Wentworth Resources Limited : 2011 Financial Statements and MD&A
(Thomson Reuters ONE) -
29 March 2012
Wentworth Resources Limited
("Wentworth" or "the Company")
2011 Financial Statements and MD&A
Wentworth Resources Limited ("Wentworth"), the AIM (AIM: WRL) and Oslo Stock
Exchange (OSE: WRL) listed independent, East Africa-focused oil & gas company,
today releases its audited Consolidated Financial Statements and Management's
Discussion and Analysis for the year ended December 31, 2011.
HIGHLIGHTS:
Mnazi Bay, Tanzania
* Increased interest in the Mnazi Bay Concession and, subject to government
approval of M&P's exercise of their pre-emptive rights:
* Wentworth will have a 31.94% participation interest in petroleum
operations (39.925% participation interest in exploration operations) in
the Mnazi Bay concession
* M&P will make a cash payment to Wentworth of approximately US$19 million
and will pay 60.075% of the contingent consideration due as part of the
acquisition of Cove Energy's participation interest
* Wentworth will continue to be carried through a majority of the
exploration programme as it will pay approximately 12 percent of the
drilling costs of the Ziwani-1 well and the second exploration or
appraisal well
* Drilling of the Ziwani-1 exploration well ongoing
* Completed an agreement to dispose of the Company's 18MW gas-fired power
plant and associated assets to Tanzania Electric Supply Company ("TANESCO")
for cash consideration of $13.5 million, $12.825 million of which has been
received to date with the remainder to be paid after handover on March
31, 2012
Onshore Rovuma, Mozambique
* Onshore Rovuma Basin partners committed to Phase 2 of the exploration
programme
Corporate
* Successful listing on the AIM market of the London Stock Exchange on 25
October 2011
Financial information
* Cash balance of $9.1 million and working capital of $4.2 million at 31
December 2011
OUTLOOK:
* Work overs on three existing wells will commence upon completion of drilling
of the Ziwani-1 exploration well; work overs designed to ensure gas
deliverability to meet anticipated demand
* The Company will work with the Mnazi Bay Concession partners and the
government to:
* expedite the necessary documents to finalize the acquisition of
additional interest in the Mnazi Bay Concession, and
* finalize a gas supply agreement with the government to supply the
proposed Mtwara to Dar es Salaam pipeline
* The seismic programme will commence Q2 2012 in the Onshore Rovuma Basin,
Mozambique
Geoff Bury, Managing Director, commented:
"We are pleased to report our financial results for the year ended December
31, 2011 as well as providing shareholders with an update on our plans for
2012. We have an extensive work programme that is already underway in Mnazi Bay
with the drilling of the Ziwani-1 well. The Company is also in a very strong
financial position, as a result of recently announced transactions, and is fully
funded to meet all of its budgeted 2012 capital and operating commitments. We
expect to exit the year with a positive cash position. We look forward to
providing further updates as the year progresses."
Enquiries:
Wentworth Lance Mierendorf, CFO lance.mierendorf(at)wentworthresources.com
Eric Fore, Finance, etf(at)wentworthresources.com
Investor &
Public Relations
Manager
Panmure Gordon Nominated adviser & +44 (0) 20 7459 3600
broker
Katherine Roe
Brett Jacobs
FirstEnergy Broker +44 (0) 20 7448 0200
Capital
Majid Shafiq
Travis Inlow
College Hill Investment relations +44 (0) 20 7457 2020
adviser
Nick Elwes
Catherine Maitland
Alexandra Roper
Axxept Investment relations +47 (0) 99 22 0200
adviser
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, 2011,
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.
2011 MDA:
http://hugin.info/136496/R/1598157/503858.pdf
2011 Financial Statements:
http://hugin.info/136496/R/1598157/503857.pdf
2012 03 29 Press Release:
http://hugin.info/136496/R/1598157/503860.pdf
2011 Statement of Corporate Governance:
http://hugin.info/136496/R/1598157/503859.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#1598157]
Unternehmensinformation / Kurzprofil:
Datum: 29.03.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 129748
Anzahl Zeichen: 9547
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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