Wentworth Resources Limited : Q3 2013 Financial Statements and MD&A

PRESS RELEASE                                                                       November 29, 2013

Wentworth Resources Limited

("Wentworth" or the "Company")

Q3 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 third quarter and nine months ended September 30, 2013.

The following should be read in conjunction with the Q3 2013 Management Discussion and Analysis and Financial Statements which are available on the Company's website at http://www.wentworthresources.com.

Q3 2013 HIGHLIGHTS

• Results of an independent resource assessment by RPS Energy of the Company's Mozambique and Tanzania assets were announced:  

• 81% increase from 6.3 Tcf to 11.4 Tcf gross discovered and undiscovered Pmean Gas Initially-in-Place* for the Mnazi Bay Concession and Rovuma Onshore License areas combined. 

• 7 prospects identified and evaluated in the Rovuma Onshore License in Mozambique (operated by Anadarko) and 6 prospects identified and evaluated in the Mnazi Bay Concession in Tanzania (operated by Maurel et Prom). 

• Potential oil play within the Tembo prospect in the Rovuma Onshore License: 1,205 MMstb gross undiscovered Pmean Oil-in-Place*. 

• Drew down the remaining $6.0 million of the Vitol $10.0 million long-term loan facility and repaid the entire outstanding loan from Tanzania Investment Bank in the amount of $5.45 million.  

• Ongoing discussions with the Government of Tanzania on executing a Gas Sales Agreement to supply Mnazi Bay Concession natural gas to the planned Mtwara to Dar es Salaam pipeline. 

• Third quarter exploration capital expenditures of $1.08 million compared to $9.37 million during the same period in 2012. 

• Revenues from continuing operations for the quarter of $0.24 million, up by 7% from Q3 2012. 

• Loss from operating activities for the quarter of $2.27 million compared to a loss of $1.97 million during the same period in 2012. 

• Cash and cash equivalents on hand at September 30, 2013 of $1.86 million compared to $9.35 million on hand at December 31, 2012. 

• Working capital at September 30, 2013 of $7.27 million. 

Subsequent to Q3 2013, the Company completed a private placement and subsequent offering issuing a total of 70,950,427 new common shares for total gross cash consideration of $46 million to fund the Company's 2013 and 2014 exploration work programme commitments and partially repay the Vitol long term loan facility .

On October 31, 2013 the exercise price of each of the 5,000,000 issued and outstanding warrants issued to Vitol Energy (Bermuda) Limited, a Vitol Group company, has been amended to US$0.648 per warrant which is the equivalent to the price per share of the new common shares issued pursuant to the private placement completed at that time. All other terms of the warrants remain unchanged.

Outlook

• Work with the Mnazi Bay Concession partners and the Government of Tanzania on executing a comprehensive gas sales agreement to supply gas to the pipeline which is currently under construction. 

• Ongoing acquisition of 2D seismic over the Mnazi Bay Concession is expected to be completed during the first quarter of 2014. 

• Continue pre-drilling activities in anticipation of the 2014 exploration drilling program in the Rovuma Onshore License in Mozambique including two firm exploration wells and an optional third well commencing in the second quarter of 2014. 

Geoff Bury, Managing Director, commented:

"With the successful private placement and subsequent offering of the Company's shares in October and November, which raised $46 million, Wentworth is fully funded for its exploration capital and operational commitments in 2014. Upon execution of a gas sale agreement, the Mnazi Bay Concession partners will work to put in place the necessary field infrastructure to tie the Mnazi Bay and Msimbati gas fields into the pipeline currently under construction in anticipation of first gas delivery by early 2015."

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.

Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has 31 years of experience in the exploration and production industry, has read and approved the technical disclosure in this regulatory announcement.

* The terms 'Discovered and Undiscovered Oil or Gas Initially-in-Place' are used in accordance with the SPE Petroleum Resources Management System classification of 2007. Previously reported Contingent and Prospective Gas Initially-in-Place numbers are equivalent to the Discovered and Undiscovered GIIP classification.

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, 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.

Q3 2013 Financial Statements
Q3 2013 MDA
2013 11 29 Press Release