Wentworth Resources Ltd Wentworth Resources Limited : Operational Update
April 10 2017 - 1:01AM
UK Regulatory
TIDMWRL
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:
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.
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: http://hugin.info/136496/R/2095036/792294.pdf
2017 04 10 Press Release: http://hugin.info/136496/R/2095036/792293.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
April 10, 2017 02:01 ET (06:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Wentworth Resources (LSE:WEN)
Historical Stock Chart
From May 2024 to Jun 2024
Wentworth Resources (LSE:WEN)
Historical Stock Chart
From Jun 2023 to Jun 2024