Wentworth increases production as gas demand improves
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Wentworth increases production as gas demand improves

By Yoana Cholteeva 16 Jun 2021 (Last Updated June 16th, 2021 16:59)

Wentworth, UK-based and Tanzania-focused natural gas production company has increased its annual average production guidance for the year to between 70 million and 80 million standard cubic feet per day gross, from a previous estimate of 65 million to 75 million standard cubic feet per day.

Wentworth increases production as gas demand improves
Wentworth also declared a final dividend for the 2020 financial year of 1p per share, increasing total distributions to $3.8m, for the year, up by 27% year-on-year. Source: American Public Power Association

The company said that strong local natural gas demand in the first half of the year meant it could increase its annual average production guidance.

Its reported average daily production for the year-to-date also grew by 22.2 million standard cubic feet per day gross, compared with 58.1 million standard cubic feet per day a year earlier.

The company set a field production record for monthly average daily production of 101.85 million standard cubic feet per day in March, and a record for daily production of 110.65 million standard cubic feet per day.

Wentworth and the partners in its joint venture Mnazi Bay, located in the Mtwara region of Southern Tanzania, currently supply 50% of all natural gas production in the country.

Wentworth said the joint venture partners Maurel & Prom and the Tanzania Petroleum Development Corporation had continued to deliver on the 2021 work programme, which was focussed on ensuring reliability of supply.

The programme focused on maintenance on the MS-1X well with casing and flowline valve replacement, refurbishment of the MB-1 well site superstructure, calibration of flowmeters at the gas processing facility, and a pre-front end engineering and design study on compression.

Wentworth also declared a final dividend for the 2020 financial year of 1p per share, increasing total distributions to $3.8m for the year, up by 27% year-on-year.

Wentworth CEO Katherine Roe said: “Building on from the successes of last year, despite the challenging macroeconomic environment, the first half of 2021 has demonstrated the ongoing resilience and the strength of the fundamentals of our business.

“We are delighted to be revising our 2021 production guidance upwards following higher than expected demand in the first half of this year, alongside seeing a new record for monthly average daily production in March.

“This increased demand is in part due to a recovery in industrial demand from the impacts of Covid-19 and in part due to lower rainfall in the catchment areas of the hydroelectric dams.”

Due to current pandemic restrictions, to provide shareholders with enhanced management access and to replicate a physical annual general meeting, Wentworth is securing investor access with the Investor Meet Company platform.

This platform can allow shareholders the ability to follow proceedings of the meeting, hear from the company via a live presentation, and participate in a Q&A session.

“It’s an exciting time for the country as it looks to accelerate its growth following the global pandemic.

“We are committed to being a valuable partner in the next phase of its growth,” Roe said.