Wentworth wishes to provide an update of the Ziwani-1 exploration well, currently drilling in the Mnazi Bay Concession, Tanzania. As previously reported, the well was spudded on February 1, 2012 and was anticipated to take 35 to 40 days to drill. However, there have been some significant delays due to equipment down-time, additional activities not accounted in the well plan and extra bit changes. The 12 1/4" section of the well has been drilled to a depth of 1,606 meters. This section has been successfully logged and the 9 5/8" casing has been run. The 8 1/2" section of the well has now been drilled to a depth of 2,588 meters. While there have been a number of gas shows to date, no significant channel sands were identified in the Pliocene or Miocene. A number of sands have been identified throughout the Oligocene and drilling continues. The plan is to complete the well to the original target depth of 2,700 meters and carry out a full logging program. This will allow the well to be drilled to all the targets as originally planned in the Pliocene, Miocene and Oligocene.
Subject to conclusion of the exercise of the pre-emptive rights exercised by Maurel & Prom ("M&P") on Wentworth's acquisition of Cove Energy's interest in the Mnazi Bay Concession announced on January 30, 2012, Wentworth will pay 11.98% of the costs and hold a 39.925% participating interest in the Ziwani-1 well. M&P currently estimates that the total cost of the Ziwani-1 well will be $1.95 million net to Wentworth ($16.25 million in total).
Managing Director, Geoff Bury, commented:
"Although the results of the Ziwani-1 well are so far not as expected, the Company is working with M&P to analyze the data obtained and evaluate its impact on the upcoming exploration activities that will follow the planned work-overs of three existing wells in the Mnazi Bay gas field. We look forward to completing Ziwani-1 and focusing on the prospective areas within the block."
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