Wentworth Resources Limited : Q3 2012 Financial Statements and MD&A
(Thomson Reuters ONE) -
November 22, 2012
Wentworth Resources Limited
("Wentworth" or the "Company")
Q3 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 Condensed Consolidated Interim Financial Statements and
Management's Discussion & Analysis and Director's Report for the third quarter
and nine months ended September 30, 2012.
The following should be read in conjunction with the Q3 2012 Management
Discussion and Analysis and Financial Statements, which are available on the
Company's website at http://www.wentworthresources.com.
HIGHLIGHTS
Mnazi Bay, Tanzania:
* Completed an asset swap transaction increasing the Company's participation
interest in the Mnazi Bay Concession, Tanzania and receiving cash
consideration of $18.86 million in exchange for disposing of a royalty
interest in Mozambique.
* Successfully completed work-overs of three existing wells on the Mnazi Bay
and Msimbati gas fields and perforated new reservoir zones to maximize
future production rates.
* The Mnazi Bay to Dar es Salaam Gas Pipeline Project was formally inaugurated
on July 21, 2012. On November 8, 2012, His Excellency Jakaya Kikwete,
President of the United Republic of Tanzania, laid the foundation stone at
the Kinyerezi Gas Receiving Station for the start of construction of the
Mnazi Bay to Dar es Salaam Gas Pipeline Project. Construction of the
pipeline and associated facilities by China Petroleum Technology and
Development Corporation is anticipated to be completed in approximately 18
months.
Onshore Rovuma, Mozambique:
* The 2D seismic program is advancing well in accordance with plans. It is
anticipated that field recording will be completed in early 2013 after which
detailed processing and interpretation will commence.
Financial Information:
* Cash on hand of $16.59 million at September 30, 2012.
* Positive $20.58 million working capital position and a working capital ratio
of 2.52 at September 30, 2012.
* During Q3 2012 the Company incurred a loss from operating activities of
$1.97 million, 29% lower than the $2.76 million loss during the same period
in 2011.
OUTLOOK
* During Q4 2012, the Mnazi Bay Concession partners are planning to commence
the acquisition of approximately 210km² of offshore 3D seismic over the
Mnazi Bay Concession. It is expected the acquired data will further derisk
currently existing offshore prospects and leads and map potential extensions
from significant existing discoveries in adjacent offshore blocks.
* The Company is working with our Mnazi Bay Concession partners and the
Tanzanian government to finalize a gas sales agreement to initially supply
80 mmcf/day of gas to the planned 532km Mtwara to Dar es Salaam gas
pipeline.
* 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
and will be used in the planning for drilling of two exploration wells in
the second half of 2013.
* The Company is in a strong financial position and will continue to assess
attractive opportunities to grow the asset portfolio and build from its
established position in East Africa.
Geoff Bury, Managing Director, commented:
"We are pleased to report our financial results for the third quarter and nine
months ended September 30, 2012. The completion of the asset swap transaction
with Cove Energy and sale and purchase transaction with Maurel et Prom secured
cash of approximately $19 million for the Company and at the same time increased
its participation interest in the Mnazi Bay Concession. With the noticeable
progress on the construction of the 532km pipeline and recent advancements
working with the Tanzanian government on structuring a gas sales agreement, the
Company is working towards monetizing its most valuable asset. In 2013, the
Company will focus on implementing an active exploration and development program
in Tanzania and drilling two exploration wells in the Onshore Rovuma Basin,
Mozambique."
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 7886 2500
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
Rupert Trefgame
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 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 11 22 Press Release:
http://hugin.info/136496/R/1659956/537470.pdf
Q3 2012 MDA and Directors Report:
http://hugin.info/136496/R/1659956/537469.pdf
Q3 2012 Financial Statements:
http://hugin.info/136496/R/1659956/537468.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#1659956]
Unternehmensinformation / Kurzprofil:
Datum: 22.11.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 206094
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contact information:
Town:
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Kategorie:
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