Wentworth Resources Sets Optimistic Production Guidance For 2019

LONDON (Alliance News) - Wentworth Resources PLC on Friday established its production guidance ...

Alliance News 11 January, 2019 | 2:30PM
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LONDON (Alliance News) - Wentworth Resources PLC on Friday established its production guidance for 2019 as the company beat its own guidance for 2018 due to continued demand for gas.

In Tanzania, demand for Wenworth's producing reserves grew in the final quarter of 2018, particularly from the Kinyerezi-1, Kinyerezi-2 and Ubungo II power stations, and from industrial customers.

For the fourth quarter of 2018, average daily production came up to 87.3 million standard cubic feet per day, a substantial rise from 49.1 million cubic feet the same period the year before.

Average daily production for the year was 83.2 million cubic feet per day, above Wentworth's production guidance of 65 to 75 million cubic feet, and up from 49.1 million cubic feet per day in 2017.

For 2019, Wenthworth has put its production guidance for the year in the range of 75 to 85 million standard cubic feet per day.

In particular, the company expects further growth in gas demand for the year with the extension to the Kinyerezi-1 power plant, which is expected to come online in the fourth quarter of 2019.

In Mozambique, Wentworth is in the process on relinquishing the Tembo Appraisal licence, with an exit date schedule for April 30.

"We are pleased that the Mnazi Bay asset has successfully ramped up to deliver sustainable and material production rates, with minimal downtime in 2018. The Mnazi Bay Joint Venture continues to work with all stakeholders on the four key value catalysts, referred to in the October 3, 2018, RNS, to ensure that we derive the maximum possible production value from the Mnazi Bay field. We look forward to updating the market on our progress in 2019, in a rapidly developing demand-led landscape," said Chief Executive Eskil Jersing.

Shares in Wentworth Resources were up 3.9% at 20.00 pence on Friday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Wentworth Resources PLC 19.50 GBX -1.27 -
Wentworth Resources PLC 0.35 USD 37.25 -
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