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: |
|
|
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.
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
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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