Wentworth Resources Ltd Wentworth Resources Limited : Operational Update

 
TIDMWRL 
 
 
 
 
 
 
   PRESS RELEASE 
 
   13 June 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. 
 
   Further to the Operational Update in April and the successful Private 
Placement in May, we are pleased to announce that the farm-out process 
for the Company's Tembo-1 appraisal asset in northern Mozambique is now 
underway. The analysis of the results from the Tembo-1 discovery well 
and interpretation of the existing seismic data are now complete. The 
Company is continuing to advance its appraisal programme and is looking 
to secure an industry partner to participate in an appraisal well, which 
is planned for Q2 2018. The Company has identified a number of potential 
drilling locations and has commenced pre-planning work for the appraisal 
well. 
 
   The Company's internal assessment of the prospective resource estimate 
for the Tembo Structure is 1.7 Tcf (unrisked P50).  Significant oil 
shows in the Tembo-1 discovery well also suggest the potential for an 
oil case of 219 MMbbls (unrisked P50).  There is further significant 
upside potential in the 2,500 sq. km. Tembo Block which is not included 
in these prospective resource numbers. 
 
   The Company has an 85% working interest in the Tembo Block and feels 
confident that we will be able to secure an industry partner to 
participate in this appraisal programme.  We will continue to update the 
market as material developments on this asset occur. 
 
   In relation to the Company's Mnazi Bay asset in Tanzania, Tanzania 
Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply 
Company Limited ("TANESCO") have recently paid monthly invoices 
totalling $1.0 million net to Wentworth for gas sales. The Mnazi Bay 
Partners  continue to work closely with the Government of Tanzania to 
settle all outstanding invoices. As part of our Gas Sales Agreement with 
TPDC, payment guarantees are in place which can be utilised, if deemed 
necessary, should payments from TPDC become excessively delayed. Other 
positive developments include an increase in daily production volumes 
since the end of the rainy season and we maintain our guidance for the 
year of 40 - 50 MMscf/d. 
 
   Geoff Bury, Managing Director, commented: 
 
   "We are very excited about being ready and in a position to advance the 
appraisal of the Tembo-1 discovery and feel confident that this exciting 
opportunity will attract an industry partner who shares our commitment 
to drilling an appraisal well next year. The payment received in 
Tanzania demonstrates the willingness to settle invoices when TPDC and 
TANESCO are in a financial position to do so. Along with our Operator, 
Maurel et Prom, we continue to work closely with TPDC and TANESCO to 
resolve the payment delays and clear all arrears." 
 
   -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. 
 
   Notes and Glossary 
 
   These assessments are made in accordance with the standard defined in 
the SPE/WPC Petroleum Resources Management System. 
 
   Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who 
has over 30 years of experience in the exploration and production 
industry, has read and approved the technical disclosure in this 
regulatory announcement. 
 
 
 
 
MMbbl                  Million barrels 
Prospective Resources  Petroleum deposits that are estimated, on a given 
                        date, to be discovered from an accumulation yet to 
                        be discovered 
Tcf                    Trillion cubic feet 
 
 
   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. 
 
   170613 Announcement: http://hugin.info/136496/R/2112738/803584.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

June 13, 2017 02:00 ET (06:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.