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Wentworth Initiates Onshore Mozambique Farmout

Wentworth, the Canada-based east Africa independent listed on the Oslo and AIM exchanges, says a farm-out process for its Tembo-1 appraisal asset onshore northern Mozambique is now underway.

It said June 13 that analysis of the results from the Tembo-1 discovery well is complete, and that it is looking to secure an industry partner to participate in an appraisal well, planned for 2Q 2018. Wentworth said its internal assessment of the Tembo prospective resource is 1.7 trillion ft³ with significant oil shows also suggesting the potential of 219mn bbls (both figures, unrisked P50). The company has an 85% interest in the 2,500 km² Tembo block.

In contrast, offtake and payments for gas produced at Mnazi Bay in Tanzania remain sluggish.

State entities Tanzania Petroleum Development Corporation (TPDC) and utility Tanesco have recently paid monthly invoices totalling $1mn net to Wentworth for gas sales, it said, with all Mnazi Bay partners (which include operator Pertamina-controlled Maurel & Prom, M&P) “working closely with the government of Tanzania to settle all outstanding invoices.”

Wentworth said payment guarantees are in place, under its sales agreement to TPDC, “which can be utilised if deemed necessary, should payments from TPDC become excessively delayed.” It said there had been a recent increase in daily production volumes, and that the company is maintaining its guidance for the year of 40–50mn ft³/d gross production at Mnazi Bay.

M&P put gross Mnazi Bay production at 43mn ft³/d in late April 2017. Gas produced mostly goes to fuel power plants near and in the Tanzanian capital Dar es Salaam.

 

Mark Smedley



This post first appeared on Natural Gas Asia - Asia's Unconventional Gas And O, please read the originial post: here

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Wentworth Initiates Onshore Mozambique Farmout

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