Wentworth Updates on Mozambique and Tanzania Resources

Wentworth Announces Update on Mozambique and Tanzania Resources

Wentworth Resources announced the results of an independent technical evaluation of the Rovuma Onshore License in Mozambique and the Mnazi Bay Concession in Tanzania , carried out by RPS Energy, Calgary, Canada.

The Rovuma Onshore License partners have committed to a two-well exploratory drilling programme set to begin in Q2 2014, with an option to drill a third exploration well. The partners in the Mnazi Bay Concession are in advanced negotiations on a gas sales agreement that will commercialize gas via the Mnazi Bay to Dar es Salaam pipeline that is currently under construction by third party contractors for the government of Tanzania.

Headline results:

  • Potential oil play within the Tembo prospect in the Rovuma Onshore License: 1,205 MMstb gross undiscovered mean Oil-in-Place
  • 81% increase from 6.3 Tcf to 11.4 Tcf gross discovered and undiscovered mean Gas Initially-in-Place for the Rovuma Onshore License and Mnazi Bay Concession areas combined
  • 7 prospects identified and evaluated in the Rovuma Onshore License (operated by Anadarko) and 6 prospects identified and evaluated in the Mnazi Bay Concession (operated by Maurel et Prom)

Rovuma Onshore License, Mozambique

Under All Prospects as Gas Scenario

  • An increase in net mean prospective (unrisked) gas resources from 177 Bscf to 550 Bscf, an increase of 211%
  • An increase in net P10 prospective (unrisked) gas resources from 315 Bscf to 825 Bscf, an increase of 162%

Under Tembo Prospect Oil Scenario

  • Tembo prospect identified as potentially oil-bearing and scheduled to be first prospect to be drilled in Mozambique
  • An increase in net mean prospective (unrisked) gas resources from 177 Bscf to 375 Bscf plus 32 MMstb oil
  • An increase in net P10 prospective (unrisked) gas resources from 315 Bscf to 513 Bscf plus 90 MMstb oil

Mnazi Bay PSA, Tanzania

Net mean contingent gas resources maintained at 266 Bscf while net mean prospective (unrisked) gas resources decreased from 823 Bscf to 637 Bscf due to the uncommercial hydrocarbons encountered in the Ziwani-1 well in 2012

Wentworth Managing Director, Geoff Bury, commented: “Receiving a significant gas resources upgrade for our Onshore Rovuma License area and the fact that we now have an oil prospect to drill in Mozambique in Q2 2014 is highly encouraging. We are entering into a potentially transformational 15 month period for the Company. At least two Anadarko operated exploration wells will be drilled in Mozambique, which could offer significant upside to shareholders. In addition, first gas delivery into the new pipeline in Tanzania is expected in early 2015 increasing estimated gross gas production to 80 mmcf/day, a 40-fold increase over current production.”

Partners in the Rovuma Onshore License are:

  • Anadarko: 42% (Operator) through exploration; 35.7% production
  • Wentworth: 13.64% through exploration; 11.59% production
  • Maurel et Prom: 32.6% through exploration; 27.71% production
  • PTTEP: 11.76% through exploration; 10% production
  • ENH: 15% production

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LNG World News Staff, October 01, 2013