(Alliance News) - Wentworth Resources PLC announced on Wednesday that it and its joint venture partners had achieved record quarterly production at the Mnazi Bay gas field.
Shares in Wentworth were up 8.1% at 22.17 pence on Wednesday afternoon in London.
The Jersey, UK-based natural gas production company with a focus on Tanzania said a record production of 91.5 million standard cubic feet per day was achieved in the fourth quarter of 2021.
Wentworth holds a 32% interest in the Mnazi Bay gas field in Southern Tanzania. It is operated by Paris-based oil company Maurel & Prom who hold a 48% interest and the Tanzanian government-owned Tanzania Petroleum Development Corp who hold a 20% interest.
The record production has enabled Wentworth to set production guidance for 2022 at 75 to 85 million standard cubic feet per day. Wentworth explained that this is 'significantly' higher than initial guidance for 2021 and reflects the company's confidence in Mnazi Bay's ability to fulfil demand at these levels.
Previously guidance was at 70 to 80 million standard cubic feet per day.
Daily average gross production in 2021 was 81.6 million standard cubic feet per day, 24% higher than the previous year's gross production of 65.5 million standard cubic feet per day.
Looking forward, Wentworth said it continues to explore and evaluate growth opportunities both within the Mnazi Bay licence and the greater geographical region to support increasing in-country demand for natural gas.
Chief Executive Katherine Roe said: "Wentworth continues to go from strength to strength and we are proud and delighted to have achieved an all-time quarterly production record at Mnazi Bay in the final quarter of last year. This continues to indicate that demand has recovered from the lower levels of 2020 associated with Covid-19 and means Wentworth will continue to have a leading role in providing low-carbon energy as Tanzania rapidly grows and industrialises."
The company added that it expects a final 2021 dividend of USD2.6 million.