19th Nov 2015 12:03
LONDON (Alliance News) - Wentworth Resources Ltd on Thursday reported a narrowed net loss in the third quarter of 2015 and a rise in revenue as it received its first gas sales for the new natural gas pipeline at the Mnazi Bay Block in Tanzania.
The oil and gas company said its net loss in the three months ended September 30 narrowed to USD1.2 million from USD1.3 million in the same period the year before, as revenue grew to USD972,000 from USD270,000.
In the nine months to the same date, its net loss increased to USD5.8 million from USD3.5 million, while revenue grew to USD1.5 million from USD759,000.
Wentworth said the third quarter was a "pivotal" period for the company as it commenced first gas delivery to the new government-owned Mtwara to Dar es Salaam natural gas pipeline at the Mnazi Bay Block in Tanzania.
Current production into the new pipeline is approximately 45 million standard cubic feet per day, with an expected gradual increase to 80 mmscf per day by the end of 2015.
"Four of the five wells are now tied in to the new pipeline with production rates and well performance being comfortably within expectations," Managing Director Geoff Bury said in a statement.
"We expect to exit 2015 in a strong financial position and have positioned the company to take advantage of strategic growth opportunities should they arise in 2016," he added.
Shares in Wentworth Resources were untraded on Thursday, last quoted at 32.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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