TOWER RESOURCES PLC — Earnings Release 2015

Feb 25, 2016

Wentworth Resources Limited : 2015 Full Year Results

Wentworth Resources Limited : 2015 Full Year Results

PRESS RELEASE

25 February 2016

Wentworth Resources Limited

("Wentworth" or the "Company")

2015 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 2015 Management Discussion

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

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

An independent reserves assessment of the Company's Tanzanian gas assets has

also been completed and was released today.  The full report is available on the

Company's website at www.wentworthresources.com. The Annual Statement of

Reserves 2015 has been included in the 2015 MD&A.

2015 HIGHLIGHTS

Corporate

* Independent reserves evaluation attributed Wentworth's share of Proved +

Probable (2P) reserves in the Company's Tanzania gas fields valued at

US$179.2 million NPV (10%) after tax at December 31, 2015.

* Successful completion of a private placement on 1 July 2015 and issue of

15,412,269 new common shares for cash consideration of $0.50 (GBP0.315 or

NOK3.88) per share, for total gross proceeds of $7.64 million from new and

existing shareholders.

* Agreement reached on payment security terms between Mnazi Bay Concession

parties and the gas purchaser and first gas delivery to the new government

owned Mtwara to Dar es Salaam natural gas pipeline commenced on 20 August

Financial

* Gas sales revenue of $4.64 million, up 337% from 2014 due to the

commencement of gas sales to the new Mtwara to Dar es Salaam gas pipeline

during Q3 2015.

* Net income of $27.03 million, $0.17 per share (2014 - $15.28 million, $0.10

per share).

* As a consequence of commencing deliveries of commercial quantities of gas

under a long-term gas sales agreement and obtaining an independent reserve

report for the Company's share of gas reserves in Tanzania, the Company

recognized a non-cash deferred tax asset of $34.34 million during Q4 2015

and a non-cash impairment reversal of $23.81 million during 2014.

* Development and exploration capital expenditures of $11.84 million and $9.38

million, respectively.

* Yearend cash and cash equivalents on hand of $2.75 million (2014 - $5.49

million).

Operational

Mnazi Bay Block, Tanzania

* First gas delivery to the new government owned Mtwara to Dar es Salaam

natural gas pipeline commenced on 20 August 2015.

* Average gross daily gas production of 46 MMscf/d during the fourth quarter

and 16 MMscf/d for 2015, with an expected increase up to 70-80 MMscf/d by

the end of Q1 2016 as gas turbines at existing and new power generation

facilities are commissioned and become fully operational.

* Continued construction of field infrastructure connecting the Mnazi Bay gas

assets to the government owned gas pipeline.

* Completed drilling of the MB-4 development well in the Mnazi Bay Concession.

MB-4 was drilled to a total depth of 2,788 meters penetrating the Miocene

gas reservoirs with net pay of 24 meters (Upper Mnazi Bay) and 43 meters

(Lower Mnazi Bay) for a total net pay of 67 meters.

Rovuma Onshore Block, Mozambique

* Discussions continued with the Mozambican Government regarding the

assignment of the relinquishing parties' participation interest to the

remaining parties in the Concession, selection and appointment of an

operator of the Concession, determining the appraisal acreage for Tembo-1

gas discovery and agreeing to a multi-year appraisal plan.

* During the first quarter of 2015, the Kifaru-1 exploration well reached TD

3,100 meters in Eocene age rocks which contributed to our understanding of

the regional geology. 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.

Geoff Bury, Managing Director, commented:

"2015 was a turning point year for our business; with gas from Mnazi Bay flowing

into the new pipeline and the start of meaningful revenue generation, Wentworth

exited 2015 in a strong financial position.  The balance sheet will strengthen

throughout the coming year as gas deliveries climb to an anticipated gross

70-80 MMscf/day by the end of Q1 2016.

"We have also announced an increase of 20% in 2P reserves in our Tanzanian

Concession, which is testament to the prospectivity of the Mnazi Bay acreage.

The Company will carefully consider growth opportunities through acquisition,

farm-in and/or asset purchase leveraging, from an enviable positive cash flow

position and seek to take advantage of the buyers' market that is expected to

remain for much of the coming year."

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

Capital

Hugh Sanderson

FTI Consulting Investor Relations wentworth@fticonsulting.com

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

Edward Westropp

Tom Hufton

Consolidated Financial Statements

The following primary statements have been extracted from the 2015 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,

2015 2014

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

ASSETS

Current assets

Cash and cash equivalents 2,746 5,487

Trade and other receivables 3,253 2,613

Prepayments, deposits and advances to partners 841 1,418

Current portion of long-term receivables 18,190 14,530

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

25,030 24,048

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

Non-current assets

Long-term receivables 18,897 19,472

Exploration and evaluation assets 43,141 33,762

Property, plant and equipment 95,168 85,035

Deferred tax asset 34,341 -

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

191,547 138,269

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

Total assets 216,577 162,317

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

LIABILITIES

Current liabilities

Trade and other payables 6,269 7,343

Current portion of long-term loans 5,270 -

Current portion of other liability 1,508 861

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

13,047 8,204

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

Non-current liabilities

Long-term loans 20,512 5,718

Other liability 1,634 2,271

Decommissioning provision 973 782

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

23,119 8,771

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

Equity

Share capital 411,493 404,225

Equity reserve 25,683 24,916

Accumulated deficit (256,765) (283,799)

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

180,411 145,342

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

Total liabilities and equity 216,577 162,317

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

WENTWORTH RESOURCES LIMITED

Consolidated Statement of Comprehensive Income/(Loss)

United States $000s, unless otherwise stated

Year ended December

31,

2015 2014

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

Total revenue 4,637 1,060

Operating expenses

Production and operating (3,214) (2,592)

General and administrative (6,367) (6,826)

Share based compensation (767) (1,090)

Depreciation and depletion (1,707) (542)

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

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

Loss/(profit) from operating activities (7,418) 13,875

Finance income 5,047 5,914

Finance costs (4,936) (4,512)

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

Net (loss)/profit before tax (7,307) 15,277

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

Deferred tax recovery 34,341 -

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

Net profit and comprehensive income 27,034 15,277

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

Net income per ordinary share

Basic and diluted (US$/share) 0.17 0.10

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

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

December

31, 2013

Net profit 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 154,122,700 404,225 24,916 (283,799) 145,342

December

31, 2014

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

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

December

31, 2014

Net income and - - - 27,034 27,034

comprehensive

income

Share based - - 767 - 767

compensation

Issue of share 15,412,269 7,639 - - 7,639

capital

Share issue - (371) - - (371)

costs, net of

tax

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

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

December

31, 2015

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

WENTWORTH RESOURCES LIMITED

Consolidated Statement of Cash Flows

United States $000s, unless otherwise stated

Year ended December 31,

2015 2014

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

Operating activities

Net profit for the year 27,034 15,277

Adjustments for:

Share based compensation 767 1,090

Depreciation and depletion 1,707 542

Finance loss, net (111) (1,402)

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

assets

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

Gain from sale of assets - (60)

Deferred tax (34,341) -

Change in non-cash working capital 175 (1,092)

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

Net cash utilized in operating activities (4,769) (9,450)

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

Investing activities

Additions to evaluation and exploration assets (10,299) (19,064)

Additions to property, plant and equipment (12,926) (2,945)

Additions to long-term receivable (1,116) (304)

Proceeds from sale of office assets - 62

Conversion of term deposits to cash - 23,176

Interest income 7 100

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

Net cash (used in)/from investing activities (24,334) 1,025

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

Financing activities

Issue of share capital, net of issue costs 7,268 150

Proceeds from long-term loan, net of finance costs 20,000 5,715

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

Interest paid (906) (341)

Repayment of other long-term liability - (113)

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

Net cash from/(used in) financing activities 26,362 (589)

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

Net change in cash and cash equivalents (2,741) (9,014)

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

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

Cash and cash equivalents, end of the year 2,746 5,487

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

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.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1989186]