Member Info for mick2020

Great to see this moving again! All we need now is an update about the Californian wells....

Thx Oz,

Btw, regarding the dividend, I would think that 1p is certainly possible. Not sure if it is smart to be a cash rich company in Tanzania, so better spend it on dividend! :-)

Alph,

Did you see yesterday’s RNS, which showed that “FIL Limited” bought a 7.03% stake in WEN. Makes you wonder who is selling... Have you read any other comments on this?

“It is expected that a maiden dividend will be declared with the interim results to 30 June 2019, expected to be released on 3 September 2019, and will be payable semi-annually going forward”

Nice surprise, personally I didn’t expect a dividend before 2020. Let’s see how much it will be.

Glad to see that construction is progressing; this remains the ket opportunity for significant growth in the near term for Wentworth.

With commissioning end Q4, COD + updated GSA by end of Q3?

Fingers crossed!

Cperkin,

We’ve discussed this before; you seem to be unable to grasp what the difference is between “development pending” and “development unclarified” resources.

Reading March 2018 RNS to the end:

“Ntorya 2C gross Contingent Resources: increased to 762.8 BCF after the results of the Ntorya-2 well (approximately 11 times increase from 2015 CPR). This comprises 80.6 BCF of Contingent Resources “Development Pending” from a three well development and 682.2 BCF of Contingent Resources “Development Unclarified” (see Appendix for full range of Contingent Resources”)”

The Appendix shows total 3C “development pending resources” of 213 BCF. I doubt that Aminex will be able to claim more” development pending resources” based on the results from the current seismic data and data from the two existing wells. The presence of the other resources will beed to be confirmed first.

Anyway, this is my last post on this. I personally don’t care what you believe, so if you are convinced that it is 1.3 BCF, then fine, good luck, buy more shares and hope that you are right.

This time explaining the updated reserves numbers in the field comparison (slide 19)

https://wentplc.com/wp-content/uploads/2019/07/2019-07-01-IRpack-FINALx.pdf

Amazing how you always claim the moral high ground after a discussion... especially given the endless nonsense you’ve posted over the years. I like your “buy low, sell high” recommendation best still, at least that one it is undeniable true! Unfortunately you posted it when the solo share price was several times higher combined with a strong buy recommendation, but that aside...

So Aminex didn’t publish the full CPR report then... what a shame, it really would lift this “shroud of secrecy”... Luckily, WEN repeatedly publishes the full report, so I do trust WEN’s reserves estimates.
As you know, in my opinion Aminex has been rather “economical with the truth” in the past ( a euphemism) and I think their interpretation of the Ntorya resources has also been interpreted in the most positive way, or to be clearer: greatly exaggerated. So, I guess we have to agree to disagree here, I think WEN’s estimate is likely to be much closer to the truth.

Time will tell!

Meanwhile, WEN’s balance sheet is strengthening rapidly, while AEX’ is steadily deteriorating....

Cperkin,

Real question: Has Aminex ever published the Ntorya CPR report in full? So not just the final conclusions? It’s hard to comment on the Aminex resource evaluation without seeing the report. A CPR based on actual production rates is something very different than a resource evaluation based on exploration potential. I guess WEN has made their own assessment of expected recoverable reserves in Ntorya, based on what the company thinks will realistically be developed.

There’s actually one intriguing thing in the slide pack that came out yesterday:

Comparing slide 19, the Mnazi Bay 3P reserves seem to have been substantial increased (in the comparison with other fields in Tanzania) : from 761 (?) BCF in the April presentation (slide 17), to ~1200 BCF in the latest one (slide 19)

I wonder what happened here.... Ntorya has been reduced in size by the way....

https://wentplc.com/wp-content/uploads/2019/05/2019-03-29-IRpack-V1.1.pdf
https://wentplc.com/wp-content/uploads/2019/06/2019-06-26-IRpack-FINAL.pdf

Base1,

There’s a new presentation out:

https://wentplc.com/wp-content/uploads/2019/06/2019-06-26-IRpack-FINAL.pdf

Kinyerezi I extension has slipped to end Q4 this year.

More delays. Nothing to expect until Q4 I suspect .... :-(

Fyoz,

Based on my earlier comments + 25 years experience in the oil and gas industry + 30 years investing.
If you still don’t get it, I suggest you read my comments again, slowly.

Bob,

If the cash flow is already impressive, then just tell us the total rate! It’s a credibility issue here!

Fyoz,

That’s indeed my opinion. I expect disappointing results from California (and a big write-off in future), but if I’m wrong (hopefully) and the news from California is good, I’ll buy more shares. Simples.

Thanks for your comments guys. Hopefully we’ll get an RNS on this soon, with positive news, so that we can quickly move to 2p and beyond!

GLA

VG-4 was doing 150-250 bopd gross (~100 bopd net), at a constrained rate, so let’s assume 150 bopd net unconstrained.

That will take the average rate to 260 bopd.

Adding 2A and 2B... perhaps 500 bopd net in total, if the wells are really good??

I’m happy to bet that we are not even close to producing 1000 bopd at this stage.

I’ll stop now, but I think it shows that we urgently need an update on this, just as the company promised a month ago....

Thanks Bob, I admire your optimism! :-)

Unfortunately though, I don’t share it.

1000 bopd net for RBD???

“From 20 April 2019 to 8 May 2019, with VG-4 producing at the constrained rates, cumulative gross production across Reabold's California portfolio was 3,742 boe net to Reabold. This excludes volumes produced through the testing programme at Burnett 2A and 2B”.

That’s only 207 bopd net, from 6 wells if I’m not mistaken, and you expect the company to reach 1000 bopd incl. 2A and 2B? Highly unlikely I would say.

While I really like the PEDL183 stake, I hate the Californian assets..... No surprise that there’s no update yet, it is likely to be a big disappointment in my view. In fact, I doubt that the accompany will make any profit at all on these assets, in the long term.....

Ok, PEDL183 will compensate, but California is not an asset to buy RBD for, IMHO

After searching for information about the Californian assets, I found that Sunset Exploration (Reabold’s Partner in California) tried to do the same deal (workovers at Monroe Swell + new wells) a few years earlier, with Xstate in 2016.
Xstate resources signed a letter of intent on 14 April 2016, but decided to terminate the LOI less than a month later, due to “identified risks with the assets that it had not been able to mitigate during the due diligence period”, “partly on technical merits and partly on poor definition”.

Links below.

Does anybody have more information on this? Why did Xstate pull out, if this is supposed to be such a great asset?

Note that Sunset got in 18 months prior to that, after the operator of Monroe Swell went bust....

https://www.energynewsbulletin.net/exploration/news/1100188/boots-on-ground-boosts-xstate

https://m.marketscreener.com/XSTATE-RESOURCES-LIMITED-8982681/news/Xstate-Resources-ASX-Release-Sunset-LOI-Termination-22318380/

IF it all works out..... 5p

Time for an update. Any news on flowrates? Where’s our COD? Licence extension? Very frustrating that everything takes soooooo long in Tanzania.....