Wentworth Resources Plc Wentworth Resources Plc : Relinquishment Of Tembo Block Appraisal Licence ("Tembo")

 
TIDMWEN 
 
 
 
 
 
 
 
PRESS RELEASE 
 17 December 
 
 
 
 
   WENTWORTH RESOURCES PLC 
 
   ("Wentworth" or the "Company") 
 
 
 
   Relinquishment of Tembo Block Appraisal Licence ("Tembo") 
 
 
 
   Wentworth, the Oslo Stock Exchange (OSE: WEN) and AIM (AIM: WEN) listed 
independent, East Africa-focused oil & gas company announces that 
further to its announcement dated 3 October 2018, it intends to 
relinquish the Tembo block with a planned effective date of 30 April 
2019 ahead of the end of the current appraisal term on 15 June 2019. The 
Company will also exit Mozambique, closing its Maputo office and 
shutting down activities in the Muxara and Palma camps concurrently, in 
order to focus on its core Mnazi Bay asset in Tanzania and its M&A led 
growth mandate. 
 
 
 
   The Tembo Block, which has an area of approximately 2,500 km(2) is in 
northeastern Mozambique, approximately 2,598 km north of Maputo and 120 
km southwest of the Mnazi Bay field, in the onshore Rovuma Basin.  The 
block is operated by Wentworth Resources (85%) with Empresa Nacional de 
Hidrocarbonetos ("ENH"; 15%) as a partner. 
 
 
 
   The relinquishment of the Tembo block will release the Company from any 
further appraisal work programme obligations with no material costs 
foreseen ahead of relinquishment. It is anticipated that the Company's 
Intangible Assets which are attributable to the Tembo appraisal licence 
will be written down in full in the current financial year 2018. 
 
 
 
   Eskil Jersing, CEO, commented: 
 
 
 
   "We have now completed a thorough technical and commercial review of the 
company's asset portfolio and determined that our Tembo asset does not 
provide us with suitable monetisation solutions in keeping with our 
material growth mandate. We have appreciated the excellent relationships 
to date with ENH, the National Oil Company of Mozambique, and INP, the 
National Regulator, and will work hard to ensure an efficient and smooth 
transition period for all stakeholders. Our work both to maximise the 
potential of Mnazi Bay and to identify M&A opportunities to add material 
value continues apace and we look forward to updating shareholders on 
our progress in due course." 
 
 
 
   -Ends- 
 
 
 
 
 
 
Enquiries:                        Bob McBean,                              [e-mail] 
 Wentworth                         Executive Chairman                       [e-mail] 
                                   Eskil Jersing,                           [phone] 
                                   Chief Executive Officer                  [e-mail] 
                                   Katherine Roe,                           [phone] 
                                   Chief Financial Officer 
 
  Stifel Nicolaus Europe Limited    AIM Nominated Adviser and Broker (UK)    [phone] 
                                    Callum Stewart 
                                    Ashton Clanfield 
                                    Simon Mensley 
 
  Peel Hunt LLP                     Broker (UK)                              [phone] 
                                    Richard Crichton 
                                    Ross Allister 
 
  Vigo                              Investor Relations Adviser (UK)          [phone] 
                                    Patrick d'Ancona 
                                    Chris McMahon 
 
 
 
 
   About Wentworth Resources 
 
 
 
   Wentworth Resources is a publicly traded (OSE: WEN, AIM: WEN), 
independent oil & gas company with natural gas production; exploration 
and appraisal opportunities, all in the Rovuma Delta Basin of coastal 
southern Tanzania and northern Mozambique. 
 
 
 
   Inside Information 
 
 
 
   The information contained within this announcement is deemed by 
Wentworth to constitute inside information as stipulated under the 
Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of 
this announcement via a Regulatory Information Service ("RIS"), this 
inside information is now considered to be in the public domain. 
 
 
 
   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, 2017, 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. 
 
 
 
   Relinquishment of Tembo Block Appraisal Licence: 
http://hugin.info/136496/R/2229188/875671.pdf 
 
   This announcement is distributed by West Corporation on behalf of West 
Corporation 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 Plc via Globenewswire 
 
 
  https://www.wentplc.com 
 

(END) Dow Jones Newswires

December 17, 2018 02:00 ET (07:00 GMT)

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