Press

Wentworth Resources: Tanzania Reserves Update


Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, is pleased to announce the results of its annual independent evaluation of the gas reserves within the Mnazi Bay Concession in Tanzania, carried out by RPS Energy Canada Ltd. ("RPS"), Calgary, Canada on behalf of Maurel et Prom (Operator) and Wentworth Resources.

Highlights (net to Wentworth) as at 31 December 2017:

  • Net Proved + Probable (2P) reserves are valued at US$159.6 million after tax (NPV10)
  • Proved (1P) reserves: 97.3 Bscf gross (16.2 MMboe); 72.7 Bscf net (12.1 MMboe)
  • Proved + Probable (2P) reserves: 176.4 Bscf gross (29.4 MMboe); 115.1 Bscf net (19.2 MMboe)
  • Proved, Probable & Possible (3P) reserves: 265.0 Bscf gross (44.2 MMboe); 155.8 Bscf net (26.0 MMboe)

The Company experienced a strong year of production in 2017 with good well performance; there were no significant problems or issues identified in the wells, underpinning the quality of the Company's assets in Tanzania. Volumes have begun to ramp up significantly with the first two turbines at Kinyerezi-2 now operational and the remaining four turbines expected to be commissioned during this year. Further sources of demand are also expected to materialise and, with the existing reserves providing a solid foundation, the Company is well placed to grow production from the Mnazi Bay concession in the near future.  

Geoff Bury, Managing Director, commented:

"Our annual 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, less the gas produced during 2017, and reinforces the potential of the Mnazi Bay fields. With strong average production delivered last year and significantly higher volumes currently being experienced, combined with the continued successful performance of our existing wells and all the necessary infrastructure in place, we look forward to sustained production from our valuable Tanzania asset." 

Mnazi Bay, Tanzania Reserves:

Certain key extracts from RPS' Reserves Assessment follow and the complete report will be made available on the Company's website at www.wentworthresources.com.

Reserves Summary for Mnazi Bay

as at December 31, 2017

Reserve Category

Full Field

Wentworth 31.94% WI

Gross(1) Reserves

Gross(1) Reserves

Net(2) Reserves

Sales Gas (Bscf)

BOE (MMbbl)

Sales Gas (Bscf)

BOE (MMbbl)

Sales Gas (Bscf)

BOE (MMbbl)

PDP

86.0

14.3

27.5

4.6

22.1

3.7

PD

139.0

23.2

44.4

7.4

36.7

6.1

1P

304.7

50.8

97.3

16.2

72.7

12.1

2P

552.3

92.1

176.4

29.4

115.1

19.2

3P

829.6

138.3

265.0

44.2

155.8

26.0

  1. Gross Reserves are Wentworth's working interest share of Total Field Reserves.
  2. Net Reserves are calculated as the product of Wentworth's Gross Reserves and the ratio of Wentworth's net revenue to Wentworth's working interest share of field gross revenue.

Wentworth Resources Working Interest Reserves for Mnazi Bay

as at December 31, 2017

Reserve Category

NPV Before Tax (Millions US$) using discount factor of

0%

5%

10%

15%

20%

Proved

 

 

 

 

 

  Producing

56.7

54.8

52.7

50.6

48.6

  Non Producing

33.4

26.9

21.9

18.0

15.1

  Undeveloped

96.2

68.6

50.2

37.5

28.6

Total Proved

186.3

150.3

124.8

106.2

92.2

  Probable

102.3

64.7

44.8

33.6

26.8

Proved + Probable

288.6

214.9

169.5

139.7

119.0

  Possible

129.8

74.4

47.0

32.5

24.2

Proved + Probable + Possible

418.4

289.3

216.6

172.2

143.2

 

Wentworth Resources Working Interest Reserves for Mnazi Bay

as at December 31, 2017

Reserve Category

NPV After Tax (Millions US$) using discount factor of

0%

5%

10%

15%

20%

Proved

 

 

 

 

 

  Producing

56.7

54.7

52.6

50.6

48.5

  Non Producing

29.8

24.1

19.6

16.2

13.5

  Undeveloped

88.9

63.4

46.3

34.5

26.2

  Total Proved

175.4

142.2

118.5

101.3

88.3

  Probable

93.2

59.2

41.0

30.8

24.6

Proved + Probable

268.6

201.3

159.6

132.1

112.9

  Possible

119.0

68.4

43.3

29.9

22.3

Proved + Probable + Possible

387.6

269.7

202.9

162.0

135.2

 

There has been no change to Prospective Resources in the Company's Mnazi Bay Concession.

Partners in the Mnazi Bay Concession are:

Maurel et Prom:               60.075% (Operator) through exploration; 48.06% production

Wentworth:                       39.925% through exploration; 31.94% production

TPDC:                                20% production


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wentworthresources.com/press.php

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