Wentworth Resources Limited : Funding Update
(Thomson Reuters ONE) -
PRESS RELEASE
4 March 2015
Wentworth Resources Limited
("Wentworth" or the "Company")
Funding Update
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 an update on its financial position.
Further to the announcement on 26 February 2015 of the Company's Q4 2014
Financial Statements and MD&A, the Company has subsequently drawn an amount of
$5.6 million on an existing $20 million credit facility (the "Facility") with a
Tanzania-based bank, TIB Development Bank Limited ("TIB"), relating to Mnazi Bay
Concession development and operating costs that were incurred and paid for by
the Company prior to executing the Facility in December 2014. These
unrestricted funds will be used for working capital purposes and significantly
improves the Company's short-term liquidity.
Wentworth expects the remaining amount of the Facility to be sufficient to meet
ongoing Mnazi Bay Concession development capital activities (drilling of the MB-
4 development well and construction of field infrastructure tying in our
existing gas fields to the government-owned pipeline infrastructure) that are
planned for the first half of 2015. During the second half of 2015, Wentworth's
share of the cost of development capital activities are expected to be funded
from internally generated cash flow.
Lance Mierendorf, Chief Financial Officer, commented:
"We are pleased to have TIB Development Bank as a Tanzania-based partner
supporting our activities as we move towards being a key player in the oil and
gas sector in Tanzania. TIB have demonstrated a high level of understanding of
and commitment to Wentworth and the emerging energy industry in Tanzania. We are
now in a stronger financial position as we move closer to first cash flow from
sales to the new pipeline in Tanzania."
Enquiries:
Wentworth Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial +1 403 680 8773
Officer
Katherine Roe katherine.roe(at)wentworthresources.com
Head of Investor +44 7841 087 230
Relations &
Corporate
Communications
Swedbank First Broker(Norway) +47 23 23 80 00
Securities
Ove Gusevik
Jarand Lønne
Crux Kommunikasjon Investor Relations +47 995 138 91
Adviser
(Norway)
Jan Petter Stiff
Carl Bachke
Panmure Gordon AIM Nominated +44 (0) 20 7886 2500
Adviser and Broker
(UK)
Dominic Morley
Adam James
FirstEnergy Broker (UK) +44 (0) 20 7448 0200
Capital
Travis Inlow
Investec Broker (UK) +44 (0) 20 7597 4000
Chris Sim
Instinctif Investor Relations +44 (0) 20 7457 2020
Partners Adviser (UK)
Catherine Wickman
Harry Cameron
About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil &
gas company with: natural gas production; midstream assets; and large-scale gas
monetisation opportunities, all in the Rovuma Delta Basin of coastal southern
Tanzania and northern Mozambique.
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, 2014,
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.
2015 03 04 Press Release:
http://hugin.info/136496/R/1899270/674696.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#1899270]
Unternehmensinformation / Kurzprofil:
Datum: 04.03.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 376040
Anzahl Zeichen: 8197
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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