Mnazi Bay Production Sharing Agreement

Mnazi Bay Production Facilities / Production operations at the MB-3 development well site

  • 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 and the Offshore Block 1 concessions in Tanzania
  • 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, transnational pipeline with initial delivery volumes commencing in Q3 2015
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
  • Construction of new government owned gas processing plant and pipeline terminal at Madimba, Tanzania, located within the Mnazi Bay concession, was completed and commissioned during October 2015
  • First gas delivered in August 2015 with delivery point adjacent to Wentworth’s existing gas production facilities
  • Gas production averaged 33 MMscf/d (gross volumes) during the first full month of production in September and is expected to increase to c. 70-80 MMscf/d commencing in 2016 following full commissioning and start-up of state owned power generation facilities located in the commercial capital Dar es Salaam. The primary end user of the Mnazi Bay gas is state owned electrical utility company TANESCO
Signing Ceremony
Symbian electrical generation facility in Dar es Salaam
Signing Ceremony
Symbian electrical generation facility in Dar es Salaam
  • 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 2017
  • Independent Reserves Evaluation report prepared by RPS Energy dated December 31, 2015:
    • Wentworth’s Proved + Probable (2P) reserves is valued at US$179.2 million after tax (NPV10)
    • Proved (1P) – 107.4 Bscf gross (17.9 MMboe); 76.4 Bscf net (12.7 MMboe)
    • Proved + Probable (2P) – 181.1 Bscf gross (30.2 MMboe); 114.5 Bscf net (19.1 MMboe)
    • Proved, Probable & Possible (3P) – 275.3 Bscf gross (45.9 MMboe); 156.0 Bscf net (26.0 MMboe)

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

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

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