The next six to nine months will be catalyst heavy for Africa-focused energy group Wentworth Resources (WRL). The Dar Es Salaam gas pipeline remains on track for completion in the first quarter of 2015 but before that Wentworth will need to wrap up negotiations with the Tanzanian government for a gas sales agreement (GSA).
"We are unable to say exactly when the GSA will be finalised and signed," admits managing director Geoff Bury, but "we believe we have made significant progress towards reaching a conclusion in the best interests of all parties involved."
Meanwhile, equipment problems have delayed the completion of drilling at the Tembo-1 exploration well in Mozambique by 45 days. Tembo may contain some 255m barrels of oil-equivalent recoverable resources, which analysts at Investec estimate would be worth roughly 58p a share to Wentworth. Costs associated with the delay should easily be covered by Wentworth's new $26m (£16m) credit facility.
