Wentworth has named Eskil Jersing as its new chief executive.
Wentworth, the Oslo Stock Exchange and AIM listed independent is on the hunt for a farmout partner for its operations in Mozambique.
Oslo-listed, east Africa-focused oil and gas company Wentworth reports a "further significant shift" in its operational status, with independent reserves attributed to its Mnazi Bay gas fields for the first time. Production in Tanzania is now imminent as Wentworth has a gas sales agreement in place and the facilities required to produce these reserves are nearing completion.
Wentworth said it has commenced drilling operations from its Kifaru-1 exploration well in the Rovuma onshore concession in Northern Mozambique. The company, which has an 11.59% net interest in the well, said it has a planned total depth of 4,050metres and will take 70 days to complete. It is being drilled with the Helmerich & Payne rig #243.
Wentworth Resources Limited has secured $26million in loan agreements from the Tanzanian Bank for the development of a well and loan repayments. The company said it had also signed a long-term gas sales and purchase agreement to supply discovered natural gas at a price of $3 per mmbtu (million metric British thermal units) for its Mnazi Bay concession. In its third quarter results the company said its working capital was down to $24million compared with $38.4million for the same time last year.