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Wentworth Resources Ltd (WRL)

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Thursday 24 November, 2011

Wentworth Resources Ltd

Wentworth Resources Limited : Q3 2011 Financial...

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.

Highlights:

Admitted to AIM

  • Successful listing on the AIM market of the London Stock Exchange on 25 October 2011 

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

  • Onshore Rovuma Basin partners committed to Phase 2 of the exploration programme 

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

  • Cash balance of US $11.7 million at 30 September 2011  

Outlook

  • 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."

Enquiries:

Wentworth Resources Geoff Bury, Managing Director & CFO gpb@wentworthresources.com
Eric Fore, Finance, Investor & Public Relations Manager etf@wentworthresources.com
Panmure Gordon Nominated adviser & Broker +44 (0) 20 7459 3600
Katherine Roe
Brett Jacobs
FirstEnergy CapitalBroker +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow
College HillInvestment relations adviser +44 (0) 20 7457 2020
Nick Elwes
Catherine Maitland
Alexandra Roper
AxxeptInvestment relations adviser +47 (0) 99 22 0200
Per Arne Totland

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.

NOTICE

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.



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Wentworth Resources Limited via Thomson Reuters ONE

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