Mnazi Bay Production Sharing Agreement

  • Coastal (onshore and offshore), south-eastern Tanzania bordering the Ruvuma River to the south and extending east into the Indian Ocean
  • Concession area lies between the Ruvuma concession and the Offshore Block 1 concession
  • On September 12, 2014, Wentworth and the Mnazi Bay partners signed a Gas Sales Agreement with the Tanzanian government to deliver up to 130mmcf/day of natural gas from the Mnazi Bay concession to the new government owned pipeline with initial delivery volumes commencing Q2 2015
  • Construction of new government owned gas processing plant and pipeline terminal at Madimba, Tanzania, located within the Mnazi Bay concession, expected to be completed and commission in Q2 2015
  • First gas expected to be delivered in Q2 2015 with delivery point adjacent to Wentworth’s existing gas production facilities
  • Completed acquisition of new onshore 2D seismic including 58km of high resolution seismic data over the existing discovered gas fields which will support future development drilling operations
  • New development and exploration wells planned for 2015/16
  • Independent Reserves Evaluation report prepared by RPS Energy dated December 31, 2014:
    • Wentworth’s Proved + Probable (2P) reserves is valued at US$152.9 million after tax (NPV10)
    • Proved (1P) – 89.2 Bscf gross (14.9 MMboe); 68.2 Bscf net (11.4 MMboe)
    • Proved + Probable (2P) – 141.5 Bscf gross (23.6 MMboe); 95.5 Bscf net (15.9 MMboe)
    • Proved, Probable & Possible (3P) – 226.6 Bscf gross (37.8 MMboe); 135.3 Bscf net (22.6 MMboe)
Signing Ceremony
Bob McBean, Executive Chairman, signing Gas Sales Agreement – Dar es Salaam, Tanzania
Signing Ceremony
Bob McBean, Executive Chairman with former Tanzanian Minister of Energy and Mineral Resources Professor Sospeter Muhongo and Maurel & Prom CEO Michel Hochard, following signing of the Gas Sales Agreement – Dar es Salaam, Tanzania

Participation Interest in Concession

License
Surface Area
Ownership
% Production
% Exploration
Mnazi Bay
756km2
Wentworth Resources
31.94
39.925
   
Maurel et Prom1
48.06
60.075
   
TPDC
20.00
n/a

1Denotes Operator

Independent Reserves Evaluation

Reserves Summary for Mnazi Bay as at December 31, 20143

Reserve Category

Full Field

Wentworth 31.94% WI

Gross Reserves

Gross1 Reserves

Net2 Reserves

Sales Gas (Bscf)

BOE (MMbbl)

Sales Gas (Bscf)

BOE (MMbbl)

Sales Gas (Bscf)

BOE (MMbbl)

PDP

82.9 13.8 26.5 4.4 20.7 3.5

1P

279.2 46.5 89.2 14.9 68.2 11.4

2P

443.0 73.8 141.5 23.6 95.5 15.9

3P

709.3 118.2 226.6 37.8 135.3 22.6

1Gross Reserves are Wentworth’s working interest share of Total Field Reserves.
2Net Reserves are calculated as the product of Wentworth’s Gross Reserves and the ratio of Wentworth’s net revenue to Wentworth’s working interest share of field gross revenue
3Source: RPS Energy Canada Ltd. – Mnazi Bay Field Reserves Assessment as at December 31, 2014

Wentworth Resources Working Interest Reserves for Mnazi Bay as at December 31, 20141

Reserve Category

NPV Before Tax (Millions US$) using discount factor of

0% 5% 10% 15% 20%

Proved

 

 

 

 

 

  Producing

73.6 69.3 65.4 61.9 58.7

  Undeveloped

102.3 77.8 59.5 45.5 34.8

  Total Proved

175.8 147.1 124.8 107.4 93.5

  Probable

66.4 48.7 37.5 30.3 25.4

Proved + Probable

242.2 195.8 162.4 137.7 118.9

  Possible

120.1 65.6 36.9 21.1 12.1

Proved + Probable + Possible

362.3 261.3 199.2 158.8 131.0

1Source: RPS Energy Canada Ltd. – Mnazi Bay Field Reserves Assessment as at December 31, 2014

Wentworth Resources Working Interest Reserves for Mnazi Bay as at December 31, 20141

Reserve Category

NPV After Tax (Millions US$) using discount factor of

0% 5% 10% 15% 20%

Proved

         

  Producing

72.7 68.5 64.7 61.3 58.2

  Undeveloped

93.5 71.1 54.2 41.4 31.4

  Total Proved

166.2 139.6 118.9 102.7 89.6

  Probable

60.1 44.1 33.9 27.3 22.9

Proved + Probable

226.3 183.7 152.9 130.0 112.5

  Possible

110.2 60.3 33.9 19.3 11.0

Proved + Probable + Possible

336.5 244.0 186.8 149.3 123.5

1Source: RPS Energy Canada Ltd. – Mnazi Bay Field Reserves Assessment as at December 31, 2014

Prospective Resources*

Prospective Resources (Unrisked) Mnazi Bay License, Tanzania (Bcf)
100% Field Values
Wentworth 39.925% Interest
P90
P50
Mean
P10
P90
P50
Mean
P10
Gas Originally in Place
1,653
2,400
2,486
3,400
672
958
993
1,357
Recoverable Resources
1,064
1,537
1,596
2,201
425
614
637
879

*Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013

Tanzania

Mnazi Bay Concession Prospects and Leads

Back to Top