TOWER RESOURCES PLC — Capital/Financing Update 2014

Sep 15, 2014

Wentworth Signs Long-term Gas Sales Agreement for Mnazi Bay and Msimbati Gas Fields Tanzania

Wentworth Signs Long-term Gas Sales Agreement for Mnazi Bay and Msimbati Gas Fields Tanzania

PRESS RELEASE

15 September 2014

Wentworth Resources Limited

("Wentworth" or the "Company")

Wentworth Signs Long-term Gas Sales Agreement for Mnazi Bay and Msimbati Gas

Fields Tanzania

Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed

independent, East Africa-focused oil & gas company, announces that it has signed

a gas sales and purchase agreement ("Mnazi Bay GSA") with TPDC, along with Mnazi

Bay license partners Maurel et Prom ("M&P") and Tanzania Petroleum Development

Corporation ("TPDC") (together the "Mnazi Bay Partners").  The Mnazi Bay GSA

covers the long-term sale of natural gas from the Mnazi Bay and Msimbati fields

in southern Tanzania to the Government owned and operated Mtwara to Dar es

Salaam pipeline and Madimba central processing facility ("Pipeline Project"),

which is currently under construction and scheduled for completion and

commissioning in Q1 2015.

Pursuant to the Mnazi Bay GSA, the Mnazi Bay Partners are contracted to supply

to the Pipeline Project up to a maximum 80 mmcf/day of natural gas during the

first eight months with an option to increase over time to a maximum 130

mmcf/day of natural gas for up to a 17-year supply period. The Mnazi Bay GSA is

subject to certain conditions, including the Tanzanian Government providing all

necessary approvals and an executed version of payment security agreements prior

to delivery of first gas.

The initial delivery is expected to begin during the period 22 January 2015 and

22 April 2015  and be at a fixed price of US$3.00 per mmbtu (approximately

US$3.07 per mcf), escalating with United States CPI Industrial index.  The gas

will be sold and purchased at the inlet to a 16 inch pipeline connecting the

Mnazi Bay gas production facility to the Madimba central processing facility.

The Mnazi Bay Partners are not responsible for paying a tariff for transporting

the gas nor are they paying for any third party processing fees.

With a long-term contract in place, the Mnazi Bay Partners will use the time

before the commencement of first gas delivery to finalize the design, construct,

and commission the necessary surface infrastructure, including separation

facilities and flow lines, to tie existing wells into the Pipeline Project. Gas

will be produced from the existing four wells in the Mnazi Bay and Msimbati

fields and these wells are expected to be capable of producing natural gas

sufficient to meet the initial 80 mmcf/day delivery volumes under the Mnazi Bay

GSA.

Bob McBean, Executive Chairman of Wentworth, commented:

"The signing of the Mnazi Bay GSA is a significant advancement in the

development of the gas industry and lays the foundation for the future domestic

gas development in Tanzania.  Additionally, this agreement is a major milestone

in Wentworth's gas monetisation strategy to commercialise our discovered gas

resources, taking us a step closer to reclassifying our resources to reserves,

and is a significant value driver for the Company.  I would like to thank all

parties involved for the professionalism and dedication shown during the

negotiation process."

"Following the processing and interpretation of recently acquired high

resolution 2D data over the Mnazi Bay and Msimbati gas fields we plan to

commence a development drilling programme with the aim of increasing production

up to 130mmcf/day. We maintain a strong commitment to exploring for oil and gas

in the Ruvuma Basin, within Tanzania and Mozambique, and expect to be in the

enviable position of having positive cash flow available to fund both our

exploration and development capital programmes in 2015."

-Ends-

Enquiries:

Wentworth Geoffrey Bury, gpb@wentworthresources.com

Managing +1 403 993 4450

Director

Lance lance.mierendorf@wentworthresources.com

Mierendorf, +1 403 680 8773

Chief

Financial

Officer

Katherine Roe katherine.roe@wentworthresources.com

Head of +44 7841 087 230

Investor

Relations &

Corporate

Communications

Swedbank First Securities Broker(Norway) +47 23 23 80 00

Ove Gusevik

Jarand Lønne

Crux Kommunikasjon Investor +47 995 138 91

Relations

Adviser

(Norway)

Jan Petter

Stiff

Fredrik Eeg

Panmure Gordon AIM Nominated +44 (0) 20 7886 2500

Adviser and

Broker (UK)

Dominic Morley

Adam James

Tom Salvesen

Duncan

Monteith

FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200

Majid Shafiq

Travis Inlow

Investec Broker (UK) +44 (0) 20 7597 4000

Chris Sim

Instinctif Partners Investor +44 (0) 20 7457 2020

Relations

Adviser (UK)

Catherine

Wickman

Harry Cameron

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.

Wentworth holds a 31.94% participation interest in production operations and a

39.925% participation interest in exploration operations of the Mnazi Bay

Concession. M&P is operator and holds a 48.06% participation interest in

production operations and 60.075% participation interest in exploration

operations with TPDC holding the remaining 20% participation interest in

production operations.

Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has 31

years of experience in the exploration and production industry, has read and

approved the technical disclosure in this regulatory announcement.

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, 2013,

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.

[HUG#1855828]