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

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