Wentworth Resources announced Friday that the onshore Ziwani-1 exploration well (Wentworth 52.225 percent) spud at 18:30 local time on Feb. 1, 2012. This is the first new well to be drilled in the Mnazi Bay concession area, in the Ruvuma Basin, Tanzania, since the MS-1X exploration well was drilled, logged and tested in 2007.
The details of the well are as follows:
Wentworth will pay 30 percent of the costs of the Ziwani-1 well and holds a 52.225 percent participating interest in this exploration well, subject to the exercise of pre-emptive rights regarding the acquisition of Cove Energy's interest in Mnazi Bay as also announced on January 30, 2012.
This well and the 2012 work programme are designed to explore for additional hydrocarbon resources and to further prove up existing natural gas reserves. Proving up additional gas resources will enable the concession partners to commit to and deliver agreed quantities of natural gas to the proposed Dar es Salaam to Mnazi Bay pipeline.
The partners are in discussions with Tanzania Petroleum Development Corporation with a view to agreeing a long-term gas supply agreement.
"We are excited to start the year with a high impact work programme that has the potential to deliver significant asset growth and shareholder value in 2012," said Wentworth Managing Director Geoff Bury. "The carried interest we enjoy in the Mnazi Bay concession provides full participation with reduced financial exposure. We look forward to updating further on the Ziwani-1 well as well as our entire work programme as we commence what is a seminal year in the company's development."
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