Wentworth Resources Limited
("Wentworth" or "the Company")
Q3 2011 Financial Statements and MD&AWentworth Resources Limited ("Wentworth"), the AIM (AIM: WRL) and Oslo Stock Exchange (OSE: WRL) listed independent, East Africa-focused oil & gas company, is pleased to announce the financial results for the three and nine months ended 30 September 2011. The reporting currency of the Company is United States dollars.
Highlights: Admitted to AIM• Successful listing on the AIM market of the London Stock Exchange on 25 October 2011
Mnazi Bay, Tanzania• Finalised work programme which includes the drilling of at least one exploration well in addition to work-overs of three existing wells
• Land rig secured for drilling and currently being mobilised to the Ziwani-1 well site
• Well expected to spud in late Q4 2011/early Q1 2012
• Discussions underway with the government to supply up to 200mmcf/d of natural gas through a proposed coastal pipeline
Onshore Rovuma, Mozambique• Onshore Rovuma Basin partners committed to Phase 2 of the exploration programme
Offshore Rovuma, Mozambique• New gas discovery at Camarão
• Windjammer, Barquentine, Lagosta and Camarão complex believed to hold at least 10Tcf of recoverable natural gas resources
• Anadarko (operator) currently mobilising a second deepwater drillship to accelerate the
campaign and planning an extensive reservoir testing programme
Cash on Hand• Cash balance of US $11.7 million at 30 September 2011
Outlook• The drilling campaign in Mnazi Bay will commence late 2011/early 2012. In accordance with the Farm-Out agreement, Wentworth's cost of the initial exploration well along with other costs will be paid by Maurel et Prom and Cove Energy
• Seismic programme will commence in 2012 in the Onshore Rovuma Basin
• Onshore Rovuma Basin exploration drilling programme anticipated to begin in 2013
• Up to seven exploration/appraisal wells in the Rovuma Basin Area 1 Offshore Mozambique planned over the next 12 months
Geoffrey Bury, Managing Director, commented: "This has been an exciting time for Wentworth. Our successful AIM listing in October was a great achievement for the Company and we look forward to enhanced liquidity and increased exposure to institutional and retail investors. Wentworth is in a sound financial position, expenses are down and revenues up, and most importantly we are fully funded for the agreed 12 month work programmes with our partners. Now that exploration work programmes have been approved for both Mnazi Bay and the Rovuma Basin our partnership groups are preparing to embark on an extensive drilling programme over the next two years. The recent exploration successes in East Africa have only further proven what we believe: that our assets are in an exceptional area." Enquiries: Wentworth Resources Geoff Bury, Managing Director & CFO gpb@wentworthresources.com
Eric Fore, Finance, Investor & Public
Relations Manager
etf@wentworthresources.com
Katherine Roe
Brett Jacobs
Majid Shafiq
Travis Inlow
Nick Elwes Catherine Maitland Alexandra Roper
Axxept Investment relations adviser +47 (0) 99 22 0200Per Arne Totland
About Wentworth ResourcesWentworth Resources is a publicly traded (AIM: WRL, OSX: WRL), independent oil & gas company with: natural gas production; midstream and downstream assets; a committed exploration and appraisal drilling programme; and a large-scale gas monetisation programme, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.
FORWARD LOOKING STATEMENTSThis news release may contain forward