Wentworth Resources upbeat on progress in 2020

Tanzania-focussed natural gas production company Wentworth Resources updated the market on its operations in 2020 on Tuesday, reporting that its share of gross 2P reserves as at 31 December were estimated to be 142.2 billion cubic feet, or 23.7 million barrels of oil equivalent, with a post-tax net present value at a 10% discount of $116.6m.

The AIM-traded firm said it was debt free, with $17.8m of cash on hand at year-end.

It said its production guidance for 2021 was set at between 65 million and 75 million standard cubic feet per day.

At Mnazi Bay, Wentworth said repairs to the MB-2 flowline were completed on time on 9 December, with the well continuing to perform in line with expectations.

A planned slickline campaign began on 22 January, which primarily included a continuation of the Mnazi Bay partners' ongoing pressure monitoring programmes.

“The results of our 2020 competent persons report show the continued strong technical fundamentals underlying the Mnazi Bay field and its potential to generate strong, long-term free cash flows that form the basis of our sustainable dividend policy,” said chief executive officer Katherine Roe.

“We look forward to continuing to use our fiscal discipline and financial performance to create further value for shareholders.”

At 1400 GMT, shares in Wentworth Resources were up 4.76% at 22p.