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For me extension of the PSA is a big trigger. Also hoping that production will stabilize over 85 scuff this year, which will increase dividend further.

Wentworth (AIM: WEN), the independent, East Africa-focused natural gas company, is pleased to announce its audited financial results for the year ended 31 December 2019. All dollar values are expressed in US dollars unless stated otherwise.

Wentworth confirms that the Annual Report and Financial Statements for the year ended 31 December 2019 have been published, and are available on the Company's website at wentplc.com. Hard copies have today been posted to those shareholders who elected to receive them.

HIGHLIGHTS

2020 Outlook

· 2020 Mnazi Bay production guidance remains unchanged at 65 - 75 MMscf/d (gross)

· The Government of the United Republic of Tanzania has taken a robust and proactive approach to the COVID-19 pandemic

· 284 COVID-19 cases have been confirmed so far in Tanzania with the first reported case on the 16 March 2020

· Zero COVID-19 cases at Mnazi Bay with robust precautionary measures in place to mitigate the risk of any operational disruption

· Mnazi Bay remains fully operational with no current impact on operations due to COVID-19

Financial

· Revenues of $18.6 million, underpinned by long-term fixed price contracts

· Adjusted EBITDAX of $8.8 million (2018: $8.3 million) excluding non-recurring expenses of $1.0 million

· Declaring a second dividend in respect of FY 2019 of 0.9 pence per share ($2.0 million in aggregate); a total dividend distribution in respect of 2019 of $3.0 million representing a yield of 7.2%, based on the closing share price at 20 April 2020

· Wentworth's share of Gross 2P Reserves as at 31 December 2019 estimated by RPS to be 95.1 Bcf with a post-tax NPV10 of $118.6 million

· Debt free with cash on hand of $14 million at end March 2020

· TPDC receivables are now the lowest since first production, standing at two months at end of 2019 and one month at end of March 2020

Operational

· Production averaged 70.3 MMscf/day (2018: 83.2 MMscf/day), lower due to fluctuating demand but in line with guidance of 68-72 MMscf/day

· Capacity from existing wells and production facilities increased to in excess of 100 MMscf/day

· Low operational cost of production of $0.69 / Mscf

Corporate

· Katherine Roe promoted to CEO in November 2019

· Operational and financial resilience, accompanied by minimal 2020 work programme, positions the Company to absorb the impact from the current difficult macroeconomic backdrop

· Delisting from Oslo Børs and redomicile to the UK providing a simpler and more cost-effective platform for growth along with a more transparent corporate governance structure

Sustainable Growth

· The power access gap in Tanzania is growing despite domestic energy supply in

I found that several Norwegian projects are delayed as well, so not only a Tanzanian issue. They better find someone else to finish the work.

Contractor bankrupt? https://www.dailynews.co.tz/news/2019-08-145d53aa00df55d.aspx

Seems like it is a contractor issue. Strange, the last I read about Kinyerezi I ext was that it was 90 % complete.

I think those numbers are wrong. They expect to save USD 3M anualy by changing from coal. 11 to 78 MMscf/d?

More demand for gas https://allafrica.com/stories/201908070702.htmlhttps://www.globalgypsum.com/news/itemlist/tag/Knauf%20Gypsum%20Tanzania

I think this is perfect. Become operator, and invite TPDC to own a larger share of Mnazi Bay (60/40). As an operator the company will become a more interesting merging partner.

Mick: https://www.xtrainvestor.com/channel/wen

Net debt free from last year end. Cash is building up. Maybe dividends this year.

Will be hard to drill the six remaining wells before Q3. But good luck to Aminex and the Omanis.

I thought that Kinyerezi II has been running for full the last year. More upside? https://www.linkedin.com/feed/update/urn:li:activity:6527524870316707840

And net debt free allready: Net cash at year-end of $0.8 million, compared to net debt of $13.9 million

WEN is a cash machine!

That is because they are leaving Mozambique. Everyone knew about that loss. More interesting, WEN is debt free: Net cash at year-end of $0.8 million, compared to net debt of $13.9 million

You are missing something essential Ufufuo. AEX is missing a pipeline to deliver gas. What do you think that costs?

There is much more gas on MNB and the infrastructure is allready there. The TPDC does not need to anymore investments and they also have 20% interest in the field that they will have return from.

It is true that WEN seeks commitment from the gouvernment before they do more investments, but WEN is in a perfect negotiation position and TPDC have great incentives to reach an agreement. The PSA expires in 12 years, but WEN want the gouvernment to commit for 22 years.

TPDC would benefit from optimizing the output from MNB before they invest anywhere else.

I really hope Ntorya will be successfull, but monetizing is a far reach..

But Crusty, this is what I don't understand. You say the risk reward doesn't appeal, but AEX is a lottery and I cannot see that the price is higher for AEX than WEN. WEN is allready cashing in on the price, and MNB is also going to be developed further. So far only slick line operations in existing wells are necassary to increase volumes on MNB, and lower reservoirs are not producing either.

"planned programme of activity" - what does all this activity cost? AEX are not free carried for KN are they?