16th Aug 2018 13:10
LONDON (Alliance News) - Wentworth Resources Ltd on Thursday upped its annual daily production guidance as swung to profit in the first half of 2018.
The energy company reported pretax profit of USD2.3 million for the six months to the end of June compared to a USD1.9 million loss posted for the same period a year earlier, as revenue more than doubled to USD10.8 million from USD5.1 million.
In Tanzania, the company said average daily gas production increased to 79.3 million standard cubic feet from 36.9 million standard cubic feet in the first half of 2017.
The company had previously expected to deliver an average gas production of 65 and 75 million standard cubic feet over 2018. Wentworth on Thursday, however, lifted its annual guidance and now expects to achieve an average gas production of 89 million standard cubic feet.
Wentworth Resources said its operating costs dropped significantly to USD0.43 per one million standard cubic feet of gas versus USD1.16 the year prior.
Meanwhile, in Mozambique, the company said it secured a 12-month extension of the Tembo appraisal license from Nacional de Petroleo. However, it still seeks a risk sharing partner to advance its technical studies on commercial and monetisation options.
"The first half of 2018 has seen Wentworth make material progress on Mnazi Bay production growth, receipt of revenues and long term receivables, deleveraging of our balance sheet," said Chief Executive Eskil Jersing.
"I look forward to continuing to help unlock the latent value in our core Mnazi Bay asset and sharing progress on our path to value with all our shareholders," added Jersing.
Shares in Wentworth Resources were untraded on Thursday, last quoted at 27.00 pence each.
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