(Alliance News) - Wentworth Resources PLC on Monday touted the potential of the Mnazi Bay gas field in Tanzania, after it reached its highest average daily production rate yet in 2022.
The Tanzania-focused natural gas production company said that Mnazi reached an average gross daily rate of 90 million standard cubic feet per day last year.
In 2023 so far, daily average production has been around 95.0 million cubic feet per day, compared with 98.1 million in the same period a year prior. Average daily production in the first quarter is projected to reach approximately 98.0 million cubic feet per day, slightly lower than 98.5 million last year.
Production guidance for 2023 is in the range of 85 million to 95 million cubic feet per day, taking into account conditions at the Madimba gas facility and national rainfall levels, which affect hydroelectric generation
"I am pleased to report that we continue to deliver strong production following a record year in 2022, ensuring a sustained, dependable supply of natural gas which supports growth in Tanzania. I am also especially proud of our distinguished safety record - a metric of paramount importance for the company," said Chief Executive Officer Katherine Roe.
"I want to thank the entire Wentworth team for their work which has created significant value for shareholders over recent years. Particularly, as we work towards realising this value in the near term through the completion of Wentworth's acquisition by M&P, the operator and majority owner of our sole asset, Mnazi Bay. We believe this logical combination is in the best interests of our shareholders, wider stakeholders and of Tanzania."
Wentworth Resources shares were down 3.2% at 30.00 pence each in London on Monday morning.
By Holly Beveridge, Alliance News reporter
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