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SERVICES
PGS completes 2020

acquisition in Angola’s
Namibe Basin

Ramform Sovereign has completed a large acqui-
sition project offshore Angola using multisensor
GeoStreamer technology. Operational and geo-
logical objectives were achieved successfully and
safely, despite the COVID-19 restrictions.
The 2020 PGS Namibe Basin survey connects
the 3D seismic coverage of southern Angola with
PGS seismic data library coverage in Namibia,
completing a large MultiClient footprint of
high-quality broadband seismic data that spans
the Namibe Basin.
Predicted reservoir presence and distribu-
tion maps indicate that this area contains a vari-
ety of leads and prospects. Full depth-imaging the pandemic; marginal decline in industrial late May).
incorporating FWI velocity model building will demand due to weakened activity as a result Industrial demand now recovering after
improve knowledge of the subsurface petro- of COVID-19 with 2020 production guidance the lifting of COVID-19 restrictions and nat-
leum system and reduce the risk for frontier slightly adjusted to 60-70mn cubic feet (1.70- ural gas-fired electricity generation displacing
exploration. 1.98mn cubic metres) per day gross. hydro-electric power due to the onset of the
The fast-track data for Angola Namibe Basin Tanzania’s economy has remained resilient, dry season. Proportion of supply to Tanzania’s
will be available in late Q4-2020. Contact amme. with recent data from the African Development national grid provided by natural gas increased
info@pgs.com to arrange an early data show or Bank (ADB) suggesting Tanzania’s projected from 47% to currently 60%. Production aver-
discuss PGS data library coverage for Angola GDP growth in 2020 is set to be the highest in the aged 68.48 mcf (1.94 mcm) per day for the
licensing opportunities. East Africa region at 5.2%. Production volumes period July 1, 2020, to August 31, 2020, and 71.77
Ramform Sovereign delivers efficient, are expected to be typically higher in H2-2020 mcf (2.32 mcm) per day for the period August 1,
high-capacity, 3D seismic projects, employ- than H1-2020 due to the end of the rainy sea- 2020, to August 31, 2020; low operational cost
ing multi-sensor, broadband GeoStreamer son and the lifting of COVID-19 restrictions in of production of $1.72 per mcf (2019: $1.88 per
acquisition technology. During the COVID-19 Tanzania. Mnazi Bay is well-positioned to sup- mcf); 2P Reserves of 95 Bscf, valued at $118.6mn
pandemic, mitigating measures implemented ply increased gas volumes and support demand (post-tax NPV10) as at 31 December 2019 as per
offshore have ensured safety and business growth in H2-2020 and into 2021 with the published RPS Reserves Assessment Report.
continuity. capacity to supply volumes of 100 mcf (2.8 mcm) Highlights, Sustainable Growth: Wentworth
PGS, September 08 2020 per day (gross). remains focused on identifying sustainable
Highlights, Financial: Interim dividend and responsible growth opportunities that cre-
of $1.2mn declared, an increase of 20% from ate value for Tanzania, Wentworth and all its
PERFORMANCE H1-2019 ($1.0mn), bringing the total dividend stakeholders.
distribution declared in the last 12 months to With an energy access rate of only 37%
Wentworth Resources $4.2mn; revenues of $8.3mn, underpinned according to the IEA, population growth set to
by long-term fixed price contracts with the double by 2050 and an economy shifting from
announces interim results Government of the United Republic of Tanza- an agricultural to an industrial base, there is a
nia; adjusted EBITDAX of $4.1mn (H1-2019: real need for transformational growth in Tanza-
for H1-2020 $3.3mn); debt free with $16.7mn cash on hand nia’s domestic energy supply to deliver universal
access by 2030. Wentworth’s robust gas-to-power
at 2 September 2020; Tanzania Petroleum Devel-
AIM-listed Wentworth Resources, the inde- opment Corp. (TPDC) now fully current with production platform is well-positioned to ser-
pendent, Tanzania-focused natural gas pro- payments; continued commitment from Tan- vice this future demand growth and we are com-
duction company, has announced its interim zania Electric Supply Company (TANESCO) mitted to growing our platform responsibly to
financial results for the six months ended June to settle all remaining arrears with payments support demand growth in Tanzania and protect
30, 2020. All dollar values are expressed in US resuming in August. returns for shareholders
dollars unless stated otherwise. Highlights, Operational: Adjusted produc- Katherine Roe, CEO, commented: “Despite
Highlights, 2020 Outlook: The health and tion guidance range of 60-70 mcf (1.70-1.98 a challenging macroeconomic environment due
safety of our employees is our priority and mcm) per day (gross); 58.28 mcf (1.65 mcm) per to the ongoing impacts of the COVID-19 pan-
robust precautionary measures remain in place day (H1-2019: 66.17 mcf or 1.87 mcm per day) demic, Wentworth has continued to demon-
to ensure the continued safety of our staff; there for the period to June 30, 2020, following weak- strate business resilience, robust financial and
have been zero reported cases of COVID-19 ened demand due to COVID-19 related restric- operational performance which has under-
at Mnazi Bay; Mnazi Bay remains fully opera- tions in March and April and an extended rainy pinned our decision to increase our interim
tional, with no adverse impact on supply from season in January and June (normally March to dividend.

Week 36 09•September•2020 www. NEWSBASE .com P17