Member Info for mick2020

Hmm... amazing indeed.

Well, thanks for replying Tiptop,
Has the company provided more information about the drilling ops in 103, apart from what was mentioned in the RNS’es? I think the information is VERY sketchy so far.... To me it looks as if the company simply drilled the 12 1/4” hole to TD without setting a casing (or intermediate liner) between the Mengo and Djeno. This will complicate remediation I suspect.... especially with potentially heavy cross flow from the Djeno into the Mengo.

Perhaps not such an obvious opportunity afterall....

Morning Irish, that’s a while ago.

As you have been in this share for a long time already, can you tell me if the company ran a liner in TLP 103? It doesn’t look like it, but the company is not very clear on it.

Also, do you know if there are regulatory restrictions to commingling production (between Djeno, Mengo and D3?)

Very unusual that the plug back failed to isolate the reservoirs.

If commingling is prohibited, then the company could face a fine.... on the positive side, they will be forced to do something about it quickly. Where is the rig?

While I normally can’t stand any hyping up (I’ve had lots of arguments in the past with some of the characters posting here as well) I think the criticism here is going to far. At this price the company looks attractive to me. Sure, the company will need more money in future, but with at least two potentially very promising opportunities (Djeno and water injection) who cares?

Bought some shares yesterday.

Another very good buy! I think Katherine’s purchase is even more impressive if you consider that her base salary is less than a quarter than that of Eskil! (42,424 vs 201,700 US$) All we need now is a COD & GSA extension and this share will fly. Personally, I expect it before August! 😊

Posted on a different WEN forum:

"Dear......

I am very happy to have finally had the opportunity- yesterday was the first day I was allowed to purchase shares under MAR (Market Abuse Regulations due insider knowledge), since early February 2019, so you will understand what that means. I assure you I joined WEN to make a difference and am very much focused on that goal for all shareholders.

With regards news releases on the M&A front I can only be generic- but we have screened maybe 30 plus deals, undertaken 2 asset and 3 corporate (merger) very intensive due diligence efforts over the last 6 months, but unfortunately not executed- the corporates due soft issues (mostly related to market sentiment on Tanzania, but some also related to the intransigence of other parties Board) and the former due materiality (not big enough) and unwillingness to pay over the odds (we were 3rd in a process, which continues)- I cannot say more.

But the fact that I purchased obviously tells the market that we are in a window between deals. We have had formative discussions with our major shareholders over the last months and are fully aligned on our strategic mandate, which focuses on material transactions and options in E.Africa-unchanged and we continue to press ahead.

The equity markets are weak at the moment, we are trying to execute on deals that are minimally dilutive and NAV accretive- so we are very focused in our intent re scope, scale and fit.

It is very important for me that I do not oversell and under deliver- you saw the impact of such behaviours at SDX Energy this last month.

We have made progress on the inlet pressure, we continue to work hard in country on the COD/GSA with M&P (as much as we can as a non-operator), we are deleveraging and can as I relayed to our shareholder in Feb-19 in Oslo, we will be looking at capital returns policies in H2 2019. On top of that there are M&A options that I am hopeful we can execute on this year.

Our shareholders are our primary focus - we will win, myself and the team will accept nothing less.

Kind regards
Eskil Jersing"

That’s a good size, it certainly shows confidence!

An off book trade?

Katherine later this week?

No, Mnazi Bay is also in the Mtwara Region, just look it up.

Besides, Mnazi Bay is also in the Mtwara Region, just have a look on google.

Irrelevant where exactly it is located, it will only take gas from the Madimba gas treatment plant. And please don’t suggest that the plant will take gas directly from the wells now.... Nonsense, I had this argument with Tiptop already, the master misleader....

An offshore well costs about 30 mln, including flowlines, see the MB-5 cost estimate in the CPR. So overall quite a bit cheaper. The 300 MW Mtwara power project is old news, they’ve been talking about it for many years now, just google it. What would be big news is if construction had finally started.... Commissioning in 2022?

Morning Chris, Not expensive??? Hmm... 6 wells and a pipeline will cost about 150 mln. Given that investors want to make a profit, TPDC will ultimately pay the whole sum, either through gas purchases, direct investment or a stake with a free carry. Note, the maximum production rate from Ntorya is just 80 MMscf/d is, based on the 210 MMscf/d Madimba processing capacity constraint (minus production from Mnazi Bay) With a 20% stake in the field, TPDC can also chose to invest in new wells in Mnazi Bay to get the final 80 MMscf/d capacity. Perhaps 4 wells? No doubt that that is a lot cheaper than 150 mln, even if they are all offshore...

Cperkin, Mnazi Bay 3P reserves GIIP = 1.069 TCF Mnazi Bay Prospective Resources GIIP (P50 unrisked) = 2.103 TCF (top 9 prospects). See table 4-16 and 5-4 + section 5 in the May 2018 CPR. So approx. 3.1 TCF in total. So what were you saying about a low resource base? Exploration/appraisal drilling can start as soon as the commercial framework has been agreed, so who knows, maybe next year already. Meanwhile the money is coming in already for Wentworth and ramping up further will undoubtedly transform the company. Without a pipeline and very little confirmed resources, Ntorya remains an expensive and high risk project for the Tanzanian government in my view, so pick your choice... https://wentplc.com/wp-content/uploads/2018/11/Mnazi_Bay_Mozabique-Prospective-Resources_FINAL_2018-07-27s_reduced.pdf

Wow! As sharp as a razorblade Tanzania! You truly caught me there, so I’ll be brutally honest with you: very shamefully, I have to admit…. that I totally forgot about the Omanis…. so stupid!! And if they come to Tanzania then anything can happen of course!!! And…. don’t forget… with the aid of the genie of Aladdin’s lamp they can even make Ntorya to supply the gas for the Kinyerezi extension!!! Aarghhhhh….. Nooooo…….. Sell WEN, buy Aminex, quick!!

Don’t know who that “Jules” is, but certainly is a good find, and potentially terrific news for for Wentworth. Personally I’m not convinced that it will help Aminex getting the Mtwara Licence extension, but fingers crossed, you never know.

Adding up the numbers....Looks to me as if WEN is the the only company left to supply gas for the Kinyerezi-1 extension... Al looking very good now I would say! ??

https://www.globenewswire.com/news-release/2019/05/29/1856358/0/en/Orca-Exploration-Group-s-subsidiary-PanAfrican-Energy-Tanzania-signs-long-term-Gas-Sales-Agreement-with-TPDC.html

Great find max-power,

Looks to me that WEN is then the only company left to supply gas to the new Kinyerezi-1 extension, when it is commissioned in Q3... Terrific news!

Truly baffling. Perhaps a result of “clever” PR in the past? Paid rampers, sponsored “industry observers”, fake trading and highly speculative/misleading news releases?

While WEN is generating real revenue and the outlook is better than ever, the share price is at a record low again... incredible! Why is this company so disliked?

At this price, it’s a strong buy from me again!

Indeed a good question CP. Just a small correction (as you keep mentioning this...). All Mnazi Bay wells, except MB-1, are ONSHORE wells, accessible by road. Look at page 5 of the latest CPR for clarification. Slick-line work was performed on MB-2, MB-3 and MB-4 wells, so on land wells only.
There’s indeed no clear reason why Aminex cannot find a service company to do the work.

HY,

The Ziwani announcement was a surprise to me as well, and the RNS could indeed have been a lot clearer. Saying that, I’m pretty sure that the carry was accounted for in the liabilities, just not specifically mentioned. Note that total liabilities dropped from 24.18 mln in July 2018 to 16.158 mln on 1 January, so a much bigger drop that the 3.3 mln debt reduction.
I actually think that it is very good news that the Ziwani carry has been paid already (much quicker than expected). We’re getting out of debt fast, and the H1 numbers should be better than expected this way!