Wentworth Resources Limited : Wentworth Resources Limited : Operations Update PRESS RELEASE 24 APRIL 2013 WENTWORTH RESOURCES LIMITED ("Wentworth" or the "Company") OPERATIONS UPDATE Wentworth, the East Africa and Rovuma Basin-focused oil & gas company, announces the following operations update: Mnazi Bay Exploration The 248km² of new 3D seismic recently acquired offshore Mnazi Bay is currently being processed and interpreted with full results expected in the third quarter 2013. The acquisition of additional onshore 2D seismic is being considered and the concession partners have agreed to drill one well in the fourth quarter of this year, subject to identifying a drillable prospect after taking into account the interpreted offshore 3D, existing 2D and possible additional onshore seismic. Mnazi Bay to Dar es Salaam Gas Pipeline Project China National Petroleum Corporation (CNPC) recently awarded a US$45 million contract to Zhejiang Kingland Pipeline & Technologies to supply spiral and longitudinal submerged arc welded pipe for the Mnazi Bay to Dar es Salaam natural gas pipeline project ("Pipeline"). Wentworth has been advised by the government that the Pipeline is expected to be completed in the second half of 2014. Gas Sales Agreement for Mnazi Bay Concession Negotiations with the Government of Tanzania for a gas sales agreement ("GSA") for a minimum of 80 mmscf/d (gross) and 25.6 mmcf/d (net to Wentworth), with the potential to increase it to 130 mmcf/d (gross) and 41.5 mmcf/d (net to Wentworth), subject to available gas resources, of Mnazi Bay concession natural gas to supply the Pipeline are ongoing and the execution of that GSA is expected in the near term. The commencement of gas sales to the Pipeline will unlock Wentworth's cost recovery pools, which currently total approximately US$80 million (net to Wentworth), and is expected to result in the recovery of the US$35 million receivable (net to Wentworth) from Tanzania Petroleum Development Corporation. Recovery of this receivable is expected within 18 months following commencement of gas sales to the Pipeline. Onshore Rovuma 2D Seismic & Drilling Wentworth's partner and concession operator, Anadarko Petroleum, advised that, pursuant to the provisions of the Petroleum Law of Mozambique, a request to extend the second exploration period of the Exploration and Production Concession Contract for the Rovuma Block Onshore Area has been approved by the Government. The second exploration period now ends on 31 August 2014. The concession partners have agreed to drill two wells back-to-back in 2014 with an option for a third well. The partners are awaiting execution of the rig contract. This extension will give the concession partners time to finalize the detailed processing and interpretation of the new 2D seismic and to optimize the usage of the drilling rig when secured. Spudding of the first well is expected by the end of the second quarter 2014 with the second well expected to spud immediately following completion of the drilling operations of the first well. The drilling of the first and second wells shall satisfy the exploration work commitments of the second and third exploration periods respectively. Geoff Bury, Managing Director added: "This is an exciting time in our Company's history. The new gas pipeline being built in Tanzania brings a large untapped market to our doorstep. We are preparing for the very first large scale production of Mnazi Bay gas to serve that market. Our G&G and other exploration work is paying off and we are preparing to drill new exploration and development wells in Tanzania and Mozambique." "We are grateful to the government of Mozambique for granting additional time to complete the concession's second exploration work program. The extension enables us to fully evaluate the new 2D seismic that has recently been acquired over the north central and northern coastal sections of the concession; commit to a second firm exploration well; and provides sufficient time within the weather window to drill an optional third well. Our operator in Mozambique, Anadarko, is gearing up for onshore exploration drilling which Wentworth believes is on trend with the recent massive offshore Rovuma Basin natural gas discoveries." ENDS Enquiries: Wentworth Geoff Bury, Managing Director firstname.lastname@example.org Eric Fore, Finance, Investor & email@example.com Public Relations Manager +971 (0) 50 458 0422 Panmure Gordon Nominated adviser & broker +44 (0) 20 7459 3600 Katherine Roe Charlie Leigh-Pemberton FirstEnergy Capital Broker +44 (0) 20 7448 0200 Majid Shafiq Travis Inlow College Hill Investor relations adviser +44 (0) 20 7457 2020 Rupert Trefgarne Catherine Wickman Alexandra Roper Crux Kommunikasjon Investor relations adviser +47 909 808 48 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 assets; a committed exploration and appraisal drilling programme; and large-scale gas monetisation opportunities, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique. 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 04 24 Press Release ------------------------------------------------------------------------------ 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#1695631
Wentworth Resources Limited : Wentworth Resources Limited : Operations Update
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