Wentworth Resources Limited : Q3 2011 Financial Statements and MD&A
24 November 2011
Wentworth Resources Limited
("Wentworth" or "the Company")
Q3 2011 Financial Statements and MD&A
Wentworth Resources Limited ("Wentworth"), the AIM (AIM: WRL) and Oslo Stock Exchange (OSE: WRL) listed independent, East Africa-focused oil & gas company, is pleased to announce the financial results for the three and nine months ended 30 September 2011. The reporting currency of the Company is United States dollars.
Admitted to AIM
Mnazi Bay, Tanzania
Finalised work programme which includes the drilling of at least one exploration well in addition to work-overs of three existing wells
Land rig secured for drilling and currently being mobilised to the Ziwani-1 well site
Well expected to spud in late Q4 2011/early Q1 2012
Discussions underway with the government to supply up to 200mmcf/d of natural gas through a proposed coastal pipeline
Onshore Rovuma, Mozambique
Offshore Rovuma, Mozambique
New gas discovery at Camarão
Windjammer, Barquentine, Lagosta and Camarão complex believed to hold at least 10Tcf of recoverable natural gas resources
Anadarko (operator) currently mobilising a second deepwater drillship to accelerate the campaign and planning an extensive reservoir testing programme
Cash on Hand
The drilling campaign in Mnazi Bay will commence late 2011/early 2012. In accordance with the Farm-Out agreement, Wentworth's cost of the initial exploration well along with other costs will be paid by Maurel et Prom and Cove Energy
Seismic programme will commence in 2012 in the Onshore Rovuma Basin
Onshore Rovuma Basin exploration drilling programme anticipated to begin in 2013
Up to seven exploration/appraisal wells in the Rovuma Basin Area 1 Offshore Mozambique planned over the next 12 months
Geoffrey Bury, Managing Director, commented:
"This has been an exciting time for Wentworth. Our successful AIM listing in October was a great achievement for the Company and we look forward to enhanced liquidity and increased exposure to institutional and retail investors.
Wentworth is in a sound financial position, expenses are down and revenues up, and most importantly we are fully funded for the agreed 12 month work programmes with our partners.
Now that exploration work programmes have been approved for both Mnazi Bay and the Rovuma Basin our partnership groups are preparing to embark on an extensive drilling programme over the next two years. The recent exploration successes in East Africa have only further proven what we believe: that our assets are in an exceptional area."
|Wentworth Resources|| Geoff Bury, Managing Director & CFO|| email@example.com|
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|Panmure Gordon ||Nominated adviser & Broker|| +44 (0) 20 7459 3600|
| Katherine Roe|
|FirstEnergy Capital||Broker|| +44 (0) 20 7448 0200|
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|Axxept||Investment relations adviser|| +47 (0) 99 22 0200|
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About Wentworth Resources
Wentworth Resources is a publicly traded (AIM: WRL, OSX: WRL), independent oil & gas company with: natural gas production; midstream and downstream assets; a committed exploration and appraisal drilling programme; and a large-scale gas monetisation programme, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
Neither the Oslo Bors Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this release.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Source: Wentworth Resources Limited via Thomson Reuters ONE