Tanzania Payments Improve, says Wentworth
Oslo and AIM-listed East African gas producer Wentworth Resources said it has received payment and continued its strong production trend from its Mnazi Bay gas field interest in Tanzania.
In a statement May 1, it said it received $6mn net of payments during April 2018 for its share of Mnazi gas sales, representing two months' full payment. It also said that gross production at Mnazi Bay averaged 77mn ft3/d in April 2018 "continuing the strong production since the start of the year and further de-risking our 2018 gross production guidance of 65 to 75mn ft3/d."
Mnazi Bay licensees are operator Maurel & Prom, a subsidiary of Pertamina, with 48.06%, Wentworth 31.94% and state-owned Tanzania Petroleum Development Corporation (TPDC) 20%.
Their improving situation contrasts with Aminex, which has technical problems at its small Tanzanian gas field (Kiliwani North) and other investors there who have faced regulatory uncertainty or threats.
Wentworth also May 1 said that Eskil Jersing will formally join the company on June 25; it is anticipated that he will be appointed to the board at its annual meeting two days later. The company announced mid-January its appointment of Jersing as its new CEO; he had headed up Sterling Energy. As previously announced, Geoff Bury stepped down from his position as managing director on April 30 2018 and Bob McBean, executive chairman, has assumed the role of interim CEO until Jersing formally joins.