Wentworth Reduces Net Loss in 1Q, Delivers 'Encouraging' Output

East Africa focused oil and gas company Wentworth Resources Limited reduced its net loss during the first quarter of 2016, compared to 1Q 2015, achieving an average gross daily production of 48 million cubic feet of gas per day in the process.

Wentworth’s net loss for the quarter was $910,000, marking a significant improvement from a net loss of $2.72 million recorded in 1Q 2015. The energy firm reported an increase in cash and cash equivalents to $4.05 million as at March 31, from $2.75 million as at December 31, 2015. Exploration and development capital expenditures amounted to $660,000 in 1Q 2016 compared to $9.55 million during the same period last year.

Wentworth achieved an average gross daily gas production of 48 million cubic feet of gas per day for the first quarter and reached 65 MMcfpd on March 31, which was described by FirstEnergy as “encouraging as the company continues to deliver on its promise to ramp up to 70-80 MMcfpd over the coming months.”

"Over the coming months, production is expected to stabilize between 70-80 MMcfpd and maintain this level for the remainder of 2016. We continue to build cash reserves from internally generated cash flows and strengthen our balance sheet while looking for strategic opportunities to further enhance shareholder value,” said Wentworth’s Managing Director, Geoff Bury, in a company statement. 

Summing up Wentworth’s overall 1Q trading update, FirstEnergy viewed the company’s latest developments as “positive.”

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  SNP MP: Scottish Oil Sector Growing, P... (May 26)
 -  Remote Operations Center Guide: Enter ... (May 26)
 -  TWMA Secures Jobs with New Maersk Oil ... (May 25)
 -  Hundreds of Dong Energy Workers to Tra... (May 24)
 -  Wood Group Indicates Potential Job Cut... (May 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
 
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
AP Specialist
Expertise: Accounting
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours