The Board’s strategy for Wentworth is to become a leading integrated oil and gas producer in East Africa, a region in which it has significant expertise and which is expected to evolve into a major oil and gas region.
Key Investment Highlights:
- Members of the Company’s Board and management team have previously worked together and bring together a diverse set of skills which include experience in exploration, large scale field production and downstream oil and gas project development
- The Company has interests in one PSA in Tanzania and one Exploration and Production Concession Contract (EPCC) in Mozambique with natural gas currently producing from the Mnazi Bay and Msimbati gas fields.
- The Company’s portfolio of assets comprise proven assets in Tanzania with low risk appraisal opportunities and substantial exploration upside potential in both Tanzania and Mozambique, including:
- 279 Bcf of net P50 unrisked contingent recoverable resources and 1 Tcf of net P50 unrisked prospective recoverable resources in Mnazi Bay (Tanzania); and
- exploration opportunities in Onshore Rovuma (Mozambique) including 154 Bcf of net P50 unrisked prospective recoverable resources
- Sub Saharan East Africa is experiencing increased exploration activity, drilling and production by major oil companies, large independent exploration and production companies, national oil companies, and smaller independent companies, and is benefitting from oil discoveries in Uganda and Kenya and world class natural gas discoveries in Tanzania and Mozambique.
- The Company is working with recognised operators and partners including Anadarko and Maurel et Prom.
- Sales of gas into the new pipeline will enable significant revenue, cash flow, and profit growth and the ability to accelerate cost recovery and the recovery of receivables.
- The Company has additional natural gas monetisation potential through: large-scale petrochemicals projects under development; new regional power, cement and other industrial projects; and Liquefied Natural Gas (''LNG'') facilities being developed in Mozambique and Tanzania.