Milestone moment for Aim-listed Wentworth

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 commences drilling in Mozambique


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.

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Wentworth Resources secures loan agreement


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.