Wentworth Resources Limited : New Debt Financing Agreement
(Thomson Reuters ONE) -
WENTWORTH RESOURCES LIMITED
("Wentworth" or the "Company")
New Debt Financing Agreement
Further to our Q1 2013 results announcement of 23 May 2013, Wentworth, the Oslo
Børs and AIM listed oil and gas exploration and production company (OSE: WRL/
AIM: WRL.L), is pleased to announce the completion of a US$10 million long-term
debt facility.
On 20 June 2013, the Company executed a US$10 million term loan facility that
matures on 31 December 2017. The loan bears interest of 6 percent per annum with
interest only payments prior to maturity. The lendor is Vitol Energy (Bermuda)
Limited , a Vitol Group company ("Vitol"). Vitol, a leading physical energy
trading house, is also a shareholder of Wentworth. In combination with the loan,
Vitol has been issued 5,000,000 share purchase warrants each exercisable into
one common share of the Company on or before 31 December 2015 at an exercise
price of US$1.24 per share. The proceeds from the loan will be used to repay the
Company's existing long-term loan from Tanzanian Investment Bank (approximately
US$5.8 million, the "TIB Loan") and to fund general working capital
requirements. The TIB Loan bore interest of 9.18 percent per annum plus an
annual agency fee of 0.5 percent.
Geoff Bury, Managing Director, commented "This loan facility strengthens our
balance sheet and our overall financial position and provides the resources and
time necessary to complete a number of key milestones. We thank Vitol for their
financial support and commitment and in the coming months we look forward to
updating shareholders on our progress as we move through this important time for
the Company. "
ENDS
Enquiries:
Wentworth Geoff Bury, Managing Director gpb(at)wentworthresources.com
Eric Fore, Finance & Investor etf(at)wentworthresources.com
Relations Manager +971 (0) 50 458 0422
Panmure Gordon Nominated adviser & broker +44 (0) 20 7886 2500
Callum Stewart
Adam James
Charlie Leigh-Pemberton
FirstEnergy Broker +44 (0) 20 7448 0200
Capital
Majid Shafiq
Travis Inlow
College Hill Investor relations adviser +44 (0) 20 7457 2020
Catherine Wickman
Alexandra Roper
Crux Kommunikasjon Investor relations adviser +47 (0) 909 808 48
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 assets; a committed
exploration and appraisal drilling programme; and large-scale gas monetisation
opportunities, 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, 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 06 21 Press Release:
http://hugin.info/136496/R/1711032/567602.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#1711032]
Unternehmensinformation / Kurzprofil:
Datum: 21.06.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 272003
Anzahl Zeichen: 7427
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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