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Wentworth Starts Farmout Process for Tembo-1 Appraisal Asset

Source: 6/13/2017, Location: Africa

Wentworth, the Oslo Stock Exchange and AIM listed independent, East Africa-focused oil & gas company, is providing an update to shareholders.

Further to the Operational Update in April and the successful Private Placement in May, we are pleased to announce that the farm-out process for the Company's Tembo-1 appraisal asset in northern Mozambique is now underway. The analysis of the results from the Tembo-1 discovery well and interpretation of the existing seismic data are now complete. The Company is continuing to advance its appraisal programme and is looking to secure an industry partner to participate in an appraisal well, which is planned for Q2 2018. The Company has identified a number of potential drilling locations and has commenced pre-planning work for the appraisal well.

The Company's internal assessment of the prospective resource estimate for the Tembo Structure is 1.7 Tcf (unrisked P50). Significant oil shows in the Tembo-1 discovery well also suggest the potential for an oil case of 219 MMbbls (unrisked P50). There is further significant upside potential in the 2,500 sq. km. Tembo Block which is not included in these prospective resource numbers.

The Company has an 85% working interest in the Tembo Block and feels confident that we will be able to secure an industry partner to participate in this appraisal programme. We will continue to update the market as material developments on this asset occur.

In relation to the Company's Mnazi Bay asset in Tanzania, Tanzania Petroleum Development Corporation (TPDC) and Tanzania Electric Supply Company Limited (TANESCO) have recently paid monthly invoices totalling $1.0 million net to Wentworth for gas sales. The Mnazi Bay Partners continue to work closely with the Government of Tanzania to settle all outstanding invoices. As part of our Gas Sales Agreement with TPDC, payment guarantees are in place which can be utilised, if deemed necessary, should payments from TPDC become excessively delayed. Other positive developments include an increase in daily production volumes since the end of the rainy season and we maintain our guidance for the year of 40 - 50 MMscf/d.

Geoff Bury, Managing Director, commented:

"We are very excited about being ready and in a position to advance the appraisal of the Tembo-1 discovery and feel confident that this exciting opportunity will attract an industry partner who shares our commitment to drilling an appraisal well next year. The payment received in Tanzania demonstrates the willingness to settle invoices when TPDC and TANESCO are in a financial position to do so. Along with our Operator, Maurel et Prom, we continue to work closely with TPDC and TANESCO to resolve the payment delays and clear all arrears."

For more information about related Opportunities and Key Players visit East Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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