pr-inside.com
Print

Wentworth Resources Limited : 2012 Full Year Results



2013-02-28 08:13:24 -


Wentworth Resources Limited

("Wentworth" or the "Company")


2012 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 results for the year ended December 31, 2012.

The following should be read in conjunction with the audited 2012 Consolidated
Financial Statements and Management's Discussion & Analysis and Director's
Report which are available on the Company's website at
www.wentworthresources.com.

2012 HIGHLIGHTS

Asset swap and disposition
* Completed an asset swap by disposing of a royalty interest in Mozambique in
exchange for an increased participation interest in the Mnazi Bay Concession
in Tanzania.  Realized a gain on the sale of $29.80 million
* Received cash consideration of $18.86 million upon completion of the
exercise of pre-emption rights of an industry partner in the Mnazi Bay
Concession


Sale of power plant and associated assets

* Disposed of its' 100% owned 18MW power plant and associated assets located
in Mtwara, Tanzania for a cash consideration of $13.50 million plus $0.58
million of inventory on hand


Mnazi Bay Block, Tanzania

* The Tanzanian government inaugurated the Mnazi Bay to Dar es Salaam gas
transportation pipeline project in July and laid the foundation stone in
November
* Drilled an exploration well that encountered hydro-carbons in a new
reservoir interval not previously encountered in the concession area
* Completed work-overs of three existing gas wells in preparation for full
production into the new pipeline
* Commenced an offshore 3D seismic program covering approximately 250 square
kilometers in December.  The seismic data acquisition was completed in
January 2013


Onshore Rovuma Block, Mozambique

* Commenced an infill onshore 2D seismic program in Q2 2012 covering 1,016
kilometers on the northern section of the block.  The seismic data
acquisition was completed in February 2013.

Financial
* Revenues from continuing operations of $0.82 million, up 10% from 2011
* Net profit in 2012 of $24.94 million compared to a loss of $6.25 million in
2011
* Acquired all non-controlling interest in Tanzanian assets for $1.62 million
* Cash and cash equivalents on hand at December 31, 2012 of $9.35 million
compared to $9.07 million on hand at December 31, 2011
* Working capital, excluding assets and liabilities of discontinued
operations, at December 31, 2012 of $8.84 million


Outlook

* Construction by third party contractors of the Mnazi Bay to Dar es Salaam
gas transportation pipeline project is expected to be completed by mid-2014
* The Company, along with our Mnazi Bay Concession partners, are working with
the Tanzanian government to finalize a gas sales agreement to initially
supply 80 mmcf/day of gas to the planned 532km Mtwara to Dar es Salaam gas
pipeline
* Ended the year in a strong financial position and will continue to assess
attractive opportunities to grow the asset portfolio
Geoff Bury, Managing Director, commented:

"2012 was a transitional year for Wentworth during which exploration and
development operations in Tanzania and Mozambique were financed through
strategic asset transactions netting the Company in excess of $30 million.  The
recent completion of seismic field acquisitions in both Tanzania and Mozambique
and ongoing processing and interpretation provides the basis for active
exploration and drilling in 2013 and 2014.  In addition, noticeable progress has
been made on the construction of a 532 km pipeline connecting our gas fields in
the Mtwara region of Tanzania to the capital Dar es Salaam which is expected to
provide a market for the Company's gas resources in 2014. The Company, its
partners in the Mnazi Bay Concession and the government of Tanzania are working
diligently to conclude a gas sales agreement which will set the foundation for
the next phase in the Company's growth strategy."



Enquiries:

Wentworth Lance Mierendorf, CFO lance.mierendorf@wentworthresources.com

    Eric Fore, Finance, etf@wentworthresources.com
Investor &
Public Relations
Manager



Panmure Gordon Nominated adviser & +44 (0)20 7886 2500
broker

    Katherine Roe
Charlie Leigh-
Pemberton



FirstEnergy Broker +44 (0) 20 7448 0200
Capital

  Majid Shafiq
Travis Inlow


College Hill Investor relations +44 (0) 20 7457 2020
adviser

    Rupert Trefgarne
Catherine Wickman
Alexandra Roper


Crux Kommunikasjon Investor relations +47 (0) 909 808 48
adviser

    Carl Christian Bachke



About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil &
gas company with:  natural gas production; midstream and downstream assets; a
committed exploration and appraisal drilling programme; and large-scale gas
monetisation programmes, all in the Rovuma Delta Basin of coastal southern
Tanzania and northern Mozambique.

Jon Rodd, (BSc and PhD in Geology), the Company's Competent Person, is a
Director of Prime Energy Consult Ltd, which is providing technical advice to the
Company. Dr Rodd has 29 years of experience in the exploration and production
industry. He has reviewed and approved the technical information contained in
this announcement pursuant to the AIM guidance note for mining and oil and gas
companies.

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, 2012,
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.

2013 02 28 Press Release:
hugin.info/136496/R/1681872/549980.pdf

Q4 2012 MDA and Financial Statements:
hugin.info/136496/R/1681872/549977.pdf

Annual 2012 MDA and Financial Statements:
hugin.info/136496/R/1681872/549978.pdf

2012 Report on Corporate Governance:
hugin.info/136496/R/1681872/549979.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#1681872]


Press Information:




Contact Person:


Phone:
email: e-mail




Disclaimer: © 2014 Thomson Reuters. The press releases or report contained herein is protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Thomson Reuters's, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.