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Thursday, 17 August 2017

Wentworth Resources Limited : Operational Update

Wentworth Resources Limited    

Published: 08:00 CEST 17-08-2017 /GlobeNewswire /Source: Wentworth Resources Limited / : WRL /ISIN: CA9506771042

Wentworth Resources Limited : Operational Update

 

 

 

PRESS RELEASE

17 August 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.

Further to the Company's Q2 Financial Results released on 10 August 2017, the Company is pleased to confirm that further payments have been received from Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("TANESCO") totalling $1.9 million net to Wentworth for June 2017 ($1.7 million) and October 2016 ($0.2 million) gas sales invoices respectively. The Company also confirms that all principal and interest payments currently due on the Company's medium-term credit facilities are now fully settled. The next principal payment of $1 million is due in December 2017.

-Ends-


Enquiries: 

 

 

Wentworth

Geoffrey Bury,

Managing Director

gpb@wentworthresources.com

+1 403 993 4450

 

 

 

 

Lance Mierendorf,

Chief Financial Officer

 

lance.mierendorf@wentworthresources.com

+1 403 680 8773

 

Katherine Roe

Vice President Corporate Development & Investor Relations

 

katherine.roe@wentworthresources.com

+44 7841 087 230

Crux Advisers

Investor Relations Adviser

(Norway)

+47 909 808 48

 

Carl Bachke

 

 

Stifel Nicolaus Europe Limited

AIM Nominated Adviser and Broker (UK)

+44 (0) 20 7710 7600

 

Callum Stewart

 

 

Ashton Clanfield

 

 

FirstEnergy Capital

Broker (UK)

+44 (0) 20 7448 0200

 

Hugh Sanderson

 

 

FTI Consulting

Investor Relations Adviser (UK)

wentworth@fticonsulting.com

+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.

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.

 



170817 Press Release



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Wentworth Resources Limited, 630, 715 – 5th Avenue SW, Calgary, Alberta T2P 2X6, Canada
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