Wentworth Resources, a Tanzania-focused natural gas production company, agreed to acquire Scirocco Energy plc’s 25% non-operated working interest in the Ruvuma production sharing agreement in Tanzania.
The 1.9 Tscf (mean GIIP) Ntorya gas discovery within Ruvuma is operated by ARA Petroleum Tanzania (50% working interest, Aminex plc 25%) and is adjacent to Wentworth’s Mnazi Bay gas producing asset (31.94% non-operated). The discovery well is 30 km west of the Madimba gas plant.
Consideration is comprised of an initial cash payment of $3 million, with further deferred and contingent cash payments of up to $13 million dependent on certain development and production milestones.
The work program is in progress with completion of the 3D seismic acquisition expected in this year’s second half.
Drilling of the Chikumbi-1 well is expected late this year or early 2023, Wentworth noted in a June investor presentation. First gas is expected from Ruvuma in 2024 with initial production of up to 140 MMscfd (gross).
Completion is subject to Scirocco shareholder approval, government approval, and the waiver of partner pre-emptions.