Wentworth Resources Limited : Q3 2013 Financial Statements and MD&A
(Thomson Reuters ONE) -
PRESS RELEASE
November 29, 2013
Wentworth Resources Limited
("Wentworth" or the "Company")
Q3 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 third quarter and nine months ended
September 30, 2013.
The following should be read in conjunction with the Q3 2013 Management
Discussion and Analysis and Financial Statements which are available on the
Company's website at http://www.wentworthresources.com.
Q3 2013 HIGHLIGHTS
* Results of an independent resource assessment by RPS Energy of the Company's
Mozambique and Tanzania assets were announced:
* 81% increase from 6.3 Tcf to 11.4 Tcf gross discovered and undiscovered
P(mean) Gas Initially-in-Place* for the Mnazi Bay Concession and Rovuma
Onshore License areas combined.
* 7 prospects identified and evaluated in the Rovuma Onshore License in
Mozambique (operated by Anadarko) and 6 prospects identified and evaluated
in the Mnazi Bay Concession in Tanzania (operated by Maurel et Prom).
* Potential oil play within the Tembo prospect in the Rovuma Onshore License:
1,205 MMstb gross undiscovered P(mean) Oil-in-Place*.
* Drew down the remaining $6.0 million of the Vitol $10.0 million long-term
loan facility and repaid the entire outstanding loan from Tanzania
Investment Bank in the amount of $5.45 million.
* Ongoing discussions with the Government of Tanzania on executing a Gas Sales
Agreement to supply Mnazi Bay Concession natural gas to the planned Mtwara
to Dar es Salaam pipeline.
* Third quarter exploration capital expenditures of $1.08 million compared to
$9.37 million during the same period in 2012.
* Revenues from continuing operations for the quarter of $0.24 million, up by
7% from Q3 2012.
* Loss from operating activities for the quarter of $2.27 million compared to
a loss of $1.97 million during the same period in 2012.
* Cash and cash equivalents on hand at September 30, 2013 of $1.86 million
compared to $9.35 million on hand at December 31, 2012.
* Working capital at September 30, 2013 of $7.27 million.
Subsequent to Q3 2013, the Company completed a private placement and subsequent
offering issuing a total of 70,950,427 new common shares for total gross cash
consideration of $46 million to fund the Company's 2013 and 2014 exploration
work programme commitments and partially repay the Vitol long term loan facility
.
On October 31, 2013 the exercise price of each of the 5,000,000 issued and
outstanding warrants issued to Vitol Energy (Bermuda) Limited, a Vitol Group
company, has been amended to US$0.648 per warrant which is the equivalent to the
price per share of the new common shares issued pursuant to the private
placement completed at that time. All other terms of the warrants remain
unchanged.
Outlook
* Work with the Mnazi Bay Concession partners and the Government of Tanzania
on executing a comprehensive gas sales agreement to supply gas to the
pipeline which is currently under construction.
* Ongoing acquisition of 2D seismic over the Mnazi Bay Concession is expected
to be completed during the first quarter of 2014.
* Continue pre-drilling activities in anticipation of the 2014 exploration
drilling program in the Rovuma Onshore License in Mozambique including two
firm exploration wells and an optional third well commencing in the second
quarter of 2014.
Geoff Bury, Managing Director, commented:
"With the successful private placement and subsequent offering of the Company's
shares in October and November, which raised $46 million, Wentworth is fully
funded for its exploration capital and operational commitments in 2014. Upon
execution of a gas sale agreement, the Mnazi Bay Concession partners will work
to put in place the necessary field infrastructure to tie the Mnazi Bay and
Msimbati gas fields into the pipeline currently under construction in
anticipation of first gas delivery by early 2015."
Enquiries:
Wentworth
Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial
Officer
Eric Fore, etf(at)wentworthresources.com
Finance & +971 (0) 50 458 0422
Investor
Relations Manager
Panmure Gordon AIM Nominated +44 (0) 20 7886 2500
Adviser and Joint
Broker
Callum Stewart
Adam James
Charlie Leigh-
Pemberton
FirstEnergy Capital Broker +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow
Investec Broker +44 (0) 20 7597 4000
Ben Colegrave
Chris Sim
Swedbank First Broker +47 23 23 80 00
Securities Ove Gusevik
Jarand Lønne
College Hill Investor +44 (0) 20 7457 2020
Relations Adviser
(UK)
Catherine Wickman
Alexandra Roper
Crux Kommunikasjon Investor +47 (0) 995 138 91
Relations Adviser
(Norway)
Jan Petter Stiff
Fredrik Eeg
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.
Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has 31
years of experience in the exploration and production industry, has read and
approved the technical disclosure in this regulatory announcement.
* The terms 'Discovered and Undiscovered Oil or Gas Initially-in-Place' are used
in accordance with the SPE Petroleum Resources Management System classification
of 2007. Previously reported Contingent and Prospective Gas Initially-in-Place
numbers are equivalent to the Discovered and Undiscovered GIIP classification.
+-------+------------------------------+
| GIIP | Gas Initially In Place |
+-------+------------------------------+
| MMstb | million barrels |
+-------+------------------------------+
| Tcf | trillion standard cubic feet |
+-------+------------------------------+
Cautionary note regarding 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 11 29 Press Release:
http://hugin.info/136496/R/1746539/587976.pdf
Q3 2013 Financial Statements:
http://hugin.info/136496/R/1746539/587971.pdf
Q3 2013 MDA:
http://hugin.info/136496/R/1746539/587975.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1746539]
Unternehmensinformation / Kurzprofil:
Datum: 29.11.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 321237
Anzahl Zeichen: 12119
contact information:
Town:
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Kategorie:
Business News
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