31st Mar 2015 12:47
LONDON (Alliance News) - Wentworth Resources Ltd on Tuesday said drilling operations at the MB-4 development well at the Mnazi Bay development licence area in Tanzania have now started.
Wentworth said construction of the pipeline leading to the site is complete. Construction has also started on tying-in the existing four development wells and installing flow lines in order to supply gas to the new pipeline, with two of those wells now fully tied-in.
Drilling operations will start in the next few days, Wentworth said, with the MB-4 well designed to penetrate the upper and lower gas-bearing sands on the Mzani bay field.
"We are very encouraged by the progress of the pipeline infrastructure and all aspects of the gas pipeline project. Whilst completion and commissioning delays will impact the timing and amount of expected cash flow generated in 2015, we see clear, tangible progress towards first gas being delivered into the new pipeline in the summer and look forward to ramping up volumes of gas supply, helped by additional production capacity expected from the MB-4 development well," said Managing Director Geoff Bury.
Still, Wentworth shares were down 2.8% to 28.2 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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