19th Nov 2019 13:27
(Alliance News) - Natural gas firm Wentworth Resources PLC on Tuesday reiterated its full-year production guidance and predicted that it will be debt free at the start of next year.
In the ten months to the end of October, average production at its Mnazi Bay asset in Tanzania was 70.4 million standard cubic feet per day. In the third quarter alone, Mnazi Bay output averaged 77.93 million standard cubic feet per day.
"This was constrained by the MB-2 well being temporarily shut-in due to a rupture in the flowline between MB-2 and the MB-3 cluster," Wentworth added.
The firm said it is working alongside its joint-venture partners to bring the MB-2 well back into production.
Developments also are planned at the MB-4 well, which could boost Mnazi Bay production to 90 million standard cubic feet per day. Work is expected to begin in December.
Looking ahead, Wentworth maintained its full-year output estimate in the range of 68 million and 72 million standard cubic feet per day.
With its final debt repayment of USD1.7 million due early next year, the company expects to get out of the red in January 2020.
Chief Financial Officer & Interim Chief Executive Katherine Roe said: "We are working well with our joint-venture partners to ensure we achieve optimal field management and are fully aligned with our operator on remedial works for MB-2 and recompletion plans for MB-4.
"Stable production from the field to meet existing and growing demand is allowing the joint-venture partners to anticipate higher production levels into 2020 and we will look to provide full year 2020 production guidance early in the new year."
Shares in Wentworth were 7.8% higher at 18.60 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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