Wentworth Spuds Ziwani-1 Well in Mnazi Bay (Tanzania)

Wentworth today said that the onshore Ziwani-1 exploration well (Wentworth 52.225%) spudded on February. This is the first new well to be drilled in the Mnazi Bay concession area since the MS-1X exploration well was drilled, logged and tested in 2007.

The details of the well are as follows:

• The fifth well to be drilled in the Mnazi Bay concession;
• Approximately 13 km to the west of the producing Mnazi Bay and Msimbati gas fields;
• Expected vertical target depth range is 1,800 to 2,500 meters;
• Targeting Miocene and Oligocene sandstones, similar to the reservoirs of the Mnazi Bay and Msimbati gas fields;
• Well operator is Maurel et Prom and drilling time is estimated to be 35 days; and
• The well is the start of the 2012 Mnazi Bay work programme, which includes this exploration well, three existing work-overs wells and one appraisal well or additional exploration well.

Wentworth will pay 30% of the costs of the Ziwani-1 well and holds a 52.225% participating interest in this exploration well, subject to the exercise of pre-emptive rights regarding the acquisition of Cove Energy’s interest in Mnazi Bay. This well and the 2012 work programme are designed to explore for additional hydrocarbon resources and to further prove up existing natural gas reserves. Proving up additional gas resources will enable the concession partners to commit to and deliver agreed quantities of natural gas to the proposed Dar es Salaam to Mnazi Bay pipeline.  The partners are in discussions with Tanzania Petroleum Development Corporation with a view to agreeing a long-term Gas Supply Agreement.

Managing Director, Geoff Bury, commented:

“We are excited to start the year with a high impact work programme that has the potential to deliver significant asset growth and shareholder value in 2012. The carried interest we enjoy in the Mnazi Bay concession provides full participation with reduced financial exposure.  We look forward to updating further on the Ziwani-1 well as well as our entire work programme as we commence what is a seminal year in the Company’s development.”  

[mappress]

LNG World News Staff, February 3, 2012