Wentworth Resources plc, the independent, Tanzania-focused natural gas production company, announces the results of the year-end Competent Persons Report for 2021.
· Wentworth's share of gross 2P Reserves as at 31 December 2021 estimated to be 135.2 Bcf (22.5 MMboe) with an after-tax NPV10 of US$108.1 million
· Gross full-year 2021 production was 29.8 Bcf representing an approximate 24% increase over 2020 gross production volumes
· Remaining economically recoverable gross 2P sales gas for the Mnazi Bay Gas field estimated at 423.3 Bcf
· Cumulative Mnazi Bay Field production to the end of 2021 is 154.4 Bcf
· Mnazi Bay Facility safely operated for over 2,000 days (or 5.5 years) without a lost time incident
· Employee safety remains a top priority and robust precautionary measures remain in place relating to COVID-19
RPS Energy Canada Ltd ("RPS"), an independent third-party reserves evaluator, completed a Competent Persons Report ("CPR") for the Company's interest in the Mnazi Bay licence with an effective date of 31 December 2021. The updated full field 2P gross reserves for the Mnazi Bay gas field are 423.3 Bcf (83.6 Bcf being Wentworth's share of net reserves). This compares to 445.3 Bcf as at 31 December 2020 reflecting a year of strong production. Full-year 2021 gross production increased 24% to 29.8 Bcf (FY 2020: 23.9 Bcf).
The after-tax NPV10 for the 2P reserves as at 31 December 2021 is US$108.1 million net to Wentworth.
During 2021, Wentworth returned US$3.9 million to shareholders, made further capital returns via share buy-backs of US$2.0 million and increased its cash position (unaudited) to US$22.8 million as at 31 December 2021 (2020: US$17.8 million).
Katherine Roe, CEO, commented:
"Our 2021 CPR reconfirms the long-term potential at Mnazi Bay, which continues to go from strength-to-strength having produced impressive volumes last year. The upwards revision in PDP reserves, after accounting for production, reflects our strong technical fundamentals as well as the hard work and ongoing investment of the Mnazi Bay JV partners.
"Our robust operations and reserves potential will enable us to continue supplying the people of Tanzania with a low-carbon, sustainable energy supply while returning capital to shareholders through our progressive dividend policy for the long-term."