Wentworth Says Tanzania Payments Still Flowing
Wentworth Resources, the Oslo and AIM-listed partner at Tanzania's Mnazi Bay gasfield, indicated October 20 that customer payments are improving.
It said that it is continuing to work with state gas offtakers Tanzania Petroleum Development Corporation (TPDC) and Tanzania Electric Supply Company (Tanesco) to maintain regular monthly payments of gas sales invoices, with a focus on settling unpaid invoices from earlier in the year.
This is evidenced by payments received by Wentworth this week of $1.1mn net from TPDC and $0.4mn net from Tanesco.
Also October 20, it reported that Q3 2017 gross production volumes from the Mnazi Bay gas field averaged 60mn ft3/d, bringing the year-to-date average to 45mn ft3/d. Production has continued at similar levels into Q4 with October 2017 month-to-date averaging over 64mn ft3/d.
It continues to maintain 2017 full-year production guidance of between 40mn and 50mn ft3/d gross (all figures being at 100% equity).
Wentworth's Q2 loss was deeper year on year owing to particularly low Mnazi Bay production that quarter; it has yet to report Q3 earnings. The company has 31.94% equity in Mnazi Bay, Pertamina-owned operator Maurel & Prom has 48.06%, and TPDC 20%; production began August 2015.
Mark Smedley