Wentworth Resources Limited : Operational Update
10 April 2017 - 4:00PM
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: |
|
|
Wentworth |
Geoffrey
Bury,
Managing Director |
gpb@wentworthresources.com
+1 403 993 4450 |
|
|
|
|
Lance
Mierendorf,
Chief Financial Officer
|
lance.mierendorf@wentworthresources.com
+1 403 680 8773 |
|
Katherine
Roe
Vice President Corporate Development & Investor
Relations
|
katherine.roe@wentworthresources.com
+44 7841 087 230 |
Crux Advisers |
Investor Relations Adviser
(Norway) |
+47 909 808 48 |
|
Carl
Bachke
|
|
Stifel Nicolaus Europe Limited |
AIM Nominated Adviser and Broker (UK) |
+44 (0)
20 7710 7600 |
|
Callum
Stewart |
|
|
Ashton
Clanfield
|
|
FirstEnergy Capital |
Broker (UK) |
+44 (0)
20 7448 0200 |
|
Hugh
Sanderson
|
|
FTI Consulting |
Investor Relations Adviser (UK) |
wentworth@fticonsulting.com
+44 (0) 20 3727 1000 |
|
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
2017 04 10 Press Release
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
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