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Wentworth to exit Mozambique

MAPUTO, December 17, 2018 – Wentworth Resources announced Monday that it would relinquish the Tembo block and exit Mozambique.

 

“We have now completed a thorough technical and commercial review of the company’s asset portfolio and determined that our Tembo asset does not provide us with suitable monetisation solutions in keeping with our material growth mandate,” CEO Eskil Jersing said in a company statement.

In June 2018, Wentworth Resources received a one-year extension from the National Petroleum Institute for its appraisal licence for the Tembo block. The company now plans to relinquish it effective April 30, 2019.

Wentworth operates the onshore block with an 85% stake. Empresa Nacional de Hidrocarbonetos holds 15%.

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