2010 Year End Financial Statements and MD&A
(Thomson Reuters ONE) -
Wentworth Resources Limited (OSE: WRL) ("Wentworth" or the "Company") today
releases its 2010 Year-end Consolidated Financial Statements and Management
Discussion and Analysis.
Over the past year Wentworth has made significant progress in strengthening its
management team and in positioning itself financially to grow and optimize its
asset base in East Africa.
Financial Highlights
· The merger of Wentworth Resources and Artumas Group Inc. during the
year resulted in a capital injection of $12.75 million.
· Revenue increased by 189% to $5.5 million due primarily to an increase
in power generation sales.
· Ongoing cost cutting measures resulted in a substantial reduction in
general and administrative costs.
· At December 31, 2010 the Company had cash on hand of $4.6 million.
· In February and April 2011, the Company completed a private placement
and a subsequent offering respectively which generated combined gross proceeds
of $17.0 million.
Operational Highlights
· Mr. Rick Schmitt a proven and experienced manager and explorationist
joined Wentworth as CEO and member of the Board of Directors.
· The Mtwara power plant capacity was increased from 12 MW to 18 MW
during the year and the northern and southern transmission feeder lines were
completed in Q3 2010, allowing the company to generate a positive cash flow from
its Tanzanian operations.
· A pre-feasibility study for the monetization of Mnazi Bay gas was
commissioned and completed. The study supported Wentworth's view that
monetizing the gas through an export Methanol project combined with an Ammonia-
Urea fertilizer project is financially viable. The report was submitted to the
Government of Tanzania, its pertinent Ministries and the Joint Venture partners
in the Mnazi Bay concession area.
· An application was made for 1.5 square kms of land in Mtwara Bay
required for the project.
· In Mozambique, the operator Anadarko and the Joint Venture Partners of
the Onshore Rovuma concession area have agreed to enter Phase 2 of the
exploration period. Wentworth has an 11.59% net working interest.
· The Offshore Rovuma concession in Mozambique, where Anadarko is
operator and Wentworth has a profit petroleum royalty of 4.95% on Cove Energy's
8.5% W.I., has enjoyed great exploration success during the past year. To date,
four deep-water tests have been drilled with all four reported to be gas
discoveries. Anadarko and its partners have an extensive drilling program
planned for the Block in 2011/12.
Regional Overview
During the past year East Africa has experienced a significant increase in
exploration activity and is currently attracting a large amount of interest from
the exploration community. In addition to the activity in the areas where
Wentworth has an interest, other companies are at various stages of exploration
and development including:
· BG Group (British Gas) and Ophir have drilled three deep-water wells
to date offshore Tanzania. Two wells were drilled in Block 4 with both wells
reported to be gas discoveries and one well was recently drilled in Block 1
which was also reported as a gas discovery. Block 1 borders on the Wentworth
Mnazi Bay concession.
· Exxon Mobil announced that it has farmed into Block 2 offshore
Tanzania with Statoil. To date no drilling schedule has been released.
· In April 2011, Aminex and partners secured a 25 year development
license for the Kiliwani North gas field where they expect to drill a minimum of
two wells over the next 12 months.
· Orca Exploration Group Inc. has announced it plans to drill four
development wells and subsequently expand its pipeline and gas processing
facility in its Songa Songa development license.
· The Tanzania Government has recently announced a financing and
construction arrangement with the Government of mainland China for the
construction of a 300 MGW power station to be constructed in Mtwara. Wentworth
and its partners are presently negotiating a gas sales agreement with the
operator to supply 60-70 mmscf/d from the Mnazi Bay concession area.
Further details on Wentworth's operations and activities can be obtained from
www.wentworthresources.com.
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
Press Release:
http://hugin.info/136496/R/1508660/443445.pdf
2010 Financial Statements:
http://hugin.info/136496/R/1508660/443461.pdf
Statement of Corporate Governance:
http://hugin.info/136496/R/1508660/443463.pdf
2010 MDA:
http://hugin.info/136496/R/1508660/443462.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#1508660]
Unternehmensinformation / Kurzprofil:
Datum: 22.04.2011 - 00:01 Uhr
Sprache: Deutsch
News-ID 53824
Anzahl Zeichen: 5940
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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"2010 Year End Financial Statements and MD&A"
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