TOWER RESOURCES PLC — Earnings Release 2014

Mar 16, 2015

Wentworth Resources Limited : 2014 Full Year Results

Wentworth Resources Limited : 2014 Full Year Results

PRESS RELEASE

16 March 2015

Wentworth Resources Limited

("Wentworth" or the "Company")

2014 Full Year Results

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 audited financial results for the year ended 31 December

The following should be read in conjunction with the 2014 Management Discussion

and Analysis ("MD&A") and Consolidated Financial Statements which are available

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

Further to the announcement of 26 February 2015 regarding the unaudited Q4 2014

Financial Statements and MD&A, an independent reserves assessment of the

Company's Tanzanian gas assets was completed and announced on 9 March 2015 and

an Annual Statement of Reserves 2014 has been included in the 2014 MD&A.

2014 HIGHLIGHTS

Corporate

* Landmark year in the development of the Company following execution of gas

sales and purchase agreement ("GSA") with the Government of Tanzania.

* GSA to supply discovered natural gas from the Mnazi Bay Concession at a

price of US$3.00 per mmbtu (approximately US$3.07 per mscf) escalating at US

CPI annually over a seventeen year term.

* Independent reserves attributed to the Company's Mnazi Bay gas fields for

the first time.

* Poised for first production into pipeline and substantial free cash flow in

* The new (Government owned) Mtwara to Dar es Salaam pipeline and gas

processing facilities are nearly complete with delivery of first gas for

commissioning anticipated to occur in April 2015.  Sales of Mnazi Bay gas to

the new pipeline are expected to ramp up to 80 mmscf/day (gross) commencing

Q3 2015.

Financial

* Net income in 2014 of $15.28 million ($0.10 per share) compared to a 2013

net loss of $9.99 million (($0.11) per share).

* Recognized a non-recurring, non-cash reversal of $23.80 million of

previously impaired oil and gas assets in the Mnazi Bay Concession due to

the signing of the GSA and near completion of pipeline and infrastructure.

* Revenue of $1.06 million, up 11% from 2013, due to increasing gas sales

volumes at a fixed price of $5.36 per mmbtu to an 18 megawatt power plant in

Mtwara, Tanzania.

* Exploration and development capital expenditures of $22.87 million and $3.53

million respectively compared to $6.05 million and $0.98 million

respectively in 2013.

* Secured credit facilities totaling $26 million, of which $6 million was

drawn down in December 2014 and used to repay a $6 million credit facility

with Vitol Energy.

* Cash and cash equivalents on hand of $5.49 million at 31 December 2014

compared with $37.68 million, including short-term deposits, on hand at 31

December 2013.

* Working capital at 31 December 2014 of $15.84 million compared to $38.37

million at 31 December 2013.

Operational

Mnazi Bay Block, Tanzania

* Completed acquisition and processing of 315km of conventional 2D seismic

over prospective areas in south and southwestern portion of the block.

* Completed acquisition and processing of 58km of high resolution 2D seismic

over the Mnazi Bay and Msimbati gas fields.

* Commenced design and construction of field infrastructure to connect Mnazi

Bay to the new transnational government pipeline project.

* Continuing interpretation of seismic and drilling data to support the

ongoing development plan and exploration opportunities.

* Commenced planning for drilling operations of the fifth (MB-4) development

well which is expected to spud in March, complete by June and is expected to

initially produce 20mmscf/day (gross).

Rovuma Onshore Block, Mozambique

* The Tembo-1 exploration well reached a total depth of 4,553 meters and was

plugged and abandoned in December 2014.  A discovery in the Cretaceous

indicated 11 meters of natural gas net pay and well results are currently

being evaluated to assess the potential commerciality of this discovery.

* The drilling rig was moved from the Tembo-1 location to the Kifaru-1

exploration well location in December and drilling operations at Kifaru-1

commenced in January 2015.

* The Kifaru-1 well was drilled to a total depth of 3,100 metres, failed to

find an economic reservoir and was plugged and abandoned on 23 February

* Licence partners are evaluating all data collected to determine the next

steps in the exploration phase of the Onshore Rovuma Block.

Geoff Bury, Managing Director, commented:

"We are very pleased that we now have reserves associated with our Mnazi Bay

concession. This is a further step towards bringing our gas on stream and

follows on from the signing of our gas sales agreement last year, and the

ongoing implementation of the field infrastructure. With the government pipeline

project on track for a Q2 2015 commissioning, Wentworth now has a defined market

for its Mnazi Bay gas and is within a few months of commencing first production

into the pipeline, which should generate significant free cash flow in 2015."

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

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

Adviser and Broker

(UK)

Dominic Morley

Adam James

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

Capital

Travis Inlow

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

Chris Sim

Instinctif Investor Relations +44 (0) 20 7457 2020

Partners Adviser (UK)

David Simonson

Anca Spiridon

Consolidated Financial Statements

The following primary statements have been extracted from the 2014 consolidated

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

www.wentworthresources.com.

WENTWORTH RESOURCES LIMITED

Consolidated Statement of Financial Position

United States $000s, unless otherwise stated

December 31, December 31,

2014 2013

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

ASSETS

Current assets

Cash and cash equivalents 5,487 14,501

Short-term investments - 23,176

Trade and other receivables 2,613 1,845

Prepayments, deposits and advances to partners 1,418 1,674

Current portion of long-term receivables 14,530 658

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

24,048 41,854

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

Non-current assets

Long-term receivables 19,472 28,661

Exploration and evaluation assets 33,762 50,636

Property, plant and equipment 85,035 18,498

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

138,269 97,795

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

Total assets 162,317 139,649

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

LIABILITIES

Current liabilities

Trade and other payables 8,204 3,487

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

8,204 3,487

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

Non-current liabilities

Long-term loans 5,718 3,816

Contingent long-term liabilities 2,271 2,836

Decommissioning provision 782 685

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

8,771 7,337

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

Equity

Share capital 404,225 403,998

Equity reserve 24,916 23,903

Accumulated deficit (283,799) (299,076)

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

145,342 128,825

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

Total liabilities and equity 162,317 139,649

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

WENTWORTH RESOURCES LIMITED

Consolidated Statement of Comprehensive Income/(Loss)

United States $000s, unless otherwise stated

Year ended December

31,

2014 2013

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

Total revenue 1,060 955

Operating expenses

Production and operating (2,592) (1,656)

General and administrative (6,826) (7,931)

Share based compensation (1,090) (362)

Depreciation and depletion (542) (451)

Gain from sale of office assets 60 -

Reversal of impairment on exploration and evaluation 13,384 -

assets

Reversal of impairment on property, plant and equipment 10,421 -

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

Income/(loss) from operating activities 13,875 (9,445)

Gain on derivative financial liability - 610

Finance income 5,914 5,266

Finance costs (4,512) (6,420)

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

Net income/(loss) and comprehensive loss 15,277 (9,989)

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

Net income/(loss) per ordinary share

Basic and diluted (US$/share) 0.10 (0.11)

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

WENTWORTH RESOURCES LIMITED

Consolidated Statement of Changes in Equity

United States $000s, unless otherwise stated

Number of Share Equity Accumulated Total

shares capital reserve deficit  equity

$ $ $ $

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

Balance at December 82,503,940 361,675 21,996 (289,087) 94,584

31, 2012

Net loss and - - - (9,989) (9,989)

comprehensive loss

Reclassification of - - 1,678 - 1,678

warrants

Share based - - 362 - 362

compensation

Issue of share 71,368,760 46,200 (133) - 46,067

capital

Share issue costs - (3,877) - - (3,877)

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

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

31, 2013

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

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

31, 2013

Net income and - - - 15,277 15,277

comprehensive

income

Share based - - 1,090 - 1,090

compensation

Issue of share 250,000 227 (77) - 150

capital

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

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

31, 2014

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

WENTWORTH RESOURCES LIMITED

Consolidated Statement of Cash Flows

United States $000s, unless otherwise stated

Year ended December 31,

2014 2013

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

Operating activities

Net income/(loss) for the year 15,277 (9,989)

Adjustments for:

Share based compensation 1,090 362

Depreciation and depletion 542 451

Finance loss/(income), net (1,402) 679

Reversal of impairment on exploration and evaluation (13,384) -

assets

Reversal of impairment on property, plant and  equipment (10,421) -

Gain from sale of office assets (60) -

Gain on derivative financial liability - (610)

Change in non-cash working capital (1,092) 1,288

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

Cash used in operating activities (9,450) (7,819)

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

Investing activities

Additions to evaluation and exploration assets (22,869) (6,045)

Additions to property, plant and equipment (3,533) (975)

Short-term investments 23,176 (23,176)

Interest income 100 70

Net (reduction)/increase in long-term receivable (365) 301

Proceeds from sale of office assets 62 -

Change in non-cash working capital 4,454 1,958

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

Cash provided by/(used in) investing activities 1,025 (27,867)

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

Financing activities

Issue of share capital, net of share issue costs 150 42,190

Net proceeds from long-term loan 5,715 9,887

Repayment of long-term loan (6,000) (10,036)

Interest paid (341) (561)

Repayment of other long-term liabilities (113) (645)

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

Cash (used in)/provided by financing activities (589) 40,835

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

Net change in cash and cash equivalents (9,014) 5,149

Cash and cash equivalents, beginning of the year 14,501 9,352

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

Cash and cash equivalents, end of the year 5,487 14,501

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

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.

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#1903591]