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Monday, June 13, 2022
Wentworth Resources announced that it has reached agreement with Scirocco Energy plc to acquire its 25% non-operated working interest in the Ruvuma Production Sharing Agreement in Tanzania.
The 1.9 Tscf (mean GIIP) Ntorya gas discovery located within Ruvuma, Tanzania is operated by ARA Petroleum Tanzania (50% working interest, Aminex plc 25%) and is adjacent to Wentworth’s Mnazi Bay gas producing asset.
The consideration is comprised of an initial cash payment of $3 million due upon Completion, with further deferred and contingent cash payments of up to $13 million dependent on certain development and production milestones.
The consideration will be funded through Wentworth’s cash resources whilst allowing the Company to maintain its commitment to a long-term, sustainable and progressive dividend for shareholders.
Katherine Roe, Chief Executive of Wentworth commented: “This is a transformational transaction for Wentworth establishing us as a dual-asset, full-cycle E&P with a significantly enhanced resource base and production profile. The deal represents an attractively priced, low risk entry into a high growth opportunity which cements our position as a leading supplier of domestic gas to Tanzania.
“This compelling growth opportunity is fully aligned with our commitment to support the Government to reach its goal of providing universal energy access by 2030 in accordance with our purpose to empower people with energy and deliver value for Tanzania, Wentworth and all our stakeholders.”
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