dickie3times
06 Apr 2015
re- On the move Wentworth Resources commences drilling of MB-4 development well, provides update on transnational pipelineTUESDAY, MARCH 31, 2015 The MB-4 development well is designed to penetrate the Mnazi Bay Upper and Mnazi Bay Lower gas bearing sands of the discovered Mnazi Bay gas fields. Construction of the Government owned and operated Mtwara to Dar es Salaam pipeline is now 100% complete and the two associated processing facilities are approximately 96% complete.Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, today provides an operational update in the lead up to the first delivery of gas to the new transnational pipeline from its assets in Tanzania and announces that drilling operations of the MB-4 development well in the Mnazi Bay Development License Area has commenced.Construction of the Government owned and operated Mtwara to Dar es Salaam pipeline is now 100% complete and the two associated processing facilities are approximately 96% complete. Regarding the Company's assets, construction has commenced on tying-in the existing four development wells and installing flow lines in order to supply gas to the new pipeline and two of these wells are now fully tied-in. The Mnazi Bay Partners have been advised by Tanzania Petroleum Development Corporation that some delays have been experienced in commissioning and startup of the gas pipeline project and, as a result, delivery of first gas into the pipeline is now expected to take place in July 2015.Drilling operations of the MB-4 development well are expected to commence in the next few days and the well is designed to penetrate the Mnazi Bay Upper and Mnazi Bay Lower gas bearing sands of the discovered Mnazi Bay gas fields. The MB-4 development well has a planned depth of 2,089 meters True Vertical Depth Sub Sea and, based on the current drilling program, is expected to take approximately two months to drill and complete. The Company will provide an update after drilling operations have been completed. Wentworth has a 31.94% net interest in this well, which is being operated by Maurel et Prom and drilled with the Caroil #2 drilling rig.read more..[link]
dickie3times
06 Apr 2015
Panmure reiterates BUY rating [link]
Elanfan
14 Mar 2015
On the move Finally appears to be pushing in the right direction - is this as a result of the presentations they have been doing. Anyone know the content and how it has been received in the room so as to speak?Keep it up WRL!
prostand
26 Feb 2015
26 Feb 15 Cantor Fitzgerald Buy 29.50 62.00 62.00 Reiterates
guyswonga74
26 Feb 2015
Great RNS here. In profit and rock bottom price to buy
coldascheese
20 Feb 2015
Very cheap IC Wentworth's shares now trade at a 63 per cent discount to Cantor Fitzgerald's risked sum-of-the-parts valuation of 77p a share. While the company still has to prove that it can ramp up production successfully - and Tanzania does not have the best track record for paying its bills - there is enough underpinning the expected cash flows to make these shares look very cheap. Buy.
coldascheese
29 Dec 2014
RNS-transformational year Can't understand why anyone would want to sell today.Rns says they have found gas but not how much, I expect this will be out in a couple of weeks after analysis.Bob McBean, Executive Chairman, commented:"The Tembo-1 well was an exciting well and has provided additionalinformation about the Rovuma basin. We look forward to our continuedexploration in the Onshore Rovuma Block with the spudding of theKifaru-1 well. With our imminent gas production in southern Tanzania ontrack, 2015 should be a transformational year for Wentworth".
coldascheese
18 Nov 2014
Re: IC TIP could be £1.25 if all comes... Could be worth £1.25 p-we will know soonWorking with partner Anadarko Petroleum, it’s hoped that Tembo alone could contain 255m barrels of oil-equivalent. Analysts at broker Investec Securities estimate that could be worth as much as 58p a share, although the exploration well that’s being drilled there has suffered equipment-related delays. Adding in the value ascribed by Investec to Kifaru and the broker reckons the two projects combined could be worth 80p a share – almost twice as much as the company’s current 45p share price. However, with the broker also attributing 15 per cent and 14 per cent chances of success at Tembo and Kifaru, respectively, then it’s clearly a risky punt.
ICB888
18 Nov 2014
Q3 Financial statement Positive financial statement released today which finishes with a statement by the MD that with the drilling of Tembo 1 and Kifanu 1 and the delivery of first gas the next 3-6 months looks to be a transformational period in the company's short history.
