Wentworth Resources Limited : Payment update
June 01 2018 - 1:00AM
PRESS
RELEASE
1 June 2018
WENTWORTH
RESOURCES LIMITED
("Wentworth" or the "Company")
Payment
update
Wentworth, the Oslo Stock Exchange
(OSE: WRL) and AIM (AIM: WRL) listed independent, East
Africa-focused oil & gas company, today provides an update to
shareholders.
The Company is pleased to inform
shareholders that payments received during May 2018 for gas sales
generated from the Mnazi Bay Concession in Tanzania totalled $2.7
million net to Wentworth. Payments were received from both Tanzania
Petroleum Development Corporation ("TPDC") and Tanzania Electric
Supply Company Limited ("Tanesco") for one month's gas sales and
two month's gas sales respectively.
The Company is also pleased to
report that gross production volumes during May 2018 from the Mnazi
Bay gas field averaged 79 MMscf/d.
-Ends-
Enquiries:
Wentworth |
Bob
McBean
Executive Chairman |
rpm@wentworthresources.com
|
|
|
|
|
Katherine
Roe
Chief Financial Officer
|
katherine.roe@wentworthresources.com
+44 7841 087 230 |
Stifel Nicolaus Europe Limited |
AIM Nominated Adviser and Broker (UK)
Callum Stewart
Ashton Clanfield |
+44 (0)
20 7710 7600 |
GMP FirstEnergy |
Broker (UK)
Hugh Sanderson
Jonathan Wright |
+44 (0) 20 7448 0200 |
Peel Hunt LLP |
Broker (UK)
Richard Crichton
Ross Allister |
+44 (0) 20 7418 8900 |
FTI Consulting |
Investor Relations Adviser (UK)
Edward Westropp
Kim Camilleri |
wentworth@fticonsulting.com
+44 (0) 20 3727 1000 |
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.
Inside
Information
The information contained within
this announcement is deemed by Wentworth to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
no. 596/2014 ("MAR"). On the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
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, 2017, 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.
180601 Press Release
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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