Tanzania-focused natural gas production company, Wentworth Resources, has announced its Financial, Operational, Sustainability and its Sustainable Dividend Policy for 2020.
It announced that Mnazi Bay continues to remain fully operational with no adverse impact on supply from the pandemic. The production volumes were higher in the third-quarter of 2020 at 68.8 MMscf/d (gross) compared to MMscf/d (gross) for H1 2020.
The Chief Executive Officer of Wentworth, Katherine Roe said, “The safety and wellbeing of our employees continues to be our number one priority and we’re pleased that Mnazi Bay has remained fully operational since the pandemic with no COVID-19 cases to date, a safe and healthy crew and no adverse impact on supply. Our annual production guidance range remains unchanged at 60 – 70 MMscf/d (gross).”
“We continue to operate a robust and resilient business due to stable production and reliable cash flows from our long-term fixed gas price contracts. We are especially proud of the strength of the business despite the challenging macroeconomic backdrop, which is reflected in our balance sheet, with zero debt and $17 million cash at the end of October. This has enabled us to return capital to shareholders totalling $4.2 million.”
“During 2020, a priority for myself and the wider team at Wentworth has been to ensure that our net impact on our communities and wider society in Tanzania is positive and that we have the appropriate disclosure in place to demonstrate how we are manging our core ESG risks. We have undertaken a strategic review of our ESG performance and look forward to sharing our inaugural report with you next year.”
Our ambition is to grow our domestic gas business in Tanzania in a responsible way that enhances the lives of our domestic stakeholders whilst increasing returns for shareholders. We remain committed to being a long-term partner for Tanzania in the delivery of low-carbon, domestic energy supply growth that will underpin the socio-economic development of the country in the near and longer-term.”