Production at Mnazi Bay Field Hits Highest Monthly Level Since Output Began
East Africa-focused oil and gas company, Wentworth Resources Limited, announced Thursday that gross production volumes from Tanzania’s Mnazi Bay gas field hit their highest ever monthly levels in February.
Production averaged 80 million cubic feet per day during the month, compared to an average of 62.2 million cubic feet per day during the fourth quarter of last year. Payments received during February for gas sales generated from Mnazi Bay were $2.5 million net to Wentworth.
Oil and gas analysts at GMP FirstEnergy described market reaction to Wentworth’s latest update as ‘positive’.
“The very strong production confirms our previous belief that the company is likely to, at the very least, hit the higher end of its 65-75 million cubic feet per day 2018 gross production guidance,” the analysts said in a statement sent to Rigzone.
In January this year, Wentworth revealed that it had appointed Eskil Jersing as its new CEO. Jersing is expected to join the company in the second quarter as part of an ‘orderly transition’ from his current position as CEO of Sterling Energy, Wentworth said in a company statement at the time.
The new Wentworth CEO has spent over 30 years working across exploration, appraisal, production and development projects in a number of petroleum basins, including the North Sea, Gulf of Mexico, Brazil, Africa, southeast Asia and Australasia. Jersing started his career in 1985 as a field seismologist with SSL.
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