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Wentworth Resources exceeds annual gas production target

By BFN News | 09:49 AM | Friday 11 January, 2019


Wentworth Resources said it exceeded its annual output guidance amid strong demand growth in Tanzania. Average production for the year through December amounted to 83.2m standard cubic feet per day, above guidance of 65 - 75 MMscf/d. Demand continued to grow in the fourth quarter, namely from the Kinyerezi-1, Kinyerezi-2 and Ubungo II power stations, and 'burgeoning demand growth' from industrial customers including Dangote Cement and Goodwill Ceramics. Average daily production the fourth quarter rose to 87.3 MMscf. In December, it was 92.5 MMscf. For 2019, Wentworth said full-year average daily production was expected in the range of 75 to 85 MMscf/d in order to sustain the current plateau rate from an existing five production wells. 'The company will continue to update the market as new sources of demand materialise, in addition to operational updates on the asset,' Wentworth said. At 9:49am: (LON:WEN) share price was +0.75p at 20p Story provided by StockMarketWire.com

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