The East Africa-focused independent oil & gas company Wentworth Resources (AIM: WRL), has just announced its results for the quarter ended 31 March 2016.
The Q1 2016 Financial Statements show that Mnazi Bay gas wells are performing exceptionally well and are capable of delivering volumes in excess of current production.
The achieved average gross daily gas production was 48 MMscf/d for the first quarter and reached 65 MMscf/d on 31 March.
Geoff Bury, Managing Director, commented: “The newly built and previously existing power generation facilities which utilize the Company’s natural gas have all been tested and fully commissioned and refurbished where necessary. Over the coming months, production is expected to stabilize between 70-80 MMscf/d and maintain this level for the remainder of 2016. We continue to build cash reserves from internally generated cash flows and strengthen our balance sheet while looking for strategic opportunities to further enhance shareholder value.”
Wentworth’s two principal assets are the Mnazi Bay Concession in Tanzania and the Rovuma Onshore Block in Mozambique where the company holds participation interests of 31.94% and 11.59% respectively.
In Tanzania, the company’s first gas delivery to the new government owned Mtwara to Dar es Salaam natural gas pipeline commenced on 20 August 2015.
