Wentworth Resources Ltd Wentworth Resources Limited : Operational Update

 
TIDMWRL 
 
 
 
 
 
 
   PRESS RELEASE 
 
   10 April 2017 
 
   WENTWORTH RESOURCES LIMITED 
 
   ("Wentworth" or "the Company") 
 
   Operational Update 
 
   Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed 
independent, East Africa-focused oil & gas company, is today providing 
an update to shareholders. 
 
   We are pleased to announce that demand for the Company's discovered gas 
reserves from Mnazi Bay, Tanzania is firming up with current gross 
volumes being maintained within the previously guided range of 40 - 50 
MMscf/d and first quarter production averaging 43 MMscf/d. As expected, 
Tanzania Petroleum Development Corporation ("TPDC") commenced gas 
delivery to a new industrial customer, Goodwill Tile Factory in the 
first quarter demonstrating demand growth from the industrial sector 
which is expected to increase throughout 2017 as Dangote Cement begins 
using gas for power generation. We will continue to update the market as 
these new sources of demand materialize.  So far in 2017, TPDC has 
settled in full the November 2016 and December 2016 invoices that were 
outstanding at the year end, and has also settled a 2015 invoice for 
line fill gas volumes. In addition, we have received payment from 
Tanesco for five months of outstanding invoices. Combined cash receipts 
totalling $4.9m, net to Wentworth, have been primarily used to settle 
outstanding amounts that were due to the Operator, Maurel et Prom. As 
part of our Gas Sales Agreement with TPDC, payment guarantees are in 
place which can be utilized, if determined necessary, should payments 
from TPDC be excessively delayed. 
 
   In relation to Wentworth's appraisal activities in northern Mozambique, 
the Company is pleased to report that the reprocessing of approximately 
1,000 km of existing seismic data is complete, interpretation is being 
finalized and results from the Tembo-1 discovery well have been fully 
analyzed. The Company is now working on advancing a farm-out process 
with a view to securing an industry partner to jointly drill an 
appraisal well in 2018. We will update the market as material 
developments on this asset occur. 
 
   The latest version of our Corporate Presentation can be found on our 
website at www.wentworthresources.com. 
 
   Geoff Bury, Managing Director, commented: 
 
   "We are pleased to see gas demand stabilizing in Tanzania and that Mnazi 
Bay gas is now being delivered to a new industrial customer, with more 
customers expected to follow. Together with our development partners, 
the Company is also currently developing and pursuing opportunities to 
increase the current demand for the Mnazi Bay gas. In Mozambique, the 
completion of the reprocessing of the seismic and interpretation of the 
results confirms our belief in the potential of the Tembo gas discovery 
and we are very excited about being able to advance this world class 
discovery through securing an industry partner." 
 
   -Ends- 
 
 
 
 
Enquiries: 
              Geoffrey Bury,                                                     [e-mail] 
Wentworth      Managing Director                                                       [phone] 
 
              Lance Mierendorf,                                            [e-mail] 
               Chief Financial Officer                                                 [phone] 
              Katherine Roe                                                 [e-mail] 
               Vice President Corporate Development & Investor Relations               [phone] 
Crux          Investor Relations Adviser 
 Advisers      (Norway)                                                                             [phone] 
              Carl Bachke 
Stifel 
 Nicolaus 
 Europe 
 Limited      AIM Nominated Adviser and Broker (UK)                                           [phone] 
              Callum Stewart 
              Ashton Clanfield 
FirstEnergy 
 Capital      Broker (UK)                                                                     [phone] 
 Hugh Sanderson 
FTI           Investor Relations Adviser (UK)                              [e-mail] 
 Consulting                                                                 [phone] 
 Edward Westropp 
  Kim Camilleri 
 
 
 
   About Wentworth Resources 
 
   Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent 
oil & gas company with: natural gas production; exploration and 
appraisal opportunities; and large-scale gas monetisation initiatives, 
all in the Rovuma Delta Basin of coastal southern Tanzania and northern 
Mozambique. 
 
   Cautionary note regarding forward-looking statements 
 
   This press release may contain certain forward-looking information. The 
words "expect", "anticipate", believe", "estimate", "may", "will", 
"should", "intend", "forecast", "plan", and similar expressions are used 
to identify forward looking information. 
 
   The forward-looking statements contained in this press release are based 
on management's beliefs, estimates and opinions on the date the 
statements are made in light of management's experience, current 
conditions and expected future development in the areas in which 
Wentworth is currently active and other factors management believes are 
appropriate in the circumstances. Wentworth undertakes no obligation to 
update publicly or revise any forward-looking statements or information, 
whether as a result of new information, future events or otherwise, 
unless required by applicable law. 
 
   Readers are cautioned not to place undue reliance on forward-looking 
information. By their nature, forward-looking statements are subject to 
numerous assumptions, risks and uncertainties that contribute to the 
possibility that the predicted outcome will not occur, including some of 
which are beyond Wentworth's control.These assumptions and risks include, 
but are not limited to: the risks associated with the oil and gas 
industry in general such as operational risks in exploration, 
development and production, delays or changes in plans with respect to 
exploration or development projects or capital expenditures, the 
imprecision of resource and reserve estimates, assumptions regarding the 
timing and costs relating to production and development as well as the 
availability and price of labour and equipment, volatility of and 
assumptions regarding commodity prices and exchange rates, marketing and 
transportation risks, environmental risks, competition, the ability to 
access sufficient capital from internal and external sources and changes 
in applicable law. Additionally, there are economic, political, social 
and other risks inherent in carrying on business in Tanzania and 
Mozambique. There can be no assurance that forward-looking statements 
will prove to be accurate as actual results and future events could vary 
or differ materially from those anticipated in such statements. See 
Wentworth's Management's Discussion and Analysis for the year ended 
December 31, 2016, available on Wentworth's website, for further 
description of the risks and uncertainties associated with Wentworth's 
business. 
 
   Notice 
 
 
 
   Neither the Oslo Stock Exchange nor the AIM Market of the London Stock 
Exchange has reviewed this press release and neither accepts 
responsibility for the adequacy or accuracy of this press release. 
 
   This information is subject of the disclosure requirements pursuant to 
section 5-12 of the Norwegian Securities Trading Act. 
 
   2017 04 10 Presentation: http://hugin.info/136496/R/2095036/792294.pdf 
   2017 04 10 Press Release: http://hugin.info/136496/R/2095036/792293.pdf 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Wentworth Resources Limited via Globenewswire 
 
 
  http://www.wentworthresources.com/ 
 

(END) Dow Jones Newswires

April 10, 2017 02:01 ET (06:01 GMT)

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