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    Wentworth Resources Plc  302  0 Kommentare Corporate and Operational Update

    PRESS RELEASE

    15 November 2018

    WENTWORTH RESOURCES PLC
    ("Wentworth" or the "Company")

    Corporate and Operational Update

    Wentworth, the Oslo Stock Exchange (OSE:WEN) and AIM (AIM:WEN) listed independent, East Africa-focused oil & gas company, today provides both a Corporate and Operational Update.

    Further to the 14 October 2018 RNS, the Oslo Stock Exchange has approved the delisting application made by Wentworth as of 14 November 2018. The Company will be delisted from the Oslo Børs on 14 February 2019 with the last day of trading being 13 February 2019. The Company will in due course publish further information about the delisting relevant for shareholders of the Company whose Securities are registered in the Norwegian Central Securities Depository and traded on the Oslo Stock Exchange.

    The Company is pleased to inform shareholders that payments received in October 2018 for gas sales generated from the Mnazi Bay Concession totaled $3.78 million net to Wentworth. Payments were received from both Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("TANESCO") for one month's gas sales to TPDC and one month's gas sales to TANESCO.

    The Company also reports that gross production volumes during October averaged 82 MMscf/d following September average production volumes of 83 MMscf/d. September and October 2018 production volumes were lower than normal due to planned slickline well activities on Mnazi Bay, in addition to repair and maintenance operations associated with the Kinyerezi Power Facilities and extension of a feeder connection to customers in Mkuraganga.

    A return to production levels closer to 90 MMscf/day are expected during the second half of November 2018, with the Company likely to exceed the previously guided average for 2018 of 65 - 75 MMscf/d.

    Since commencement of production into the new Tanzanian trans-national pipeline system in August 2015 and subsequent regular receipt of payments from TPDC and TANESCO, the Joint Venture Partners have been consistently recovering pre-agreed allocations of the TPDC long-term receivable. As a result of stabilised production and consistency of payments, historically incurred operating expenses within the cost recovery pool (and certain joint-exploration expenditures) have now been fully recovered. The Operator's exploration costs are next in line for repayment, commencing with the Ziwani-1 Exploration well and associated 3D seismic costs.

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    Wentworth Resources Plc Corporate and Operational Update PRESS RELEASE 15 November 2018 WENTWORTH RESOURCES PLC ("Wentworth" or the "Company") Corporate and Operational Update Wentworth, the Oslo Stock Exchange (OSE:WEN) and AIM (AIM:WEN) listed independent, East Africa-focused oil & gas company, today …