Wentworth Resources Limited : Wentworth Resources Limited : Operations Update

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  gpb@wentworthresources.com
                    Eric Fore, Finance, Investor & etf@wentworthresources.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

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Source: Wentworth Resources Limited via Thomson Reuters ONE
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