9 MAY 2012
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
ZIWANI-1 EXPLORATION WELL
Further to Wentworth's announcement on 2 May 2012 regarding the Ziwani-1 exploration well in the Mnazi Bay Concession, Tanzania, the Company wishes to provide the following update on its assessment of the well test. The Ziwani-1 well was spudded on February 1, 2012 and drilled to a final total depth of 2,671 meters. The gas bearing zone between 1,106 and 1,109 meters has now been tested using drill stem equipment. The zone flowed gas at an unstable rate of up to 7.2 million standard cubic feet per day at a well head pressure of up to 973 psi on a choke of 36/64".
The tested zone is a new reservoir interval, not previously encountered in the Mnazi Bay Block. The reservoir is a clean limestone of Pliocene age 3.5 meters thick with 17% porosity and 78% hydrocarbon saturation. However, analysis of the test data indicates that the potential resource volumes of the well are sub-commercial and the well has therefore been plugged and abandoned.
Although several sandstone intervals of Oligocene/Eocene age were penetrated deeper in the well, logging proved these to be water bearing.
The rig will now be moved to the Mnazi Bay gas field, where it will commence a workover programme of three wells (MB-2, MB-3 and MS-1X). An extended well test is expected to be conducted on each of these wells in order to establish the long term producibility of the Mnazi Bay and Msimbati gas fields. The partners are planning on drilling a second exploration well on the Concession Area once the workovers have been completed.
Executive Chairman, Bob McBean, commented: "Although the results of Ziwani-1 did not meet our expectations, we remain committed to our exploration programme on the block and to the second well, which is expected to be drilled later this year. We look forward to the forthcoming workover programme as the next step in development of the Mnazi Bay and Msimbati gas fields."
About the Mnazi Bay Concession
The Mnazi Bay Concession Area is located in coastal, south-eastern Tanzania in the Ruvuma (Rovuma) Basin. The area lies between Aminex and Solo Oil's Ruvuma Concession Area and Ophir Energy and BG Group's offshore Block 1. Ophir and BG Group's Chaza-1 gas discovery lies just northeast of Mnazi Bay's marine border. The 756 km² concession area contains two discovered Tertiary aged gas fields (Mnazi Bay and Msimbati) and holds additional Tertiary, Cretaceous and Jurassic hydrocarbon potential. Five wells have been drilled to date: MB-1, MB-2, MB-3, MS-1X and Ziwani-1, and all five wells encountered hydrocarbons. MB-1 is currently producing gas at a rate of 1.7-2.0mmscf/d and this gas is transported via an 8", 27 kilometre pipeline to the Mtwara Power Plant where it generates electricity for numerous local communities.
|Wentworth||Bob McBean, Executive Chairmanfirstname.lastname@example.org|| |
| || ||Eric Fore, Finance, Investor & Public Relations Manageremail@example.com|| |
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|Panmure Gordon||Nominated adviser & broker||+44 (0) 20 7459 3600|| |
| || || Katherine Roe|
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|FirstEnergy Capital||Broker||+44 (0) 20 7448 0200|| |
| || MajidShafiq|
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|College Hill||Investment relations adviser||+44 (0) 20 7457 2020|| |
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About Wentworth Resources
Wentworth Resources is a publicly traded (AIM:WRL, OSE:WRL), independent oil & gas company with: natural gas production; midstream and downstream assets; a committed exploration and appraisal drilling programme; and large-scale gas monetization programmes, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.
FORWARD LOOKING STATEMENTS
This press release may contain certain forward-looking information. The words "expect", "anticipate", "believe", "estimate", "may", "will", "should", "intend", "forecast", "plan", and similar expressions are used to identify forward looking information.
The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Wentworth is currently active and other factors management believes are appropriate in the circumstances. Wentworth undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Wentworth's control. These assumptions and risks include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in exploration, development and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the imprecision of resource and reserve estimates, assumptions regarding the timing and costs relating to production and development as well as the availability and price of labour and equipment, volatility of and assumptions regarding commodity prices and exchange rates, marketing and transportation risks, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in applicable law. Additionally, there are economic, political, social and other risks inherent in carrying on business in Tanzania and Mozambique. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Wentworth's Management's Discussion and Analysis for the year ended December 31, 2011, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.
Neither the Oslo Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed this press release and neither accepts responsibility for the adequacy or accuracy of this press release.