Wentworth Resources Limited : 2016 Full Year Results
(Thomson Reuters ONE) -
PRESS RELEASE
23 March 2017
Wentworth Resources Limited
("Wentworth" or the "Company")
2016 Full Year Results
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 audited financial results for the year ended 31 December
2016.
The following should be read in conjunction with the 2016 Management Discussion
and Analysis ("MD&A") and Consolidated Financial Statements which are available
on the Company's updated website at http://www.wentworthresources.com.
Further to the announcement of 28 February 2017 regarding the unaudited Q4 2016
Financial Statements and MD&A, an independent reserves assessment of the
Company's Tanzanian gas assets was completed and announced on 9 March 2017 and
an Annual Statement of Reserves 2016 has been included in the 2016 MD&A.
2016 HIGHLIGHTS
Reserves
* Independent reserves evaluation attributed Wentworth's share of Proved +
Probable (2P) reserves valued at US$180.3 million NPV (10%) after tax at
December 31, 2016 to the Company's gas fields in Tanzania.
* Net 2P reserves were 115.9 Bscf (19.3 MMbbl BOE) which were higher than
2015 after taking into consideration gas production during the year.
Financial
* Gas sales revenue of $11.75 million up 153 percent from 2015 due to the
commencement of gas sales to the new Mtwara to Dar es Salaam gas pipeline
during Q3 2015.
* Net loss of $5.09 million ($0.03 per share) compared to a 2015 net profit of
$27.03 million ($0.17 per share); 2015 profit includes a non-cash deferred
tax recovery of $34.34 million.
* Development and exploration capital expenditures of $2.06 million and $2.40
million, respectively during 2016.
* Cash and cash equivalents on hand of $0.98 million compared with $2.75
million on hand at December 31, 2015.
* Working capital was $4.96 million compared to $11.98 million at December
31, 2015.
* Reduced outstanding debt to $20.67 million (December 31, 2015 - $26.0
million) following $5.33 million of principal payments during the year.
* Subsequent to year end, amended the timing of principal payments on the
existing $20.0 million credit facility and secured a new $2.5 million credit
facility for working capital purposes.
Operational
Tanzania
* The Mnazi Bay field achieved average gross daily gas production of 43.0
MMscf/d compared to 15.7 MMscf/d during 2015.
* Expansion of the liquid separation units and gas processing facilities at
Mnazi Bay was ongoing during the year end with commissioning and full
operations expected in Q2 2017.
Mozambique
* Received Mozambique Government approval of a two-year appraisal program for
the Tembo gas discovery and increasing Wentworth's participation interest in
the Tembo appraisal area of the Rovuma Onshore Block from 11.59 per cent to
85 per cent. Wentworth has been appointed Operator.
* Completed reprocessing of approximately 1,000 km of 1984/1985 vibroseis data
which represents all the existing regional seismic coverage over the Tembo
appraisal area.
* Finalized the design details of a new 2D seismic survey of approximately
700 km data. This survey will further Wentworth's ability to identify a
suitable appraisal location for an appraisal well in 2018.
Geoff Bury, Managing Director, commented:
"We are very pleased with the updated reserve report covering our gas reserves
in Tanzania which more than underpins the quality of our producing asset. We
expect production to average between 40 and 50 MMscf/d throughout 2017 before
seeing a material increase in volumes starting in 2018 with the addition of
newly constructed and commissioned power plants in Dar es Salaam. With a fully
invested field and all infrastructure in place to more than double current
production, we are well positioned to benefit from increasing demand from
current, stable levels. "
Enquiries:
Wentworth Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial +1 403 680 8773
Officer
Katherine Roe katherine.roe(at)wentworthresources.com
Vice President +44 7841 087 230
Corporate
Development &
Investor Relations
Crux Advisers Investor Relations +47 909 808 48
Adviser
(Norway)
Carl Bachke
Stifel Nicolaus AIM Nominated +44 (0) 20 7710 7600
Europe Limited Adviser and Broker
(UK)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200
Hugh Sanderson
FTI Consulting Investor Relations wentworth(at)fticonsulting.com
Adviser (UK) +44 (0) 20 3727 1000
Edward Westropp
Consolidated Financial Statements
The following primary statements have been extracted from the 2016 consolidated
financial statements which are located on the Company's website at
www.wentworthresources.com.
WENTWORTH RESOURCES LIMITED
Consolidated Statements of Financial Position
United States $000s, unless otherwise stated
December 31, December 31,
2016 2015
------------------------------
ASSETS
Current assets
Cash and cash equivalents 979 2,746
Trade and other receivables 6,699 3,253
Prepayments, deposits and advances to partners 187 841
Current portion of long-term receivables 12,283 18,190
------------------------------
20,148 25,030
------------------------------
Non-current assets
Long-term receivables 18,034 18,897
Exploration and evaluation assets 45,538 43,141
Property, plant and equipment 93,366 95,168
Deferred tax asset 31,145 34,341
------------------------------
188,083 191,547
------------------------------
Total assets 208,231 216,577
------------------------------
LIABILITIES
Current liabilities
Trade and other payables 8,675 6,269
Current portion of long-term loans 5,258 5,270
Current portion of other liability 1,260 1,508
------------------------------
15,193 13,047
------------------------------
Non-current liabilities
Long-term loans 15,254 20,512
Other liability 1,100 1,634
Decommissioning provision 773 973
------------------------------
17,127 23,119
------------------------------
Equity
Share capital 411,493 411,493
Equity reserve 26,275 25,683
Accumulated deficit (261,857) (256,765)
------------------------------
175,911 180,411
------------------------------
Total liabilities and equity 208,231 216,577
------------------------------
WENTWORTH RESOURCES LIMITED
Consolidated Statements of Comprehensive Loss
United States $000s, unless otherwise stated
Year ended December 31,
2016 2015
--------------------------
Total revenue 11,750 4,637
Operating expenses
Production and operating (3,371) (3,214)
General and administrative (5,397) (6,367)
Depreciation and depletion (3,864) (1,707)
Share based compensation (592) (767)
--------------------------
Loss from operating (1,474) (7,418)
Finance income 4,693 4,818
Finance costs (5,115) (4,707)
--------------------------
Loss before tax (1,896) (7,307)
Deferred tax (expense)/recovery (3,196) 34,341
--------------------------
Net (loss)/profit and comprehensive (loss)/profit (5,092) 27,034
--------------------------
Net (loss)/profit per ordinary share
Basic and diluted (US$/share) (0.03) 0.17
--------------------------
WENTWORTH RESOURCES LIMITED
Consolidated Statements of Changes in Equity
United States $000s, unless otherwise stated
Number of Share Equity Accumulated Total
shares capital reserve deficit equity
$ $ $ $
--------------------------------------------------------------
Balance at 154,122,700 404,225 24,916 (283,799) 145,342
December
31, 2014
Net loss and - - - 27,034 27,034
comprehensive
loss
Share based - - 767 - 767
compensation
Issue of share 15,412,269 7,639 - - 7,639
capital
Share issue - (371) - - (371)
costs
--------------------------------------------------------------
Balance at 169,534,969 411,493 25,683 (256,765) 180,411
December
31, 2015
--------------------------------------------------------------
Balance at 169,534,969 411,493 25,683 (256,765) 180,411
December
31, 2015
Net loss and - - - (5,092) (5,092)
comprehensive
loss
Share based - - 592 - 592
compensation
--------------------------------------------------------------
Balance at 169,534,969 411,493 26,275 (261,857) 175,911
December
31, 2016
--------------------------------------------------------------
WENTWORTH RESOURCES LIMITED
Consolidated Statements of Cash Flows
United States $000s, unless otherwise stated
Year ended December
31,
2016 2015
----------------------
Operating activities
Net (loss)/profit for the period (5,092) 27,034
Adjustments for:
Depreciation and depletion 3,864 1,707
Finance costs/(income), net 422 (111)
Deferred tax expense/(recovery) 3,196 (34,341)
Share based compensation 592 767
Change in non-cash working capital (2,506) 175
----------------------
Net cash generated from/(utilized in) operating 476 (4,769)
activities
----------------------
Investing activities
Acquisitions of evaluation and exploration assets (2,371) (10,299)
Acquisitions of property, plant and equipment (2,347) (12,926)
Reductions of/(additions to) long-term receivable 10,763 (1,116)
Interest income - 7
----------------------
Net cash from/(used in) investing activities 6,045 (24,334)
----------------------
Financing activities
Proceeds from long-term loan - 20,000
Repayment of long-term loan (5,333) -
Interest paid (2,073) (906)
Issue of share capital, net of issue costs - 7,268
Payment of other liability (882) -
----------------------
Net cash (used in)/from financing activities (8,288) 26,362
----------------------
Net change in cash and cash equivalents (1,767) (2,741)
Cash and cash equivalents, beginning of the period 2,746 5,487
----------------------
Cash and cash equivalents, end of the period 979 2,746
----------------------
About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil &
gas company with: natural gas production; exploration and appraisal
opportunities; and large-scale gas monetisation initiatives, 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, 2015,
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.
This announcement contains inside information as defined in EU Regulation No.
596/2014 and is in accordance with the Company's obligations under Article 17 of
that Regulation.
Annual 2016 MDA:
http://hugin.info/136496/R/2089932/789102.pdf
2016 Report on Corporate Governance:
http://hugin.info/136496/R/2089932/789104.pdf
Annual 2016 Financial Statements:
http://hugin.info/136496/R/2089932/789101.pdf
2017 03 23 Press Release:
http://hugin.info/136496/R/2089932/789099.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wentworth Resources Limited via GlobeNewswire
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