The MB-4 development well at Mnazi Bay, Tanzania, has flow tested at up to c.22 mmcf/d. This puts the Company well on target for its production guidance of c.80 mmcf/d in late 2015 ramping up to 130 mmcf/d in early 2016. Despite not changing our valuation, this is very encouraging news and the Company currently trades at 57% of our Core NAV. With the pipeline 99% complete, the gas price confirmed as well as the reservoir flow and the Tanzanian government as the buyer of the gas, we reiterate our ....
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Strong Flow Rates at Mnazi Bay
- Published:
18 Jun 2015 -
Author:
Stephane Foucaud -
Pages:
4
The MB-4 development well at Mnazi Bay, Tanzania, has flow tested at up to c.22 mmcf/d. This puts the Company well on target for its production guidance of c.80 mmcf/d in late 2015 ramping up to 130 mmcf/d in early 2016. Despite not changing our valuation, this is very encouraging news and the Company currently trades at 57% of our Core NAV. With the pipeline 99% complete, the gas price confirmed as well as the reservoir flow and the Tanzanian government as the buyer of the gas, we reiterate our ....