Wentworth Resources Limited : Q2 2012 Financial Statements and MD&A
(Thomson Reuters ONE) -
23 August 2012
Wentworth Resources Limited
("Wentworth" or the "Company")
Q2 2012 Financial Statements and MD&A
Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM:
WRL) listed independent, East Africa-focused oil & gas company, today releases
its unaudited Q2 2012 Condensed Consolidated Interim Financial Statements and
Management's Discussion & Analysis and Director's Report for the second quarter
and 6 months ended June 30, 2012.
The following should be read in conjunction with the accompanying Management
Discussion and Analysis and Financial Statements, which are available on the
Company's website http://www.wentworthresources.com.
HIGHLIGHTS:
Mnazi Bay, Tanzania:
* The Company's efforts throughout the first half of 2012 on concluding the
previously announced Swap Transaction with Cove Energy PCL's ("Cove Energy")
and the previously announced transaction with Maurel & Prom ("M&P") for the
exercise of M&P's pre-emptive right in respect of the Company's acquisition
of Cove Energy's participation interest in the Mnazi Bay Concession ("M&P
Transaction") resulted in the successful completion of these two
transactions in July 2012. At or immediately following completion, the
Company:
* received cash consideration of U$18,860,000;
* paid $3,093,000 of closing costs relating to the Company's share of Cove
Energy's share of Mnazi Bay Concession expenditures from the effective
date of the Swap Transaction to the completion date;
* holds a 31.94 percent participation interest of development and
production operations (39.925 percent of exploration operations) in the
Mnazi Bay Concession with the exception that the Company will pay 11.98
percent of the next $8,800,000 of capital expenditures; and
* issued 2,000,000 shares to Cove Energy as part of the Swap Transaction.
* The work overs of three wells on the Mnazi Bay and Msimbati gas fields
commenced in Q2 2012 following the completion of drilling at the Ziwani-1
exploration well. The work overs will assess the long-term gas
deliverability of the wells. The rig was mobilized to the MS-1X well site in
June and will move to the MB-3 well site prior to completing the work over
programme at the MB-2 well site.
* The Mnazi Bay to Dar es Salaam Gas Pipeline Project was formally inaugurated
on July 21, 2012, with construction commencing immediately and expected to
take 12 to 14 months to complete. The pipeline will permit the Company
access to the greater markets of Tanzania and provide a basis for concluding
a Gas Sales Agreement.
Onshore Rovuma, Mozambique:
* The 2D seismic programme progressed with demining and line cutting
activities and surveying of prospective seismic lines.
Corporate:
* The Company acquired the remaining non-controlling interest in the
subsidiary holding the Company's Tanzanian operations for $1,622,000.
Financial Information:
* Cash position of $8,830,000 as at June 30, 2012.
* Following completion of the Swap and M&P transactions the Company has
sufficient resources to meet planned capital and operating expenditures for
the next 9 to 12 months.
OUTLOOK
* The three well workover programme in the Mnazi Bay Concession is expected to
be completed by the end of August.
* The Company is working with M&P and TPDC to evaluate and agree upon a future
exploration programme in the Mnazi Bay Concession which is anticipated to
include offshore 3D seismic acquisition and the possibility of an
exploration well.
* 2D seismic acquisition in the Onshore Rovuma Basin, Mozambique is expected
to be completed by early 2013. Data continues to be processed with full
interpretation commencing once sufficient seismic lines have been acquired.
Geoff Bury, Managing Director, commented:
"We are pleased to report our financial results for the second quarter and six
months ended June 30, 2012 during which the Company fully funded its oil and gas
exploration and development activity with the proceeds it received from the
disposal of its power plant and associated assets in Q1 2012. With the
successful completion of the asset swap transaction with Cove Energy and
purchase and sale transaction with Maurel et Prom, the Company is fully funded
for its remaining commitments for 2012 and is in a position of strength to
further the development of its attractive assets and seek new strategic growth
opportunities to support the Company's ambitions to become a significant gas
producer is East Africa."
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
Charlie Leigh-
Pemberton
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 Wickman
Alexandra Roper
Axxept Investment relations +47 (0) 99 22 0200
adviser
Per Arne Totland
About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM: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.
Jon Rodd, (BSc and PhD in Geology), the Company's Competent Person, is a
Director of Prime Energy Consult Ltd, which is providing technical advice to the
Company. Dr Rodd has 29 years of experience in the exploration and production
industry. He has reviewed and approved the technical information contained in
this announcement pursuant to the AIM guidance note for mining and oil and gas
companies.
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.
2012 08 23 Press Release:
http://hugin.info/136496/R/1635728/525495.pdf
Q2 2012 Financial Statements:
http://hugin.info/136496/R/1635728/525491.pdf
Q2 2012 MDA and Directors Report:
http://hugin.info/136496/R/1635728/525494.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#1635728]
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 177021
Anzahl Zeichen: 11728
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 140 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Wentworth Resources Limited : Q2 2012 Financial Statements and MD&A"
steht unter der journalistisch-redaktionellen Verantwortung von
Wentworth Resources Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
