Wentworth wishes to provide an update of the Ziwani-1
exploration well, currently drilling in the Mnazi Bay
Concession, Tanzania. As previously reported, the well was
spudded on February 1, 2012 and was anticipated to take 35 to
40 days to drill. However, there have been some significant
delays due to equipment down-time, additional activities not
accounted in the well plan and extra bit changes. The 12
1/4" section of the well has been drilled to a depth of
1,606 meters. This section has been successfully logged and
the 9 5/8" casing has been run. The 8 1/2" section
of the well has now been drilled to a depth of 2,588 meters.
While there have been a number of gas shows to date, no
significant channel sands were identified in the Pliocene or
Miocene. A number of sands have been identified
throughout the Oligocene and drilling continues. The
plan is to complete the well to the original target depth of
2,700 meters and carry out a full logging program. This
will allow the well to be drilled to all the targets as
originally planned in the Pliocene, Miocene and
Oligocene.
Subject to conclusion of the exercise of the
pre-emptive rights exercised by Maurel & Prom
("M&P") on Wentworth's acquisition of Cove
Energy's interest in the Mnazi Bay Concession announced
on January 30, 2012, Wentworth will pay 11.98% of the costs
and hold a 39.925% participating interest in the Ziwani-1
well. M&P currently estimates that the total cost of the
Ziwani-1 well will be $1.95 million net to Wentworth ($16.25
million in total).
Managing Director, Geoff Bury, commented:
"Although the results of the Ziwani-1 well are so
far not as expected, the Company is working with M&P to
analyze the data obtained and evaluate its impact on the
upcoming exploration activities that will follow the planned
work-overs of three existing wells in the Mnazi Bay gas
field. We look forward to completing Ziwani-1 and focusing on
the prospective areas within the block."
About the Mnazi Bay Concession
The Mnazi Bay Concession Area is located in coastal,
south-eastern Tanzania in the Ruvuma (Rovuma) Basin. The area
lies between Aminex and Tullow Oil's Ruvuma Concession
Area and Ophir Energy and BG Group's offshore Block 1.
Ophir and BG Group's Chaza-1 gas discovery lies just
northeast of Mnazi Bay's marine border. The 756 km²
concession area contains two discovered Tertiary aged gas
fields (Mnazi Bay and Msimbati) and holds additional
Tertiary, Cretaceous and Jurassic hydrocarbon potential. Four
wells have been drilled to date: MB-1, MB-2, MB-3 and MS-1X,
and all four wells encountered hydrocarbons. MB-1 is
currently producing gas at a rate of 1.7-2.0 mmscf/d and this
gas is transported via an 8", 27 kilometre pipeline to
the Mtwara Power Plant where it generates electricity for
numerous local communities.
END
Enquiries:
Wentworth |
Bob McBean, Executive Chairman |
rpm@wentworthresources.com |
| |
Eric Fore, Finance, Investor & Public Relations
Manager |
etf@wentworthresources.com |
| | |
Panmure Gordon |
Nominated adviser & broker |
+44 (0) 20 7459 3600 |
| |
Katherine Roe
Brett Jacobs | |
| | |
FirstEnergy Capital |
Broker |
+44 (0) 20 7448 0200 |
|
Majid Shafiq
Travis Inlow | |
College Hill |
Investment relations adviser |
+44 (0) 20 7457 2020 |
| |
Nick Elwes
Catherine Maitland
Alexandra Roper | |
Axxept |
Investment relations adviser |
+47 (0) 99 22 0200 |
| |
Per Arne Totland | |
About Wentworth Resources
Wentworth Resources is a publicly traded (AIM:WRL,
OSE:WRL), independent oil & gas company with: natural
gas production; midstream and downstream assets; a committed
exploration and appraisal drilling programme; and large-scale
gas monetisation programmes, all in the Rovuma Delta Basin of
coastal southern Tanzania and northern Mozambique.
FORWARD LOOKING STATEMENTS
This press release may contain certain forward-looking
information. The words "expect",
"anticipate", "believe",
"estimate", "may", "will",
"should", "intend", "forecast",
"plan", and similar expressions are used to
identify forward looking information.
The forward-looking statements contained in this press
release are based on management's beliefs, estimates and
opinions on the date the statements are made in light of
management's experience, current conditions and expected
future development in the areas in which Wentworth is
currently active and other factors management believes are
appropriate in the circumstances. Wentworth undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new
information, future events or otherwise, unless required by
applicable law.
Readers are cautioned not to place undue reliance on
forward-looking information. By their nature, forward-looking
statements are subject to numerous assumptions, risks and
uncertainties that contribute to the possibility that the
predicted outcome will not occur, including some of which are
beyond Wentworth's control. These assumptions and
risks include, but are not limited to: the risks associated
with the oil and gas industry in general such as operational
risks in exploration, development and production, delays or
changes in plans with respect to exploration or development
projects or capital expenditures, the imprecision of resource
and reserve estimates, assumptions regarding the timing and
costs relating to production and development as well as the
availability and price of labour and equipment, volatility of
and assumptions regarding commodity prices and exchange
rates, marketing and transportation risks, environmental
risks, competition, the ability to access sufficient capital
from internal and external sources and changes in applicable
law. Additionally, there are economic, political,
social and other risks inherent in carrying on business in
Tanzania and Mozambique. There can be no assurance that
forward-looking statements will prove to be accurate as
actual results and future events could vary or differ
materially from those anticipated in such statements. See
Wentworth's Management's Discussion and Analysis for
the year ended December 31, 2011, available on
Wentworth's website, for further description of the risks
and uncertainties associated with Wentworth's
business.
NOTICE
Neither the Oslo Stock Exchange nor the AIM Market of
the London Stock Exchange has reviewed this press release and
neither accepts responsibility for the adequacy or accuracy
of this press release.
This information is subject of the disclosure
requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
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