Scandoil  

Wentworth Resources updates credit facility


Published Mar 5, 2015
Wentworth Resources Limited-2

Wentworth Resources Limited announces an update on its financial position.

The Company has subsequently drawn an amount of $5.6 million on an existing $20 million credit facility (the "Facility") with a Tanzania-based bank, TIB Development Bank Limited (TIB), relating to Mnazi Bay Concession development and operating costs that were incurred and paid for by the Company prior to executing the Facility in December 2014. These unrestricted funds will be used for working capital purposes and significantly improves the Company's short-term liquidity.

Wentworth expects the remaining amount of the Facility to be sufficient to meet ongoing Mnazi Bay Concession development capital activities (drilling of the MB-4 development well and construction of field infrastructure tying in our existing gas fields to the government-owned pipeline infrastructure) that are planned for the first half of 2015.

Tags: Wentworth Resources Limited




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml