The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
WEN: Resolution to delist Wentworth Resources Plc from the Oslo Stock Exchange
The Oslo Stock Exchange has made a resolution to delist the shares (in the form
of registered beneficial interests (deposit rights)) of Wentworth Resources Plc
from the Oslo Stock Exchange. Pursuant to Continuing Obligations section 15.1
(4) cf. Stock Exchange Act section 25 (1) the Oslo Stock Exchange has today
passed the following resolution:
The shares (in the form of registered beneficial interests (deposit rights)) in
Wentworth Resources Plc will be delisted from the Oslo Stock Exchange from 14
February 2019. The last day of listing will be 13 February 2019.
Very positive reading:
https://www.proactiveinvestors.co.uk/companies/news/208313/wentworth-resources-in-prime-spot-as-demand-for-gas-in-tanzania-soars-208313.html
New presentation:
https://wentplc.com/wp-content/uploads/2018/11/2018-10-02-WRL-IRpack-draft-EJ-4.0-1.pdf
Wentworth Resources Limited : Mozambique Update - License Extension Granted PRESS RELEASE 6 June 2018 WENTWORTH RESOURCES LIMITED (Wentworth or the Company) Mozambique update: License Extension granted Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil&gas company, is pleased to announce an update to the Companys Onshore Rovuma asset in Mozambique (Appraisal License). Further to the update at the time of the 2017 Annual Financial Statements in March regarding the Companys formal request of a one-year extension of the Appraisal License, the Company has received confirmation from Instituto Nacional de Petroleo (INP) that the extension has been granted. The extension will take effect from 16 June 2018 and enables Wentworth, along with its partner Empresa Nacional de Hidrocarbonetos (ENH), to continue to progress pre-drilling activities in the Tembo block. The extension request was in part related to the above ground security situation in and around the Macimboa da Praia and Palma regions, adjacent to the Tembo block, which remain challenging. This has prevented safe access to the area for Wentworth staff and contractors. The Company continues to monitor the situation closely. Bob McBean, Executive Chairman, said: We would like to thank the Minister, INP and our partner ENH for their support in securing this extension to the Tembo licence, which gives us the time and flexibility to progress our operational activities on the block. We remain focused on securing an additional partner to share risk in unlocking the onshore potential of the Rovuma basin.
Found this link at Norwegian forum. Pretty interesting reading:) https://simplywall.st/stocks/no/energy/ob-wrl/wentworth-resources-shares
Spot on mick2020. Truely remarkable that wentworth still has a marked cap Below AEX. For sure that would not last for long.
WRL is extremely undervalued. As you can read from the report below, normally companies like WRL should be valued according to 2P reserves (ref. Mick comments). And as Mick tells, this is without Tembo. http://www.hardmanandco.com/docs/default-source/company-docs/wentworth-resources-ltd-documents/wentworth-resources-oil-gas-investor-forum-june-2017.pdf
From Malcy`s blogh today, Malcy really got an eye on Wentworth these days. I assume he will soon announce the Bucket List for 2018 including WRL in his list. "Wentworth Resources has announced that it has hired Eskil Jersing as its new CEO to fill the shoes of Geoff Bury. Jersing resigned from Sterling Energy last year so I suppose has the advantage of being readily available to start at WRL. I look forward to meeting with Mr Jersing as he is in an interesting position given that WRL is so strongly positioned at the moment."
From the Norwegian forum it was annonunced from someone listen to the conference call. The rate of 73 MMscf/d seems anyway fair regarding the problems Aminex and partners are facing these days.
Yesterday production and delivery was 73 MMscf/d WRL announced today at 3Q. This probably due to the fact that they have been taking over Aminex & co. production lately. I assume they will keep at leat this delivery until Dangote and Kiyerenzi 2 will start taking gas very soon:)
Todays news are great news for Wentworth but not suprising at all:) The delivery of 15 mmscf/d will now be transfered from Songo Songo to Mnazi Bay. M&P/WRL are now the only possible supplier to deliver to the pipe to Dar es Salaam. Kiliwani North Operations Update Production from the Kiliwani North-1 well is currently fluctuating below 1 million standard cubic feet per day due to low reservoir pressure and inlet pressure restrictions of the gas processing plant. A review of the existing technical data leads the Company to conclude that Kiliwani North-1 is currently draining a compartment within the greater Kiliwani North structure and is exhibiting slow recharge across faults or via tortuous pathways. The Company is in advanced discussions with the Tanzania Petroleum Development Corporation ('TPDC') to lower inlet pressure at the gas processing plant and for the installation of compression facilities so as to boost production rates. Suitable compressors are currently being sourced. As previously advised to shareholders in the 2017 Half Year Report, there may eventually be an adjustment to the carrying value of the Kiliwani North asset, which the Company does not at present expect to be material. Following drilling of the successful Ntorya-2 appraisal well earlier this year in the Ntorya gas field, which management estimates has a Pmean gas initially in place of 1.3 TCF, the Company has commissioned a new independent report on all its Tanzanian resources which is due to be completed in early 2018.
M&P (operator in Mnazi Bay) and TPDC had had a meeting recently to discuss dlilling plans for Mnazi Bay in Tanzania. The reason for this is because already next year the 5 wells now producing about 65-70 MMscf/d . Full capatity the wells will deliver around 100-130 MMscf/d. Already next year the wells will probably produce at full capacity. So the answer is yes. There will for sure be drilled some time in 2018. When WRL`s CEO was in Oslo in September he stated (for a group of investors) that many medium to big oil Companies have showed significant interest in Tembo in Mozambique. It was not a question if a farm-out would take place, but a question if when. When CEO was in Oslo he said that there were so big interest in the Tembo block, that the company with the best offer to WRL will be farmed-in. It is likely to believe that a farm-out is completed late 2017 or beginning 2018 since drilling is supposed to start mid 2018. Regarding the debt, this should be no problem to handle with the income WRL will deliver starting from Q3 2017. This income will increase significantly into the next year and further on with big increase in gas delivery. And when Tembo is farmed out, the share price will fly.
Cperkin, If you read the latest blog from Malcy, you will find answer to your question. Anyhow it is likely to believe that a farm out is completed late 2017 or beginning 2018. A lot of medium to big oil Companies have showed significant interest, so a farm out will most likely take place. http://www.malcysblog.com
Mick2020, From Hegnar Forum (Norway), "The temporary maintenance work was being done at Songo Songo and is now complete. We understand this was some work over efforts at the Songo Songo processing facility and does not have any long term, material implications for either Amines or Ocra’s ability to supply. Now that the temporary work is complete, we are back to producing within our guidance. " Kathrine