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TOWER RESOURCES PLC — Earnings Release 2017
May 1, 2018
7980_rns_2018-05-01_433ed1a2-a31c-4d91-b5b9-a5f1b45e4270.html
Earnings Release
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Wentworth Resources Limited : Payment and Corporate Update
Wentworth Resources Limited : Payment and Corporate Update
PRESS RELEASE
1 May 2018
WENTWORTH RESOURCES LIMITED
("Wentworth" or the "Company")
Payment and Corporate update
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, today provides an update to
shareholders.
The Company is pleased to inform shareholders that payments received during
April 2018 for gas sales generated from the Mnazi Bay Concession in Tanzania
totalled $6.0 million net to Wentworth. This represents payment in full for two
months' gas sales. The Company is also pleased to report that gross production
volumes during April 2018 from the Mnazi Bay gas field averaged 77 MMscf/d,
continuing the strong production since the start of the year and further de-
risking our 2018 gross production guidance of 65 to 75 MMscf/d.
Further to the announcement made on 15 January 2018 that Eskil Jersing would be
joining Wentworth as Chief Executive Officer ("CEO"), the Company is pleased to
confirm that Eskil will formally join the Company on 25 June 2018. It is
anticipated that he will be appointed to the Board at the Company's Annual and
Special Meeting to be held on 27 June 2018. As previously announced, Geoff Bury
stepped down from his position as Managing Director on 30 April 2018 and Bob
McBean, Executive Chairman, has assumed the role of Interim CEO until Eskil
formally joins the Company.
-Ends-
Enquiries: Bob McBean [email protected]
Wentworth Executive Chairman
Katherine Roe [email protected]
Chief Financial +44 7841 087 230
Officer
Stifel Nicolaus AIM Nominated +44 (0) 20 7710 7600
Europe Limited Adviser and Broker
(UK)
Callum Steward
Ashton Clanfield
GMP FirstEnergy Broker (UK) +44 (0) 20 7448 0200
Hugh Sanderson
Jonathan Wright
Peel Hunt LLP Broker (UK) +44 (0) 20 7418 8900
Richard Crichton
Ross Allister
FTI Consulting Investor Relations [email protected]
Adviser (UK) +44 (0) 20 3727 1000
Edward Westropp
Kim Camilleri
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.
Inside Information
The information contained within this announcement is deemed by Wentworth to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014 ("MAR"). On the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.
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, 2017,
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 to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.