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PERFORMANCE multitude of industrial users. Tanzania on how to best address these goals
The Mnazi Bay JV Partners continue to Katherine Roe, CEO of Wentworth, said: “I
Wentworth Resources progress the 2022 work programme, which is am delighted that Wentworth has made such a
focused on ensuring reliable gas production strong start to the year with production, support-
announces operational through diligent field maintenance. The Opera- ing our full year guidance and providing the con-
tor will conduct essential maintenance during a fidence to announce a further dividend increase
update ahead of AGM two-day shut down planned for late June. and maintain our attractive yield, one of the
The health and safety of the employees at highest in the independent E&P sector. Mnazi
Wentworth, the independent, Tanzania-focused Mnazi Bay remains of paramount importance Bay continues to provide Tanzania with approx-
natural gas production company, has announced as is evidenced with our continued efforts to imately half of the country’s natural gas demand
an operational update ahead of its Annual Gen- ensure robust health and safety standards. As and our contribution to the country’s growth will
eral Meeting (AGM) to be held today. of May 31, 2022, the Mnazi Bay operations have be further enhanced by our recently announced
Following record production achieved in reported zero lost time incidents for a period of acquisition of a 25% stake in the nearby Ruvuma
2021, Wentworth and its joint venture partners five years and 301 days. Evaluation of the Mnazi gas development project. Ruvuma is a transfor-
continued to realise strong production rates Bay licence area for additional exploration and mational transaction for Wentworth and repre-
throughout 2022, recording an average produc- production potential is ongoing. sents an attractively priced, low risk entry into
tion rate of 92 mcf per day year to date. The five Financial: Declared a final dividend in respect a high growth opportunity which cements our
producing wells in the Mnazi Bay field and the of FY 2021 of GBP0.0116 pence per share position as a leading supplier of domestic gas to
associated joint venture operated facilities con- ($2.6mn); a total dividend distribution in respect Tanzania.”
tinued to perform well and without issues. Fur- of 2021 of GBP0.017 per share ($4.0mn), repre- Wentworth Resources, June 22 2022
thermore, the reductions in natural gas demand senting an increase from 2020 ($3.8mn) and a
typically seen during the wetter months, April yield of approximately 7.1% (based on current
and May, were less severe and shorter, compared market capitalisation). Debt free with cash on POLICY
to previous years. The Company’s production hand of $26mn.
guidance for the year, provided in January 2022, TPDC receivables: $2.4mn, representing one IFC, local energy firm
remains unchanged at 75-85 mcf per day. month of gas sales (fully current). TANESCO
The Government of Tanzania remains pos- receivables: $753,000, representing six months Sodigaz deepen partnership
itive in their recent announcements regarding of gas sales ($615,000, representing five months
their willingness to progress and promote pro- of gas sales in arrears). to supply clean, reliable
jects of national interest and it is expected that Corporate: Actively progressing the Compa-
these positive actions will continue to promote ny’s strategy to diversify the asset portfolio with energy in Burkina Faso
further growth potential for the Tanzanian high quality growth opportunities as demon-
economy. strated with the recent Ruvuma acquisition. With the aim of boosting access to cleaner and
With the Company’s recent agreement to Strict commitment to maintain sustainable more reliable energy in Burkina Faso, includ-
acquire Scirocco Energy Plc’s 25% interest in the progressive capital returns. Continued focus on ing for rural households, International Finance
Ruvuma PSA, Wentworth is pleased to report growth within Tanzania and the broader region Corp. (IFC), an arm of the World Bank, has
that work on the 338 square km 3D seismic, over by capitalising on a strong operational track announced a local currency financing package
the discovery and potential development area, is record and in-depth local knowledge. for Sodigaz, one of the country’s leading energy
progressing positively and is intended to provide Maintenance of a highly skilled Board and companies.
data critical to the development of the field and management team. Progressively engaged with IFC’s support will help Sodigaz increase the
to optimise further drilling locations. The opera- shareholders by providing regular updates and distribution of LPG to underserved rural house-
tor, ARA Petroleum Tanzania, has indicated that management access. holds across Burkina Faso and bring solar energy
the Chikumbi-1 well will be drilled following the Sustainability: In light of the COP26 confer- to a 1,000-unit affordable housing project near
completion of the seismic programme and that ence in 2021, Tanzania announced its commit- the capital, Ouagadougou, contributing to better
first gas from the project is possible by late 2024, ment to reduce greenhouse gas emissions by 30% health outcomes and supporting the country’s
following the award of a 25-year development by 2030. In doing so, the Government cemented transition to cleaner energy.
licence and construction of a pipeline connect- its commitment to decreasing its already limited The €12.4mn financing package announced
ing the field to the Madimba gas processing facil- emissions output and reinforcing incentives for on June 16 consists of a local currency loan up
ity which is located within the Mnazi Bay licence low-carbon energy sources such as natural gas. to the equivalent of €8.4mn in CFA francs from
area. The Company looks forward to updating Natural gas will play a critical role in meeting IFC’s own account and a parallel loan equivalent
the market as operations on this transforma- a reduction in emissions with reliable baseload to €4mn in CFA francs mobilised from a partner
tional new project progress. electricity helping to further replace carbon-in- commercial bank. The investment will support
Operational Highlights and Outlook: Aver- tensive off-grid fuel sources such as heavy fuel the expansion of Sodigaz’s LPG distribution
age daily production year to date is 92.2 mcf per oil and diesel. infrastructure in rural and urban areas and the
day (gross), compared with 79.9 mcf per day Ongoing ESG strategy remains a priority fol- construction of a 1.54 MWp (megawatt-peak)
(gross) during the same period in 2021. Record lowing the publication of Wentworth’s second solar plant.
quarterly average daily production of 98.5 mcf Sustainability Report for 2021; it addresses how Only about 20% of the population of Bur-
per day (gross) achieved in Q1-2022. Wentworth Wentworth proactively manages its impacts by kina Faso is connected to the grid (around 65%
and Mnazi Bay JV Partners supply approxi- upholding relevant international standards and in urban areas and less than 5% in rural areas),
mately 50% of natural gas demand in Tanzania, adopting a responsible approach to doing busi- limiting social and economic development, with
which is primarily used for essential baseload ness in Tanzania; the Company is progressing much of the population of 21m reliant on wood
electricity but is also expanding to include a its initiatives with Vitol and the Government of and charcoal for cooking.

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