Off-shore Tanzania gas supplier hit by loss
LONDON, UK- Disagreements between the Tanzanian goverment and American energy compnay, Symbion Power has affected the earnings of Wentworth, a gas supplier. writes JOHN SAMBO.
In a statement last week to AIM (formerly the Alternative Investment Market), Geoff Bury, Wentworth managing director said, “Third Quarter of 2016 gas sales volumes were impacted by a combination of factors that were primarily influenced by contractual issues beyond the control of the Mnazi Bay joint venture partners.
Aim-listed Wentworth reported a pretax loss of $900,000 ending September 30 but better than the $1.3 million in the same period the year before. Gas sales revenue were $2.4 million, up from $970,000 year-on-year.
Bury said, “We anticipate base demand for the remainder of 2016 and all of 2017 to be between 40 and 50 million standard cubic feet of gas per day (Mmscf/d) with possible significant increases originating from gas sales to industrial consumers and resumption of operations at the idle gas-fired Symbion power generation plant.”
AIM is a sub-market of the London Stock Exchange that was launched on 19 June 1995. It allows smaller, lessviable companies to float shares with a more flexible regulatory system than is applicable to the main market.
ISSUES: Bury said things will improve.