TOWER RESOURCES PLC — Earnings Release 2016

May 12, 2016

Wentworth Resources Limited : Q1 2016 Financial Statements and MD&A

Wentworth Resources Limited : Q1 2016 Financial Statements and MD&A

PRESS RELEASE

12 May 2016

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2016 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 quarter ended 31 March 2016.

The following should be read in conjunction with the Q1 2016 Management

Discussion and Analysis and Financial Statements which are available on the

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

Q1 2016 HIGHLIGHTS

Financial

* Gas sales revenue of $3.21 million for the quarter, compared to $0.27

million in Q1 2015.

* Net loss for the quarter of $0.91 million, compared to a net loss of $2.72

million in Q1 2015.

* Exploration and development capital expenditures of $0.66 million compared

to $9.55 million during Q1 2015.

* Increase in cash and cash equivalents to $4.05 million at March 31, 2016

from $2.75 million on hand at December 31, 2015.

* March 31, 2016 working capital was $9.02 million compared to $11.98 million

at December 31, 2015.

Operational

Tanzania

* Achieved average gross daily gas production of 48 MMscf/d for the first

quarter and reached 65 MMscf/d on 31 March.

* Mnazi Bay wells are performing exceptionally well and are capable of

delivering volumes in excess of current production.

* Minimal capital expenditure on field development incurred in the first

quarter of 2016.

Mozambique

* Approval from the Ministry of Energy and Minerals ("MIREM") of the

Mozambique Government for a proposed appraisal programme for the Tembo-1 gas

discovery, increasing Wentworth's participation interest in the Rovuma

Onshore Concession from 11.59 percent to 85 percent and appointing Wentworth

as operator is pending.

Geoff Bury, Managing Director, commented:

"The newly built and previously existing power generation facilities which

utilize the Company's natural gas have all been tested and fully commissioned

and refurbished where necessary.  Over the coming months, production is expected

to stabilize between 70-80 MMscf/d and maintain this level for the remainder of

2016.  We continue to build cash reserves from internally generated cash flows

and strengthen our balance sheet while looking for strategic opportunities to

further enhance shareholder value."

Enquiries:

Wentworth Lance Mierendorf, lance.mierendorf@wentworthresources.com

Chief Financial +1 403 680 8773

Officer

Katherine Roe katherine.roe@wentworthresources.com

Vice President +44 7841 087 230

Corporate

Development &

Investor Relations

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

Securities

Ove Gusevik

Jarand Lønne

Crux Advisers Investor Relations +47 909 808 48

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

Hugh Sanderson

FTI Consulting Investor Relations wentworth@fticonsulting.com

Adviser (UK) +44 (0) 20 3727 1000

Edward Westropp

Tom Hufton

Financial Statements

The following primary statements have been extracted from the Q1 2016 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,

2016 2015

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

ASSETS

Current assets

Cash and cash equivalents 4,054 2,746

Trade and other receivables 4,962 3,253

Prepayments, deposits and advances to partners 1,213 841

Current portion of long-term receivables 16,368 18,190

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

26,597 25,030

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

Non-current assets

Long-term receivables 19,126 18,897

Exploration and evaluation assets 43,323 43,141

Property, plant and equipment 94,536 95,168

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

Deferred tax asset 33,922 34,341

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

190,907 191,547

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

Total assets 217,504 216,577

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

LIABILITIES

Current liabilities

Trade and other payables 7,819 6,269

Current portion of long-term loans 8,596 5,270

Current portion of other liability 1,158 1,508

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

17,573 13,047

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

Non-current liabilities

Long-term loans 17,205 20,512

Other liability 1,972 1,634

Decommissioning provision 1,020 973

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

20,197 23,119

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

Equity

Share capital 411,493 411,493

Equity reserve 25,911 25,683

Accumulated deficit (257,670) (256,765)

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

179,734 180,411

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

Total liabilities and equity 217,504 216,577

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

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss

United States $000s, unless otherwise stated

Three months ended March 31,

2016 2015

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

Total revenue 3,206 272

Operating expenses

Production and operating (897) (504)

General and administrative (1,512) (1,497)

Share based compensation (228) (306)

Depreciation and depletion (1,114) (106)

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

Loss from operating activities (545) (2,141)

Finance income 1,285 1,307

Finance costs (1,226) (1,882)

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

Net loss and comprehensive loss before tax (486) (2,716)

Deferred tax expense (419) -

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

Net loss and comprehensive loss (905) (2,716)

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

Net loss per ordinary share

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

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

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 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

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

Balance at 169,534,969 411,493 25,683 (256,765) 180,411

December

31, 2015

Net loss and - - - (905) (905)

comprehensive

loss

Share based - - 228 - 228

compensation

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

Balance at March 169,534,969 411,493 25,911 (257,670) 179,734

31, 2016

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

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Cash Flows

United States $000s, unless otherwise stated

Three months ended March 31,

2016 2015

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

Operating activities

Net income/(loss) for the period (905) (2,716)

Adjustments for:

Share based compensation 228 306

Depreciation and depletion 1,114 106

Finance loss/(income), net (59) 575

Deferred tax expense 419 -

Change in non-cash working capital (939) (70)

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

Cash used in operating activities (142) (1,799)

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

Investing activities

Acquisitions of evaluation and exploration assets - (6,733)

Acquisitions of property, plant and equipment - (2,478)

Reductions of/(additions to) long-term receivable 2,596 (523)

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

Cash (used in)/provided by investing activities 2,596 (9,734)

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

Financing activities

Proceeds from long-term loan - 10,480

Interest paid (773) -

Payment of other liability (373) -

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

Cash provided by/(used in) financing activities (1,146) 10,480

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

Net change in cash and cash equivalents 1,308 (1,053)

Cash and cash equivalents, beginning of the period 2,746 5,487

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

Cash and cash equivalents, end of the period 4,054 4,434

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

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, 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#2011986]