Wentworth Resources Ltd Wentworth Resources Limited : Operational Update
13 June 2017 - 4:00PM
UK Regulatory
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, gpb@wentworthresources.com
Wentworth Managing Director +1 403 993 4450
Lance Mierendorf, lance.mierendorf@wentworthresources.com
Chief Financial Officer +1 403 680 8773
Katherine Roe katherine.roe@wentworthresources.com
Vice President Corporate Development & Investor Relations +44 7841 087 230
Crux Investor Relations Adviser
Advisers (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 Investor Relations Adviser (UK) wentworth@fticonsulting.com
Consulting +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.
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)
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