PRESS RELEASE 6 Ju ne 2018
WENTWORTH RESOURCES LIMITED ("Wentworth" or the "Company")
Mozambique update: License Extension granted
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, is pleased to announce an update to the Company's Onshore Rovuma asset in Mozambique ("Appraisal License").
Further to the update at the time of the 2017 Annual Financial Statements in March regarding the Company's formal request of a one-year extension of the Appraisal License, the Company has received confirmation from Instituto Nacional de Petroleo ("INP") that the extension has been granted. The extension will take effect from 16 June 2018 and enables Wentworth, along with its partner Empresa Nacional de Hidrocarbonetos ("ENH"), to continue to progress pre-drilling activities in the Tembo block.
The extension request was in part related to the above ground security situation in and around the Macimboa da Praia and Palma regions, adjacent to the Tembo block, which remain challenging. This has prevented safe access to the area for Wentworth staff and contractors. The Company continues to monitor the situation closely.
Bob McBean, Executive Chairman, said: "We would like to thank the Minister, INP and our partner ENH for their support in securing this extension to the Tembo licence, which gives us the time and flexibility to progress our operational activities on the block. We remain focused on securing an additional partner to share risk in unlocking the onshore potential of the Rovuma basin".
-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 David van Erp | +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.
Attachment
