Mining & Energy
'Pacta sunt servanda': Mega-project contracts in Mozambique "must be scrupulously fulfilled" - ...
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, is pleased to announce an update to the Company’s Onshore Rovuma asset in Mozambique (“Appraisal License”).
Further to the update at the time of the 2017 Annual Financial Statements in March regarding the Company’s formal request of a one-year extension of the Appraisal License, the Company has received confirmation from Instituto Nacional de Petroleo (“INP”) that the extension has been granted. The extension will take effect from 16 June 2018 and enables Wentworth, along with its partner Empresa Nacional de Hidrocarbonetos (“ENH”), to continue to progress pre-drilling activities in the Tembo block.
The extension request was in part related to the above ground security situation in and around the Mocimboa da Praia and Palma regions, adjacent to the Tembo block, which remain challenging. This has prevented safe access to the area for Wentworth staff and contractors. The Company continues to monitor the situation closely.
Bob McBean, Executive Chairman, said:
“We would like to thank the Minister, INP and our partner ENH for their support in securing this extension to the Tembo licence, which gives us the time and flexibility to progress our operational activities on the block. We remain focused on securing an additional partner to share risk in unlocking the onshore potential of the Rovuma basin”.
6 June 2018Source: Wentworth Resources / Press Release
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