East Africa-Focused Oil & Gas Company Wentworth Resources Limited, announced its audited financial results for the year ended 31 December 2014.
Revenue are up by 11% from 2013, to USD 1.06 million, due to increasing gas sales volumes at a fixed price of USD 5.36 per mmbtu to an 18 megawatt power plant in Mtwara, Tanzania.
Income from operating activities reached USD 13,8 million in 2014 as opposed to a loss of USD 9,4 million in 2013.
Geoff Bury, Managing Director, of Wentworth Resources commented: “We are very pleased that we now have reserves associated with our Mnazi Bay concession. This is a further step towards bringing our gas on stream and follows on from the signing of our gas sales agreement last year, and the ongoing implementation of the field infrastructure.”
“With the government pipeline project on track for a Q2 2015 commissioning, Wentworth now has a defined market for its Mnazi Bay gas and is within a few months of commencing first production into the pipeline, which should generate significant free cash flow in 2015.” Bury added.