Wentworth Resources承認Mnazi Bay氣田增量少于預期

East Africa-focused gas producer and explorer Wentworth Resources admitted that the ramp-up from the Mnazi Bay field in Tanzania has been slower than expected.The company reported a net 2Q 2016 loss of $0.17mn on August 16, down from a year-ago Q2 loss of $1.81mn.Gas sales revenues though grew to $3.43mn (from $0.29mn in April-June 2015).Wentworth finance chief Lance Mierendorf said ramp-up of Mnazi Bay production has been slower than expected, due to a dispute between owners of the Symbion power plant and the government, but that his understanding is that such talks to resolve the impasse are now taking place. The 120-MW Symbion-owned plant at Ubungo tested its turbines on Mnazi Bay gas as long ago as September last year, before which it had been idle for over a year as there was a gas shortage.

Mnazi Bay’s average gross production in 2Q was 51mn ft3/d, compared to 48mn ft3/d in 1Q 2016, and is currently 50mn ft3/d. Mierendorf still expected this to reach 70-80mn ft3/d once the dispute is resolved. CEO Geoff Bury said that extra gas demand would come from the Kinyerezi 1 & 2 power plants, and some industrial customers. He acknowledged that Wentworth’s share price had languished but hoped that, over time, the market would realise that the firm is a low-risk investment with upside.