 2015, M & P holds 60.075% interest in exploration ownership in the Mnazi Bay Concession, while Wentworth Resources holds the remaining 39.925%.
Wentworth also owns a 31.94% working interest in operations on the block together, M & P owns 48.06%, and Tanzania Petroleum Development Corporation (TPDC) owns 20%.
Mnazi Bay Gas Production
- – Mnazi Bay gross Proved + Probable (2P) gas reserves are 181.1Bscf as of December 31st 2015.
- – M & P supplied an average of 49m cubic feet (MMcf )of natural gas per day in H1 2016.
- – On September 12, 2014, the Mnazi Bay partners signed a Gas Sales Agreement (GSA) with TPDC to deliver up to 130mmcf/day of natural gas from the Mnazi Bay concession to the new government owned Mtwara to Dar es Salaam gas pipeline.
- – The company’s first gas delivery to the new natural gas pipeline commenced on August 20th 2015.
Mnazi Bay Gas Production 2016
The Mnazi Bay achieved average gross daily gas production of 51m standard cubic feet (MMscf) per day in Q2 2016, compared to 48MMscf in Q1 2016 (+6.25%).
This was indicated in Wentworth’s press release issued on August 16th 2016.
Geoff Bury, Wentworth Managing Director comments: “In 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.”
East Africa-focused oil & gas company Wentworth Resources (OSE:WRL, AIM:WRL) announced improvements of gas production at Mnazi Bay in Q2 2016 by +6.25%.