Wentworth Resources has struck a deal to buy Scirocco Energy’s 25% stake in the Ruvuma licence, for up to $16 million.
Wentworth Resources has posted another strong set of results with revenues up 26% on higher production.
Wentworth Resources has signed a memorandum of understanding (MoU) with Vitol to offset emissions in Tanzania.
AIM-listed Wentworth Resources’ production dipped in 2020, but revenue was largely flat and the company has upped its dividend.
The next 10 years will be critical in determining Africa’s power path – and just how much more carbon the next billion people will emit.
In the coverage of Chrysaor’s reverse takeover of Premier Oil, the chief executive of a Tanzania-focused E&P firm with no skin in the game of that deal might not have expected to get a mention.
Mnazi Bay production will increase for the rest of the year, following the end of the rainy season.
Demand for Wentworth Resources’ gas in Tanzania will stay flat this year, with heavy rains driving hydropower generation, but things should pick up towards the end of 2020.
Tanzania has struggled to pay its debts to local gas producers but there are signs this is changing, with Wentworth Resources and Orca Exploration posting strong quarterly results on improved collections and higher gas demand.