17th Jun 2015 09:03
LONDON (Alliance News) - Wentworth Resources Ltd Wednesday said it has finished drilling the MB-4 development well in the Mnazi Bay concession in southern Tanzania, and said it will contribute to production when it begins in the third quarter.
Wentworth said MB-4 is located approximately 800 meters from the MB-2 and MB-3 wells in the Mnazi Bay gas field, crossing the Miocene gas reservoirs with net pay of 24 meters in the upper Mnbazi Bay reservoir and 43 metres from the lower Mnazi Bay. The company said MB-2 and MB-3 were two of the best wells to be drilled so far on Mnazi Bay, giving it confidence MB-4 will be a success.
Within MB-4, the two reservoirs were tested, producing results of 18.8 million standard cubic feet per day from the upper reservoir and 22.2 million standard cubic feet per day from the lower reservoir.
MB-4 will be connected to the production facilities, which are currently being installed, in the third quarter. Wentworth said the tests conducted so far has confirmed the field can produce an initial 80 million standard cubic feet per day, which could reach up to 130 million standard cubic feet per day.
"We are extremely pleased with the outcome of the MB-4 well as the result confirms our reservoir model for the Mnazi Bay gas field. The success of the well not only provides further confirmation of the value of our discovered reserves in Mnazi Bay, but also provides additional flexibility for meeting gas delivery obligations agreed in our gas sales agreement," said Managing Director Geoff Bury.
Wentworth shares were up 5.3% to 30.80 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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