Wentworth Resources will give up its 85% stake in the northern Mozambican Tembo block on 30 April 2019, the company said in a statement on Monday.
The company also reported that it ended the operation in Mozambique with the closure of its Maputo office and operations in the Muxara and Palma fields, in order to focus on the assets it owns in Mnazi Bay, Tanzania.
The Tembo block, which has an area of approximately 2,500 square kilometres in the Rovuma basin in northeastern Mozambique, as its partners has Wentworth Resources as operator, with 85.0% and state oil company ENH with 15%.
The statement said that a “detailed” re-evaluation of the Tembo discovery was carried out last October, which, in addition to lowering existing reserve estimates to around 61 billion cubic feet of natural gas, concluded that there were no good solutions to transform these reserves into cash.
Wentworth Resources is listed on the London and Oslo stock exchanges, and its activity is focused on the exploration of natural gas assets in the Rovuma basin, southern Tanzania and northern Mozambique. (macauhub)