WENTW RES : Limited : Gerold Fong Joins Wentworth to Lead Exploration
02/04/2013| 02:05am US/Eastern
4 FEBRUARY 2013
WENTWORTH RESOURCES LIMITED
("Wentworth" or the "Company")
GEROLD FONG JOINS WENTWORTH TO LEAD EXPLORATION
Wentworth, the East Africa and Rovuma Basin-focussed oil & gas company, announces the appointment of Gerold Fong as Vice President Exploration. Mr. Fong will lead the Company's geology and geophysics ("G&G") reviews, analyses, and interpretations.
Mr. Fong is an Exploration Geophysicist with over 30 years of international and frontier experience in many basins worldwide. Most recently Mr. Fong was Vice President Caribbean region for Niko Resources where he directed a multi-disciplinary team responsible for all of the company's operations in Trinidad. As a co-founder and CEO of Voyager Energy, Mr.Fong was responsible for assembling an impressive exploration portfolio in Trinidad. This success led to the eventual sale of Voyager to Niko Resources in 2010. His regional exploration experience spans the globe and he has been involved in the evaluation and management of projects in the Caribbean, South America, Southeast Asia and Africa. In Africa he has previous experience in the evaluation of projects in Tanzania, Kenya and Mozambique.
Mr. Fong started his career in 1982 and throughout his career has held technical and management positions with a number of large and mid size international exploration companies. Mr. Fong has also served as an International Exploration consultant and has advised many independent Canadian oil and gas companies on their international exploration strategy. Mr. Fong holds a B.sc. in Geophysics from the University of Calgary and is a member of the Association of Professional Engineers and Geoscientist of Alberta.
He will represent Wentworth at concession operating and technical committee meetings as well as provide operating and technical support during exploration and development drilling. Mr Fong will help develop and implement the Company's overall upstream growth strategy and will report directly to Managing Director, Geoff Bury.
This appointment comes in response to:
the need for development drilling of the Mnazi Bay and Msimbati Gas Fields in Tanzania;
the need for accelerated exploration of the entire Mnazi Bay concession in order to address future local and regional demand for natural gas;
increased G&G and drilling programmes recently approved for the Onshore Rovuma concession in Mozambique; and
M&A and other corporate transaction opportunities the Company reviews on a regular basis.
Commenting on the appointment, Geoff Bury, Managing Director said: "We are delighted to welcome Gerold to our management team as he brings extensive international and East Africa-specific upstream expertise and more than 30 years of industry experience to the Company. Gerold is a successful explorationist and leader, and this combination will serve us well. Under Gerold's guidance we will realise the potential of our Rovuma Basin portfolio and we will deliver on our commitment to maximize gas production and discover additional hydrocarbon resources for future production."
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About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil & gas company with: natural gas production; midstream assets; a committed exploration and appraisal drilling programme; and large-scale gas monetisation opportunities, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.
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, 2011, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.
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.
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Source: Wentworth Resources Limited via Thomson Reuters ONE