.. Amazing Stories On Oil and Gas

Wentworth Resources Raises $7.6 Million To Finance Tanzania�s Mnazi Bay Developments

Wentworth Resources has announced that it has successfully raised
gross proceeds of USD 7.6 million (GBP 4.9 million, NOK 59.7 million)
with institutional investors and certain Directors and members of the
Executive Management through a private placement of 15,412,269 new
The private placement saw no discount to market price with the new
funds set to provide the Company with sufficient working capital beyond
its projected receipt of first cash flow for gas sales from its Mnazi
Bay concession.
This comes at a time when construction of the Government owned and
operated Mtwara to Dar es Salaam pipeline is complete and the
accompanying processing facilities are nearing completion with
pre-commissioning activities ongoing with delivery of first gas into the
new pipeline continues to be on track to commence in Q3 2015.
According to Wentworth Resources significant progress has been made
in recent weeks on advancing payment guarantee arrangements and the
Company is confident these will be completed prior to the delivery of
first gas to the pipeline.
The company said it had preferred the Private Placement as it
represented a quick and cost-effective method of raising funds necessary
to give the Company sufficient working capital until projected cash
flow from gas sales at Mnazi Bay commences.
FirstEnergy Capital and Stifel have been appointed as Joint Bookrunners in respect of the Placement.
According to Wentworth executive Chairman Bob McBean the Company
expects to start receiving cash flow from gas sales to the new pipeline
in Q4 2015.
“We are very pleased with the successful outcome of this raise which
provides the working capital we need prior to delivery of first gas. We
are confident that, with the support of our Partners and the commitment
shown by the Government, gas will be on stream in the coming months and
will be fully supported by an agreed payment guarantee arrangement. I
and the Board would like to thank our existing shareholders for their
continued support and welcome our new shareholders at an exciting period
ahead for Wentworth,” says McBean.
In March
Wentworth Resources announced that the Company has subsequently drawn
an amount of $5.6 million on an existing $20 million credit facility
with a Tanzania-based bank, TIB Development Bank Limited to finance
Mnazi bay concession developments including drilling of the MB-4 development well.
As per the last evaluation gas reserves within the Mnazi Bay
Concession in Tanzania, carried out by RPS Energy Canada Ltd put the value at $152.9 million after tax.
Marel et Prom is the operator at the Concession with 60.075 percent
interest through exploration and 48.06 percent through production while
the Tanzania Petroleum Development Corporation holds the remaining 20



Add a Comment
  1. I just want to tell you that I’m all new to blogging and truly enjoyed this web page. Probably I’m likely to bookmark your blog post . You absolutely come with impressive articles and reviews. Cheers for sharing your web site.

  2. When I originally commented I clicked the -Notify me when new comments are added- checkbox and already each time a comment is added I get four emails with similar comment. Is there by any means you may get rid of me from that service? Thanks!

  3. My brother suggested I might like this website. He was totally right. This post actually made my day. You can not imagine just how much time I had spent for this information! Thanks!

  4. I’ve been browsing online more than 3 hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my view, if all website owners and bloggers made good content as you did, the internet will be much more useful than ever before.

  5. Heya i’m for the first time here. I found this board and I find It really useful & it helped me out much. I hope to give something back and aid others like you helped me.

  6. Hi, Neat post. There’s a problem together with your website in internet explorer, could test this¡K IE still is the market chief and a huge section of people will miss your fantastic writing because of this problem.

  7. Thank you, I’ve just been looking for info approximately this subject for a long time and yours is the greatest I have came upon till now. But, what about the conclusion? Are you positive concerning the supply?

  8. I carry on listening to the news broadcast talk about receiving boundless online grant applications so I have been looking around for the best site to get one. Could you tell me please, where could i acquire some?

  9. Can I simply say what a comfort to uncover someone who truly understands what they are discussing on the internet. You definitely realize how to bring an issue to light and make it important. More people need to look at this and understand this side of the story. I was surprised that you aren’t more popular given that you surely have the gift.

  10. If you happen to be continue to upon the fence: get your favored earphones, head down in the direction of a Excellent Get and ask to plug them into a Zune then an iPod and see which a single sounds better in direction of by yourself, and which interface tends to make yourself smile even further. Then you are going to recognize which is directly for you.

  11. I¡¦ll right away clutch your rss feed as I can’t to find your email subscription hyperlink or e-newsletter service. Do you’ve any? Please let me recognize so that I may just subscribe. Thanks.

  12. Howdy would you mind letting me know which web host you’re working with? I’ve loaded your blog in 3 different web browsers and I must say this blog loads a lot quicker then most. Can you recommend a good web hosting provider at a honest price? Cheers, I appreciate it!

  13. Definitely, what a magnificent blog and instructive posts, I definitely will bookmark your site.Have an awsome day!

  14. You really make it seem so easy with your presentation but I find this matter to be really something that I think I would never understand. It seems too complicated and very broad for me. I’m looking forward for your next post, I will try to get the hang of it!

  15. Sorry for the large overview, nevertheless I’m extremely loving the fresh Zune, and hope this, as very well as the top quality opinions some other folks include composed, will assist oneself come to a decision if it truly is the instantly determination for you.

  16. It is the best time to make some plans for the future and it’s time to be happy. I have read this post and if I could I desire to suggest you few interesting things or tips. Maybe you can write next articles referring to this article. I want to read even more things about it!

  17. There is obviously a bunch to know about this. I assume you made various good points in features also.

  18. Would you be fascinated with exchanging links?

  19. Great blog here! Also your website loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my website loaded up as quickly as yours lol

  20. Involving me and my spouse we’ve owned additional MP3 avid gamers around the many years than I can count, like Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the previous couple of years I have resolved down in direction of just one line of avid gamers. Why? Simply because I was pleased toward take a look at how well-designed and exciting to use the underappreciated (and extensively mocked) Zunes are.

  21. Great remarkable things here. I am very happy to look your article. Thanks so much and i am having a look ahead to touch you. Will you please drop me a mail?

  22. great post, very informative. I ponder why the other specialists of this sector do not realize this. You must continue your writing. I am sure, you’ve a huge readers’ base already!

  23. I’ve been surfing online more than 3 hours these days, but I never discovered any attention-grabbing article like yours. It¡¦s lovely price sufficient for me. In my opinion, if all web owners and bloggers made good content material as you probably did, the internet will be much more helpful than ever before.

  24. I haven’t checked in here for a while because I thought it was getting boring, but the last few posts are good quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂

  25. very good publish, i certainly love this web site, keep on it

  26. I like the helpful info you provide in your articles. I’ll bookmark your blog and check again here regularly. I’m quite certain I’ll learn many new stuff right here! Good luck for the next!

  27. Hands down, Apple’s app store wins via a mile. It is a significant preference of all styles of purposes vs a really unsatisfied number of a handful for Zune. Microsoft consists of Strategies, specially inside of the realm of game titles, still I’m not yes I might have to have toward bet on the long run if this part is critical towards on your own. The iPod is a much much better choice within just that circumstance.

  28. Apple previously is made up of Rhapsody as an application, which is a ideal start off, nevertheless it is presently hampered by means of the incapability in the direction of shop locally upon your iPod, and is made up of a dismal 64kbps little bit cost. If this alterations, then it will rather negate this advantage for the Zune, however the Ten new music for each month will still be a substantial moreover in just Zune Pass’ desire.

  29. In between me and my spouse we’ve owned excess MP3 avid gamers about the a long time than I can depend, such as Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etcetera. But, the previous several a long time I’ve resolved down toward 1 line of gamers. Why? Mainly because I was content toward discover how well-designed and exciting to use the underappreciated (and broadly mocked) Zunes are.

  30. Thanks for publishing this awesome article. I’m a long time reader but I’ve never been compelled to leave a comment. I subscribed to your blog and shared this on my Twitter. Thanks again for a great article!

  31. This is using a bit additional subjective, but I much like the Zune Market. The interface is vibrant, includes further more flair, and some neat attributes including ‘Mixview’ that make it possible for yourself suddenly perspective comparable albums, music, or other consumers similar to what you might be listening toward. Clicking upon 1 of all those will heart upon that merchandise, and one more fixed of “neighbors” will arrive into opinion, letting oneself towards navigate in excess of exploring by very similar artists, audio, or consumers. Conversing of buyers, the Zune “Social” is additionally superb enjoyment, allowing oneself uncover others with shared tastes and becoming buddies with them. By yourself then can listen in direction of a playlist developed centered upon an amalgamation of what all your pals are listening to, which is also remarkable. Those worried with privacy will be relieved to understand yourself can reduce the public towards observing your personal listening routines if by yourself consequently consider.

Leave a Reply

Your email address will not be published.

Time limit is exhausted. Please reload CAPTCHA.

Tanzania Petroleum © 2016-2017.