Wentworth Resources Limited : Q1 2013 Financial Statements and MD&A
(Thomson Reuters ONE) -
Wentworth Resources Limited
("Wentworth" or the "Company")
Q1 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 three months ended March 31, 2013.
The following should be read in conjunction with the Q1 2013 Management
Discussion and Analysis and Financial Statements which are available on the
Company's website at http://www.wentworthresources.com.
Q1 2013 HIGHLIGHTS
* Completed acquisition of 248 km(2) of offshore 3D seismic in the Mnazi Bay
Concession area in Tanzania and commenced processing and interpretation
* Negotiations of a gas sales agreement ("GSA") with the Government of
Tanzania to supply Mnazi Bay Concession natural gas to the planned Mtwara to
Dar es Salaam pipeline continue. The pipeline is expected to be completed
towards the end of 2014
* Completed acquisition of 1,016 km of onshore 2D seismic over the northern
section of the Rovuma Block Onshore Area in Mozambique; processing and
interpretation is ongoing
* Q1 2013 exploration capital expenditures of $2.64 million compared to $0.39
million during the same period in 2012
* Revenues from continuing operations of $0.22 million, up 29% from Q1 2012
* Net loss from operating activities of $2.17 million compared to a loss of
$2.76 million during Q1 2012
* Comprehensive net loss of $1.15 million compared to a loss of $5.83 million
during Q1 2012
* Cash and cash equivalents on hand at March 31, 2013 of $3.32 million
compared to $9.35 million on hand at December 31, 2012
* Working capital at March 31, 2013 of $11.31 million
Outlook
* Currently in discussions with a strategic partner to provide non-dilutive
debt financing
* The Company, the Mnazi Bay concession partners and the Government of
Tanzania continue to be fully engaged in discussions and negotiations to
finalize a gas sales agreement to initially supply 80 mmcf/day of gas to the
planned Mtwara to Dar es Salaam gas pipeline currently under construction
* The Onshore Rovuma Block concession partners will be meeting in early June
to review the interpretation of the recently acquired 2D seismic in
Mozambique and determine drilling locations for a planned 2 well drilling
program commencing in Q2 2014
Geoff Bury, Managing Director, commented:
"Wentworth's near term cash outflows are limited to ongoing operations,
interpretation and evaluation of recently acquired seismic data from two
separate seismic acquisition programs in Tanzania and Mozambique, and initial
planning for exploration drilling operations planned to commence in early 2014.
We are in negotiations with a strategic partner to provide debt financing
sufficient to allow the Company to meet its forecast commitments well into Q4
2013. We expect to have a debt financing agreement in place by the end of June
and look forward to updating our shareholders at that time. The Company and its
partners will be in discussions over the near term to firm up the 2013 and 2014
work programs and establish a range of budget estimates. Wentworth will continue
to evaluate its funding requirements and will consider further financing options
during the remainder of 2013."
Geoff Bury, Managing Director, will hold a presentation at 10:30 CET (9:30 BST)
at Hotel Continental in Oslo, Norway. The presentation can be followed by
webcast on www.wentworthresources.com and a recording will be made available on
the website shortly thereafter.
Enquiries:
Wentworth Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
CFO
Eric Fore, Finance, etf(at)wentworthresources.com
Investor & +971 (0) 50 458 0422
Public Relations
Manager
Panmure Gordon Nominated adviser & +44 (0)20 7886 2500
broker
Callum Stewart
Adam James
Charlie Leigh-
Pemberton
FirstEnergy Broker +44 (0) 20 7448 0200
Capital
Majid Shafiq
Travis Inlow
College Hill Investor relations +44 (0) 20 7457 2020
adviser
Catherine Wickman
Alexandra Roper
Crux Investor relations +47 909 808 48
Kommunikasjon adviser
Carl Christian
Bachke
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.
Gerold Fong, (BSC Geophysics, 1982) the company's competent person, is the Vice
President of exploration for the company. Gerold Fong has 31 years of experience
in the exploration and production industry.
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.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2013 05 23 Press Release:
http://hugin.info/136496/R/1703993/563367.pdf
Q1 2013 Financial Statements:
http://hugin.info/136496/R/1703993/563365.pdf
2013 05 23 Corporate Presentation:
http://hugin.info/136496/R/1703993/563368.pdf
Q1 2013 MDA and Directors Report:
http://hugin.info/136496/R/1703993/563366.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#1703993]
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2013 - 08:02 Uhr
Sprache: Deutsch
News-ID 262820
Anzahl Zeichen: 10458
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 162 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Wentworth Resources Limited : Q1 2013 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).
