Wentworth expands Tanzania asset base
AIM-listed independent continues to target country’s domestic gas market
Tanzania-focused Wentworth Resources will acquire fellow AIM-listed independent Scirocco Energy’s 25pc non-operated working interest in the East African country’s Ruvuma asset for an initial $3mn and up to $13mn in contingent payments. The Ruvuma production-sharing agreement includes the 1.9tn ft³ (53.8bn m³) Ntorya gas discovery, which is adjacent to Wentworth’s existing Mnazi Bay gas development and around 39km from the government-operated Madimba gas plant. The firm intends to use its cash resources for the acquisition. The new joint venture partners plan to drill the Chikumbi-1 appraisal well late this year or early next. Assuming success there, FID is targeted for 2023, with the first g
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields