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WENTW RES : Limited : Q1 2013 Financial Statements and MD&A

05/23/2013 | 02:02am US/Eastern

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2013 Financial Statements and MD&A

Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and London Stock Exchange (AIM: WRL) listed independent, East Africa-focused oil & gas company, today announces its results for the three months ended March 31, 2013.

The following should be read in conjunction with the Q1 2013 Management Discussion and Analysis and Financial Statements which are available on the Company's website at http://www.wentworthresources.com:
http://www.wentworthresources.com/.

Q1 2013 HIGHLIGHTS

  • Completed acquisition of 248 km2 of offshore 3D seismic in the Mnazi Bay Concession area in Tanzania and commenced processing and interpretation 

  • Negotiations of a gas sales agreement ("GSA") with the Government of Tanzania to supply Mnazi Bay Concession natural gas to the planned Mtwara to Dar es Salaam pipeline continue. The pipeline is expected to be completed towards the end of 2014 

  • Completed acquisition of 1,016 km of onshore 2D seismic over the northern section of the Rovuma Block Onshore Area in Mozambique; processing and interpretation is ongoing 

  • Q1 2013 exploration capital expenditures of $2.64 million compared to $0.39 million during the same period in 2012 

  • Revenues from continuing operations of $0.22 million, up 29% from Q1 2012 

  • Net loss from operating activities of $2.17 million compared to a loss of $2.76 million during Q1 2012  

  • Comprehensive net loss of $1.15 million compared to a loss of $5.83 million during Q1 2012 

  • Cash and cash equivalents on hand at March 31, 2013 of $3.32 million compared to $9.35 million on hand at December 31, 2012 

  • Working capital at March 31, 2013 of $11.31 million 

Outlook

  • Currently in discussions with a strategic partner to provide non-dilutive debt financing  

  • The Company, the Mnazi Bay concession partners and the Government of Tanzania continue to be fully engaged in discussions and negotiations to finalize a gas sales agreement to initially supply 80 mmcf/day of gas to the planned Mtwara to Dar es Salaam gas pipeline currently under construction  

  • The Onshore Rovuma Block concession partners will be meeting in early June to review the interpretation of the recently acquired 2D seismic in Mozambique and determine drilling locations for a planned 2 well drilling program commencing in Q2 2014   

Geoff Bury, Managing Director, commented:

"Wentworth's near term cash outflows are limited to ongoing operations, interpretation and evaluation of recently acquired seismic data from two separate seismic acquisition programs in Tanzania and Mozambique, and initial planning for exploration drilling operations planned to commence in early 2014.   We are in negotiations with a strategic partner to provide debt financing sufficient to allow the Company to meet its forecast commitments well into Q4 2013.  We expect to have a debt financing agreement in place by the end of June and look forward to updating our shareholders at that time. The Company and its partners will be in discussions over the near term to firm up the 2013 and 2014 work programs and establish a range of budget estimates. Wentworth will continue to evaluate its funding requirements and will consider further financing options during the remainder of 2013."        

Geoff Bury, Managing Director, will hold a presentation at 10:30 CET (9:30 BST) at Hotel Continental in Oslo, Norway. The presentation can be followed by webcast on www.wentworthresources.com and a recording will be made available on the website shortly thereafter.

Enquiries:

Wentworth Lance Mierendorf, CFO lance.mierendorf@wentworthresources.com
Eric Fore, Finance, Investor &
Public Relations Manager
etf@wentworthresources.com
+971 (0) 50 458 0422
Panmure Gordon Nominated adviser & broker +44 (0)20 7886 2500
Callum Stewart
Adam James
Charlie Leigh-Pemberton
FirstEnergy Capital Broker +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow
College Hill Investor relations adviser +44 (0) 20 7457 2020
Catherine Wickman
Alexandra Roper
Crux Kommunikasjon Investor relations adviser +47 909 808 48
Carl Christian Bachke

About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil & gas company with:  natural gas production; midstream and downstream assets; a committed exploration and appraisal drilling programme; and large-scale gas monetisation programmes, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.

Gerold Fong, (BSC Geophysics, 1982) the company's competent person, is the Vice President of exploration for the company. Gerold Fong has 31 years of experience in the exploration and production industry.

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, 2012, 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.
2013 05 23 Press Release:
http://hugin.info/136496/R/1703993/563367.pdf
Q1 2013 Financial Statements:
http://hugin.info/136496/R/1703993/563365.pdf
2013 05 23 Corporate Presentation:
http://hugin.info/136496/R/1703993/563368.pdf
Q1 2013 MDA and Directors Report:
http://hugin.info/136496/R/1703993/563366.pdf



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

HUG#1703993
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