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Thursday, 1 February 2018

Wentworth Resources Limited : Payment Update

Wentworth Resources Limited    

Published: 08:00 CET 01-02-2018 /GlobeNewswire /Source: Wentworth Resources Limited / : WRL /ISIN: CA9506771042

Wentworth Resources Limited : Payment Update


1 February 2018

("Wentworth" or "the Company")


Payment 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 regarding recent payments received for gas sales.

The Company is pleased to inform shareholders that payments have been received during January from Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("Tanesco") totalling $1.82 million net to Wentworth for gas sales during 2017. As expected, TPDC and Tanesco continue to settle invoices on a regular monthly basis thereby allowing the Company to continue to strengthen its' current financial position.


In order to provide consistent updates to the market, the Company will release monthly updates at the beginning of each month detailing payments received for gas sales in the prior month.







Geoffrey Bury

Managing Director



+1 403 993 4450


Lance Mierendorf

Chief Financial Officer



+1 403 680 8773


Katherine Roe

Vice President Corporate Development & Investor Relations



+44 7841 087 230

Stifel Nicolaus Europe Limited

AIM Nominated Adviser and Broker (UK)

Callum Stewart

Ashton Clanfield

+44 (0) 20 7710 7600

GMP FirstEnergy

Broker (UK)

Hugh Sanderson

David van Erp

+44 (0) 20 7448 0200

Peel Hunt LLP



Broker (UK)

Richard Crichton

Ross Allister

Chris Burrows



+44 (0) 20 7418 8900


FTI Consulting

Investor Relations Adviser (UK)

Edward Westropp

Kim Camilleri


+44 (0) 20 3727 1000


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.

Inside Information

The information contained within this announcement is deemed by Wentworth to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain

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.


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 to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

180201 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 Corporate Solutions clients. Source: Wentworth Resources Limited, 630, 715 – 5th Avenue SW, Calgary, Alberta T2P 2X6, Canada
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