Wentworth Resources Limited : Additional Information Regarding Acquisition of Cove Energy's Interest in Mnazi Bay Concession, Tanzania
(Thomson Reuters ONE) -
1 FEBRUARY 2012
WENTWORTH RESOURCES LIMITED
("Wentworth")
ADDITIONAL INFORMATION REGARDING ACQUISITION OF
COVE ENERGY'S INTEREST IN MNAZI BAY CONCESSION, TANZANIA
(the "Transaction")
Further to the announcement on January 30, 2012 regarding the acquisition of
Cove's interest in Mnazi Bay concession, and as required by the Oslo Stock
Exchange, we are pleased to provide the following additional information
regarding the Transaction:
Acquiring Company Information
Wentworth is acquiring Cove Energy's 100% owned subsidiary, Cove Energy Tanzania
Mnazi Bay Limited ("Cove Tanzania"). Cove Tanzania's company and financial
details are as follows:
1. Incorporated in the Republic of Cyprus on September 14, 2009 as a private
limited company;
2. Principal activity is oil and gas exploration and production in Mnazi Bay,
Tanzania;
3. Holds a 16.38% participating interest in production operations (20.475%
participating interest in exploration operations) in the Mnazi Bay
Concession through a Production Sharing Agreement originally entered into
between Wentworth Resources Limited, Tanzania Petroleum Development
Corporation and the Government of Tanzania in May 2004;
4. Cove Tanzania has no employees. The current directors of Cove Tanzania are:
a. Michael Nolan;
b. Annie Yeap; and
c. Eleni Theodorou
5. Key financial data (IFRS) for Cove Tanzania is as follows:
For the period from
incorporation on 14 September For the 9 months ended
2009 to 31 December 2010 September 30, 2011
(audited) (unaudited)
In US$
Revenue 363,453 343,461
Operating profit (loss) (30,547) 111,875
for the period
Total assets 3,445,291 4,335,130
Expected Timeline to Closing
The Transaction is subject to pre-emption rights. The pre-emption period is 30
days from the issuance of the pre-emption notice. Notice was given to the
remaining partners on January 30, 2012 and therefore the pre-emption period ends
on February 29, 2012. The Transaction is expected to close immediately
following the pre-emption period or sooner if both partners notify Wentworth of
their intent in writing prior to the end of the pre-emption period but could
extend beyond that date depending upon Government approvals.
About the Mnazi Bay Concession
The Mnazi Bay Concession Area is located in coastal, south-eastern Tanzania in
the Rovuma (Ruvuma) Basin. The area lies between Aminex and Tullow Oil's Ruvuma
Concession Area and Ophir Energy and BG Group's offshore Block 1. Ophir and BG
Group's Chaza-1 gas discovery lies just northeast of Mnazi Bay's marine border.
The 756 km² concession area contains two discovered Tertiary aged gas fields
(Mnazi Bay and Msimbati) and holds additional Tertiary, Cretaceous and Jurassic
hydrocarbon potential. Four wells have been drilled to date: MB-1, MB-2, MB-3
and MS-1X, and all four wells encountered hydrocarbons. MB-1 is currently
producing gas at a rate of 1.7-2.0mmscf/d and this gas is transported via an
8", 27 kilometre pipeline to the Mtwara Power Plant where it generates
electricity for numerous local communities.
Enquiries:
Wentworth Bob McBean, Executive Chairman rpm(at)wentworthresources.com
Eric Fore, Finance, Investor & etf(at)wentworthresources.com
Public Relations Manager
Panmure Gordon Nominated adviser & broker +44 (0) 20 7459 3600
Katherine Roe
Brett Jacobs
FirstEnergy Broker +44 (0) 20 7448 0200
Capital
Majid Shafiq
Travis Inlow
College Hill Investment relations adviser +44 (0) 20 7457 2020
Nick Elwes
Catherine Maitland
Alexandra Roper
Axxept Investment relations adviser +47 (0) 99 22 0200
Per Arne Totland
About Wentworth Resources
Wentworth Resources is a publicly traded (AIM:WRL, OSE: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.
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, 2010,
available on Wentworth's website, for further description of the risks and
uncertainties associated with Wentworth's business.
NOTICE
Neither the Oslo Bors 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.
Press Release 2012 02 01:
http://hugin.info/136496/R/1581894/494154.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#1581894]
Unternehmensinformation / Kurzprofil:
Datum: 01.02.2012 - 18:00 Uhr
Sprache: Deutsch
News-ID 110106
Anzahl Zeichen: 9484
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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"Wentworth Resources Limited : Additional Information Regarding Acquisition of Cove Energy's Interest in Mnazi Bay Concession, Tanzania"
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