Wentworth Resources Limited : Operational Update
(Thomson Reuters ONE) -
PRESS RELEASE
19 July 2017
WENTWORTH RESOURCES LIMITED
("Wentworth" or "the Company")
Operational Update
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, is today providing an update
to shareholders.
Further to the Operational Update in June 2017 including an update on the
Company's Mnazi Bay asset in Tanzania, Wentworth is pleased to report that
further payments have been received from Tanzania Petroleum Development
Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("TANESCO")
totalling $1.2 million net to Wentworth, bringing the total cash received for
invoiced gas sales to $7.9 million in 2017. Since 31 March 2017, receivables
from TPDC have remained consistent at four months and receivables from TANESCO
have improved from thirteen months to eight months. The Mnazi Bay Partners
continue to work closely with the Government of Tanzania to settle the remaining
outstanding invoices.
As expected, daily production volumes during the rainy months of April and May
were impacted by the use of hydroelectric power. However, since the end of the
rainy season, gas demand has increased with June volumes averaging 45 MMscf/d
bringing the average for Q2 to 31 MMscf/d. Furthermore, the Company has
experienced a temporary increase in volumes since the start of Q3 due to
maintenance work elsewhere in the pipeline system with July month-to-date
averaging 71 MMscf/d. We maintain our guidance for 2017 averaging between 40 -
50 MMscf/d.
In relation to the recent legislative changes in Tanzania and the introduction
of three new bills relating to the mining and oil & gas sectors, the Company has
undertaken a review of these new laws to determine their implications on the
Company's Tanzania operations. Based on our current understanding of this new
legislation and given the existing terms and conditions of our relevant
agreements we do not anticipate any material impact on our existing operations.
The Company will report Q2 results on 10 August 2017 and will be holding a
conference call for analysts and shareholders that day.
Geoff Bury, Managing Director, commented:
"We are pleased to have received further payments from TPDC and TANESCO which
demonstrates their commitment to settle invoices as soon as practicable. The
payments received year to date have enabled the Company to meet its obligations
and we continue, along with our Operator, Maurel et Prom, to work with the
Government to resolve the payment delays and clear all arrears. It is very
encouraging to see production volumes increase post the end of the rainy season
and we remain confident in achieving our production guidance for the year."
-Ends-
Enquiries:
Wentworth Geoffrey Bury, gpb(at)wentworthresources.com
Managing Director +1 403 993 4450
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
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
Kim Camilleri
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, 2016,
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.
170719 Announcement:
http://hugin.info/136496/R/2121237/808270.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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