TOWER RESOURCES PLC — Earnings Release 2015

May 19, 2015

Wentworth Resources Limited : Q1 2015 Financial Statements and MD&A

Wentworth Resources Limited : Q1 2015 Financial Statements and MD&A

PRESS RELEASE

19 May 2015

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2015 Financial Statements and MD&A

Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and London Stock

Exchange (AIM: WRL) listed independent, East Africa-focused oil & gas company,

today announces its results for the first quarter and three months ended 31

March 2015.

The following should be read in conjunction with the Q1 2015 Management

Discussion and Analysis and Financial Statements which are available on the

Company's updated website at http://www.wentworthresources.com.

Q1 2015 HIGHLIGHTS

Corporate

* On March 9, 2015, an independent reserves evaluation attributed Wentworth's

share of Proved + Probable (2P) reserves valued at US$152.9 million NPV

(10%) after tax at December 31, 2014 to the Company's gas fields in

Tanzania((1)).

* Continued working with the Tanzanian Government to finalise payment

guarantee documentation in support of the Gas Sales Agreement for gas

deliveries to the government owned pipeline.

* The new transnational gas pipeline and processing facilities are nearly

complete with delivery of first gas anticipated to occur early in Q3 2015.

Financial

* Net loss for the quarter of $2.72 million, compared to a $0.85 million in

* Revenue for the quarter of $0.27 million, up 15% from Q1 2014.

* First quarter exploration and development capital expenditures of $6.98

million and $2.57 million respectively compared to $4.78 million and $0.48

million respectively in 2014.

* Cash and cash equivalents on hand of $4.43 million at March 31, 2015

compared with $5.49 million on hand at December 31, 2014.

* Working capital was $10.98 million compared to $15.84 million at December

31, 2014.

Operational

Mnazi Bay Block, Tanzania

* The MB-4 development well spud during March. Drilling operations are

expected to be completed during June and the well ready to produce gas in

July.

* Continued construction of field infrastructure to connect the Mnazi Bay and

Msimbati gas fields to the new transnational government owned pipeline

project.

* In late March, the Government communicated first gas delivery is now

expected in July, a delay of approximately three months.

Rovuma Onshore Block, Mozambique

* The Kifaru-1 exploration well reached TD 3,100 meters in Eocene age rocks.

The well encountered all targeted zones in the Miocene, Oligocene and Eocene

formations but failed to find an economic reservoir and as a result the well

was plugged and abandoned in February.

* Continued evaluation of the Tebmo-1 well data and working with the Rovuma

Onshore Concession partners to determine a possible appraisal plan and

change of operatorship in advance of the third exploration period expiring

on August 28, 2015.

Geoff Bury, Managing Director, commented:

"We have made further progress this quarter towards delivery of first gas into

the new pipeline with our continued tie-in work of the existing wells, the

commencement of the MB-4 development well to further de-risk the existing fields

and continued negotiations towards finalising the payment guarantee

documentation.

The forthcoming cash flow from gas sales to the pipeline will be significant and

will be used to fund the Company's growth initiatives within Tanzania,

Mozambique and East Africa.  With an instant market for any newly discovered

gas, the Company plans to partly reinvest the cash flow into exploration in the

Mnazi Bay Concession in Tanzania.  This a unique and enviable opportunity the

Company intends to capitalize upon.  In Mozambique, in coordination with the

Rovuma Onshore Block joint venture partners, we are nearing a decision on the

path forward for potentially appraising the discovery encountered within the

Tembo-1 well announced in December 2014.  Exploration opportunities within our

existing assets and additional accretive growth prospects emerging in East

Africa provide the Company with strategic opportunities to become a leading oil

and gas company in the region and create significant shareholder value."

-Ends-

Enquiries:

Wentworth Lance Mierendorf, lance.mierendorf@wentworthresources.com

Chief Financial +1 403 680 8773

Officer

Katherine Roe katherine.roe@wentworthresources.com

Head of Investor +44 7841 087 230

Relations &

Corporate

Communications

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

Securities

Ove Gusevik

Jarand Lønne

Crux Kommunikasjon Investor Relations +47 995 138 91

Adviser

(Norway)

Jan Petter Stiff

Carl Bachke

Stifel Nicolaus AIM Nominated +44 (0) 20 7710 7600

Europe Limited Adviser and Broker

(UK)

Callum Stewart

Ashton Clanfield

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

Capital

Travis Inlow

FTI Consulting Investor Relations + 44 (0) 20 3727 1000

Adviser (UK)

Edward Westropp

Tom Hufton

((1)) Source: RPS Energy Canada Ltd. - Mnazi Bay Field Reserves Assessment as at

December 31, 2014

***

Financial Statements

The following primary statements have been extracted from the Q1 2015 unaudited

consolidated financial statements which are located on the Company's website at

www.wentworthresources.com.

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Financial Position

United States $000s, unless otherwise stated

March 31, December 31,

2015 2014

---------------------------

ASSETS

Current assets

Cash and cash equivalents 4,434 5,487

Trade and other receivables 2,581 2,613

Prepayments, deposits and advances to partners 1,395 1,418

Current portion of long-term receivables 11,018 14,530

---------------------------

19,428 24,048

---------------------------

Non-current assets

Long-term receivables 23,200 19,472

Exploration and evaluation assets 40,745 33,762

Property, plant and equipment 87,499 85,035

---------------------------

151,444 138,269

---------------------------

Total assets 170,872 162,317

---------------------------

LIABILITIES

Current liabilities

Trade and other payables 8,451 8,204

---------------------------

8,451 8,204

---------------------------

Non-current liabilities

Long-term loans 16,221 5,718

Contingent liability 2,458 2,271

Decommissioning provision 810 782

---------------------------

19,489 8,771

---------------------------

Equity

Share capital 404,225 404,225

Equity reserve 25,222 24,916

Accumulated deficit (286,515) (283,799)

---------------------------

142,932 145,342

---------------------------

Total liabilities and equity 170,872 162,317

---------------------------

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss

United States $000s, unless otherwise stated

Three months ended March 31,

2015 2014

-------------------------------

Total revenue 272 236

Operating expenses

Production and operating (504) (372)

General and administrative (1,497) (1,809)

Share based compensation (306) (154)

Depreciation and depletion (106) (135)

Gain from sale of office assets - 23

-------------------------------

Loss from operating activities (2,141) (2,211)

Finance income 1,307 1,643

Finance costs (1,882) (277)

-------------------------------

Net loss and comprehensive loss (2,716) (845)

-------------------------------

Net loss per ordinary share

Basic and diluted (US$/share) (0.02) (0.01)

-------------------------------

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Changes in Equity

United States $000s, unless otherwise stated

Number of Share Equity Accumulated Total

shares capital reserve deficit  equity

$ $ $ $

--------------------------------------------------------------

Balance at 153,872,700 403,998 23,903 (299,076) 128,825

December

31, 2013

Net loss and - - - (845) (845)

comprehensive

loss

Share based - - 154 - 154

compensation

--------------------------------------------------------------

Balance at March 153,872,700 403,998 24,057 (299,921) 128,134

31, 2014

--------------------------------------------------------------

Balance at 154,122,700 404,225 24,916 (283,799) 145,342

December

31, 2014

Net loss and - - - (2,716) (2,716)

comprehensive

loss

Share based - - 306 - 306

compensation

--------------------------------------------------------------

Balance at March 154,122,700 404,225 25,222 (286,515) 142,932

31, 2015

--------------------------------------------------------------

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Cash Flows

United States $000s, unless otherwise stated

Year ended December 31,

2015 2014

--------------------

Operating activities

Net income/(loss) for the period (2,716) (845)

Adjustments for:

Share based compensation 306 154

Depreciation and depletion 106 135

Finance loss/(income), net 575 (1,366)

Gain from sale of office assets - (23)

Change in non-cash working capital (70) (18)

--------------------

Cash used in operating activities (1,799) (1,963)

--------------------

Investing activities

Additions to evaluation and exploration assets (6,983) (4,781)

Additions to property, plant and equipment (2,570) (481)

Net (reduction)/increase in long-term receivable (542) 101

Conversion of term deposits to cash - 10,325

Interest income - 40

Change in non-cash working capital 361 -

--------------------

Cash (used in)/provided by investing activities (9,734) 5,204

--------------------

Financing activities

Proceeds from long-term loans 10,480 -

Interest paid - (89)

Proceeds from sale of office assets - 23

--------------------

Cash provided by/(used in) financing activities 10,480 (66)

--------------------

Net change in cash and cash equivalents (1,053) 3,175

Cash and cash equivalents, beginning of the period 5,487 14,501

--------------------

Cash and cash equivalents, end of the period 4,434 17,676

--------------------

About Wentworth Resources

Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil &

gas company with: natural gas production; midstream assets; and exploration and

appraisal opportunities; 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, 2014,

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#1922315]