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Wentworth Resources has announced the results of its annual independent evaluation of the gas reserves within the Mnazi Bay Concession in Tanzania, carried out by RPS Energy 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.’
Source: Wentworth Resources