Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Great news! Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, is today providing an update to shareholders. The Company is pleased to confirm that December payments have been received from Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("Tanesco") totalling $2.5 million net to Wentworth for gas sales during the year. The receipt of these payments is further evidence of TPDC and Tanesco's commitment to continue to settle invoices on a regular monthly basis. The Company is also pleased to report that gas delivery has commenced to the country's newest power facility, Kinyerezi-2 for commissioning of the first two of six gas turbines. Kinyerezi-2 is expected to add 36 MMScf/d to the national daily gas demand once it becomes fully operational during 2018. We continue to maintain 2017 full year production guidance of between 40 and 50 MMscf/d.
Lots of power outages at the moment. Related to the start-up of Kinyerezi 2? Let's hope it will be resolved soon. http://allafrica.com/stories/201712060056.html
I guess its meant Kinyerezi 2.. Cant find any info that its actually up running yet though.
"While maintenance of Songas plant is expected to be accomplished soon, the Kidatu plant will follow, the minister said. He said the situation will improve by this week, with 30 Megawatts which are expected from Kinyerezi 1 power plant." https://www.dailynews.co.tz/index.php/home-news/54680-minister-there-is-no-power-rationing-it-s-power-outage
Fully agree highyield, it is truly amazing how the AEX shareholders are kept in the dark. In many countries it is a legal requirement to produce an annual reserves assessment, most likely in Tanzania as well, so AEX must have done the same earlier this year. Makes you wonder why the company haven�t shared the update with its shareholders... It does look as if they are hiding some bad news, and the Kiliwani revelation from Bounty certainly doesn�t help either. WRL is luckily in a very different situation: after years of delays many shareholders must have run away, so now it is all about �seeing first, then believing�.... I certainly wouldn�t sell any WRL shares right now, but at the same time I think it could take couple of months still before the price starts to move more seriously. This certainly isn�t a share for anybody hoping for a quick win.... A great opportunity for anybody with a bit more time though!
Mick, thanks for the warning, but I think I will stick around for some more years. I am a real long-timer, as I was holding Artumas as well. I do agree with you regarding straight answers from Katherine. Our friends at the AEX board are really struggeling with updated information. I must say, that if I had been an AEX share holder I would have been frustrated as well. It is clearly unsatisfactory needing to search for updates from other licenspartners rather than getting the information straight from the operator. One example is reduction in production from KN 1 from Bounty Oil and I think some informatio/clarification was given by Solo yesterday. AEX could easily give some sort of quarterly update on production, regularity in payments and current status on the development license etc.
A pleasure guys. While I don�t think the answers are in any way particularly surprising, I am always very impressed with the openness of the company and Katherine in particular. Highyield, I expect quite list with positive news / announcement from the company in the coming months, so better sell your shares quickly before the price drops to zero!! ;-)
Mick, thank you very much for sharing. As usual when there is some positive information about WRL, the share price drops. MB-1 to start flowing soon, I assume that is because of a positive outlook for gas demand as other wells keep on performing.
Thanks for that Mick....
I sent Katherine (Roe) a few questions earlier this week, so I though it would be useful for other shareholdes to read her response. With production increasing quickly now, and all wells performing very well, 2018 looks to become a very exciting year for WRL! ------------- Q) When do you expect the office move to be completed? A) We are doing this relocation gradually so that it is a well-managed process and does not impact or disrupt any operations of the Company. We expect this to be complete sometime around end of Q1 next year Q) Are you planning to move from AIM to the main LSE market in London at a later stage? A) This is not a consideration at this stage. We would need to be larger in market capitalized as well as have increase daily liquidity in our shares Q) Is MB-1 flowing to the Madimba facilities now? A) No � this is still in progress but expected to be complete in the coming weeks Q) How are the wells performing? Are they all delivering as expected? A) The wells are performing very well. We have had no water and no drop in pressures so we are very pleased with their consistent delivery. Q) Can we expect a new reserves assessment in Q1 2018 A) Yes � this should be available in January or February next year Q) Based on the March'17 reserves assessment, the company seems to rely on compression to reach 130 MMscf/d. Does this mean that we won't be drilling any development wells in Mnazi Bay in the next 2 years? (so only exploration wells?) A)We think we are able to produce around 100 MMscf/d from the existing 5 wells so it is likely we will need one or two additional development wells to reach our contracted production volumes of 130 MMscf/d. The timing of these development wells will be matched with the growth in demand. Q) Can we expect another �operational update� in December? A) We may release an update in December regarding payments and current volumes. We will look to provide 2018 guidance on production early in the new year
The first of six turbines is expected to start up on December 7th. ...according to Acting Public Relations Manager TANESCO, Leila Muhaji, the pace of construction satisfactory and that in the first step TANESCO intends to incorporate the amount of electricity Megawati 30 on the National Grid by December 7, 2017... https://fullshangweblog.com/home/2017/11/25/umeme-megawati-30-kuingizwa-kwenye-gridi-ya-taifa-desemba-7-2017-ni-kutokana-na-kasi-ya-ujezni-wa-mitambo-kinyerezi-ii/
Shit, guess I will be accused for another theft now.. :-) Thanks anyway.
Malcy And another present from the Neighbours, must be that kind of year. I saved it at the correct starting point for you and I am sure you will be pleased. https://audioboom.com/posts/6502181-toople-toop-boku-boku-malcy-on-savp-sdx-ppc-wrl-pmo-zen-and-connor-campbell-on-eto-tcg-mtc?t=27m58#collapseOne Enjoy
Thanks for sharing Irishmouse. Yes, also WRL has noticed that Tanesco has been more regular in paying invoices to them. The Mnazi Bay partners sells gas to a small 18 MW powerstation in Mtwarra owned by Tanesco.This is from the Q3 report. "At September 30, 2017, the Company was owed nine months of invoices for gas sales made to TANESCO, totalling $1,544" "Three months invoices totalling $541, were received subsequent to quarter end." At the beginning of the year 13 months of gas sales was outstanding. Regarding Orca, they have a long-term receivable on Tanesco for gas sales, that is still unsettled. However, part of that receivable (27 MUSD) will be paid to TPDC for their share of the gas. So when Tanesco eventually pays all its outstanding debt to Orca, TPDC will also get a substantial payment and that is good news for all producers that sells gas to TPDC.
http://www.dailynews.co.tz/index.php/business/54368-tanesco-doubles-payment-to-panafrica Good news for all concerned.
Try again.. https://www.**********.co.uk/blogs/toople-toop-boku-boku-malcy-on-savp-sdx-ppc-wrl-pmo-zen-and-connor-campbell-on-eto-tcg-mtc/ https://twitter.com/VoxPodcast/status/932646067400830976
Malcolm talks about WRL for about 2,5 minutes from 28 minutes into this podcast. Obviously he is convinced. https://www.**********.co.uk/blogs/toople-toop-boku-boku-malcy-on-savp-sdx-ppc-wrl-pmo-zen-and-connor-campbell-on-eto-tcg-mtc/
Very good news, and well timed I would say, with production finally ramping up now. It's just a shame that we'll lose Bury; I thought he did a great job. Calgary is a very nice city, so I have some understanding for his position. I'm also glad to see that WRL want to move more into the limelight with their growth plans in East Africa, and doesn't start hiding away like "secretive" Orca. Hopefully step 2 will include a move from AIM to the LSE main market. Accompanied with lots of PR work of course... Can only be good for the share price in the coming months!
"Following up from its recent positive announcements WRL announce that they are restructuring and cutting costs by moving the head office nearer to management and its African assets to London. It may also re-domicile to a European country if appropriate terms were possible. Regrettably MD Geoff Bury is unable to move for personal reasons so the company is engaged in a search for a new CEO. These efficiencies and corporate cost savings make a lot of sense and as WRL turns the corner in both its African projects the company is set very fair going forward."
Indeed! Bury mentioned "we produced 73 mln scf/d yesterday"! (at 11:47) Nice! :-) Thanks Jergen!
(17 mins) http://home.broadpark.no/~borsdata/WRL/DIV/171114_WRL_Q3_2017_CC.amr
Indeed, Geoff said last day production was around 73 mmscf at the cc this morning.
$15.99 mln of the TPDC receivables is expected in the next 12 months (so by end Q3 2018), and the remaining $4.6 mln in Q4 2018. That is at least how I read it.
Josik, in the balance sheet this receivable is divided into short-term (estimated repayment within 12 months) and long-term (more than 12 months) The long-term part is currentlly (30 Sept) 4.6 MUSD. The rest is short-term.
3nd attempt to post this answer Highyield, "The undiscounted face value of the TPDC receivable at September 30, 2017 is $20.59 million", see the Q3 report. But regarding my profit calculation: you are right, that was a bit too quick. On the positive side I also forgot to include payments from TANESCO. Profit will of course also depend on overall CAPEX spent. In any case, cashflow will increase pretty dramatically and I'm convinced that the company will be able to record a decent profit in 2018.