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Wentworth Resources Limited : 2012 Full Year Results


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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]


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