PRESS RELEASE 20 October 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.
The Company is pleased to confirm that it is continuing to work with both Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("TANESCO") to maintain regular monthly payments of gas sales invoices with a focus on settling unpaid invoices from earlier this year. This is evidenced by payments received this week of $1.1 million net to Wentworth from TPDC and $0.4 million net to Wentworth from TANESCO.
The Company is also pleased to report that Q3 2017 gross production volumes from the Mnazi Bay gas field averaged 60 MMscf/d, bringing the year-to-date average to 45 MMscf/d. Production volumes have continued at similar levels into Q4 with October 2017 month-to-date averaging over 64 MMscf/d. We continue to maintain 2017 full year production guidance of between 40 and 50 MMscf/d.
-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) Carl Bachke | +47 909 808 48 |
| 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 | +44 (0) 20 7448 0200 |
| Peel Hunt LLP | Broker (UK) Richard Crichton Ross Allister Chris Burrows | +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, 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.
Attachments:
