Wentworth reports 14.9% Tanzanian output lift in H1
Wentworth Resources, the London-listed E&P company active in Tanzania, on September 1 reported a 14.9% annual rise in gas extracted from its Tanzanian holdings in the first half of the year.
The company, which also reported zero debt and $22.8mn in cash holdings, holds a 32% production stake in the Maurel & Prom-operated Mnazi Bay concession, a 756km2 onshore licence in Tanzania's Mtwara region containing two fields, Mnazi Bay and Msimbati.
Mnazi Bay produced around 92.3mn ft3/day in gross terms from January to June, and while Q2 output was slightly lower at 86.3mn ft3/d, this was still towards the top of Wentworth's guidance range. Revenues reached $15.5mn for the half, up 32% yr/yr, due to increased gas extraction and surging gas prices.
Wentworth has benefited in recent years from increased Tanzanian output at gas-fired power plants to support the country's hydro dam activity. A 25% increase in Mnazi Bay 's output brought average production to 81.6mn ft3/d in 2021 , a year that saw Tanzania's peak power demand soar to a new record of 1,307 MW.
Tanzania aims to increase its generation capacity to 5,000 MW by 2025 in a bid support the growth of its industrial economy, and end power outages that intermittently affect state-owned utility Tanesco's customers. Wentworth's share of gross Mnazi Bay's 2P reserves is estimated at 135.2bn ft3, with a post-tax valuation (NPV10) of $108.9mn as of December-end 2021.