Wentworth Resources Limited : Operational Update
(Thomson Reuters ONE) -
PRESS RELEASE
20 October 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.
The Company is pleased to confirm that it is continuing to work with both
Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply
Company Limited ("TANESCO") to maintain regular monthly payments of gas sales
invoices with a focus on settling unpaid invoices from earlier this year. This
is evidenced by payments received this week of $1.1 million net to Wentworth
from TPDC and $0.4 million net to Wentworth from TANESCO.
The Company is also pleased to report that Q3 2017 gross production volumes from
the Mnazi Bay gas field averaged 60 MMscf/d, bringing the year-to-date average
to 45 MMscf/d. Production volumes have continued at similar levels into Q4 with
October 2017 month-to-date averaging over 64 MMscf/d. We continue to maintain
2017 full year production guidance of between 40 and 50 MMscf/d.
-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
GMP FirstEnergy Broker (UK) +44 (0) 20 7448 0200
Hugh Sanderson
Peel Hunt LLP Broker (UK) +44 (0) 20 7418 8900
Richard Crichton
Ross Allister
Chris Burrows
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.
Inside Information
The information contained within this announcement is deemed by Wentworth to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014 ("MAR"). On the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.
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.
171020 Announcement:
http://hugin.info/136496/R/2143190/821171.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
Unternehmensinformation / Kurzprofil:
Datum: 20.10.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 564528
Anzahl Zeichen: 7691
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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"Wentworth Resources Limited : Operational Update"
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