TOWER RESOURCES PLC — Earnings Release 2018

Jan 11, 2019

Wentworth Resources Plc : Commercial, Operational Update and 2019 Production Guidance

Wentworth Resources Plc : Commercial, Operational Update and 2019 Production Guidance

PRESS RELEASE 11 January 2019

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Commercial, Operational Update and 2019 Production Guidance

Wentworth, the Oslo Stock Exchange (OSE: WEN) and AIM (AIM: WEN) listed

independent, East Africa-focused oil & gas company, is today providing an update

to shareholders.

Tanzania

Operations

Gas demand for the Company's producing reserves continued to grow in the final

quarter of 2018, resulting from combined demand from the Kinyerezi-1, Kinyerezi-

2 and Ubungo II power stations, and the burgeoning demand growth from industrial

customers including Dangote Cement and Goodwill Ceramics. This demand from off-

takers collectively resulted in an average daily production in Q4 2018 of 87.3

MMscf/d and for the month of December 2018 of 92.5 MMscf/d.

The average production for the full year 2018 was 83.2 MMscf/d; above the

Company's 2018 production guidance range of 65 - 75 MMscf/d and greater than the

Daily Committed Quotient ("DCQ") of 80.0 MMscf/d, which the Joint Venture

Partners are required to supply under the Gas Sales Agreement with TPDC and for

the TANESCO-owned, Mtwara Power Station (ca.2.5 MMscf/d).

Commercial

The Company is pleased to inform shareholders that monthly payments for November

and December 2018 (post allocation of the Tanzania Petroleum Development

Corporation ("TPDC") receivable, adjusted to reflect the Ziwani-1 exploration

well and associated 3D seismic costs as previously announced) for gas sales

generated from the Mnazi Bay Concession of $3.0 million net to Wentworth, have

been received. Payments were received from both TPDC and Tanzania Electric

Supply Company Limited ("TANESCO"). The Company is pleased to report that due

arrears from TPDC and TANESCO, have steadily reduced over the course of 2018 and

now stand at three months for both off-takers.

As a result of the continued demand and sustainable payment landscape, the

Company has continued to meet and pay-down its debt commitments from free cash-

flow in 2018 and expects to be substantially debt free within the next twelve

months, with the final payment on its single outstanding loan facility falling

due in January 2020. As at 31 December 2018, outstanding debt was $8.3 million

(excluding $2.5 million corporate overdraft facility), with cash of $11.8

million.

2019 Production Guidance and Outlook

Discussions continue with TPDC with regards reducing the Madimba gas receiving

facility export pressure from the current 92.5barg to ca.75barg. This will allow

for a sustained overall production rate and/or plateau period from the current

well stock, prior to installation of compression facilities. As communicated by

the Company on 3 October 2018, this is technically and operationally feasible,

has the potential to extend the production plateau by c.18 months on a

standalone basis and c.42 months including slickline and chokes upgrade work;

and would be immediately accretive to asset value.

As of 7 January 2019, the field was delivering ca.89.6 MMscf/d: 86.8MMscf/d to

TPDC with an additional 2.8 MMscf/d to TANESCO. Current demand for Mnazi Bay gas

is estimated by the Joint Venture Operator to be in excess of 95 MMscf/d.

For 2019, the Company anticipates further growth in gas demand with the

extension to the Kinyerezi-1 power plant which is expected to come online in Q4

2019. This facility will initially require 5 MMscf/d and will build up

approximately 30 MMscf/d of gas requirement when fully commissioned over a six-

month period. Continued gas demand growth in 2019 is also expected, primarily

from the Dangote Cement Plant and other smaller industrial consumers; adding an

additional 10-15 MMscf/d to national demand needs by Q2 2019.

Wentworth's operational activities in 2019 will include working with TPDC to

determine the optimal operating transnational pipeline inlet pressure for the

system and ensuring the maintenance of the current production plateau using

existing wells and infrastructure. The Mnazi Bay Joint Venture anticipates

conducting slickline and choke upgrade activities and will perform regular

pressure build up tests to further reduce uncertainty with respect to in-place

and recoverable gas volumes over the forthcoming year. These activities will

help to ensure that forecast production meets the Daily Committed Quotient

("DCQ") of 80.0 MMscf/d, which the Mnazi Bay Joint Venture is required to supply

under the Gas Sales Agreement with TPDC and for the TANESCO-owned, Mtwara Power

Station (ca.2.5 MMscf/d), without risking a shortfall in 2019 and beyond.

For 2019, full year average daily production, is expected by the Company to be

in the range of 75 to 85 MMscf/d in order to sustain the current plateau rate

from the existing five producing well stock. The Company will continue to update

the market as new sources of demand materialise, in addition to operational

updates on the asset.

Mozambique

Further to its announcement dated 17 December 2018, the Company is in the

process of relinquishing the Tembo Appraisal License with a planned effective

exit date of 30 April 2019. The Company continues to assess suitable upstream

opportunities in country, through its strong relationships with ENH and INP.

Eskil Jersing, CEO, commented:

"We are pleased that the Mnazi Bay asset has successfully ramped up to deliver

sustainable and material production rates, with minimal downtime in 2018. The

Mnazi Bay Joint Venture continues to work with all stakeholders on the four key

value catalysts, referred to in the 3 October 2018 RNS, to ensure that we derive

the maximum possible production value from the Mnazi Bay field. We look forward

to updating the market on our progress in 2019, in a rapidly developing demand-

led landscape. With the intended relinquishment of the Tembo appraisal licence

in Q2 2019, our efforts this year will be primarily focused on maintaining

efficient operations at our Mnazi Bay asset, strengthening our financial

position and executing on our M&A led growth mandate."

-Ends-

Enquiries:

Wentworth Eskil Jersing, eskil.jersing@wentplc.com

Chief Executive Officer +44 (0)118 2065427

Katherine Roe, katherine.roe@wentplc.com

Chief Financial Officer +44 (0)118 2065428

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

Limited Broker (UK)

Callum Stewart

Ashton Clanfield

Simon Mensley

Peel Hunt LLP Broker (UK) +44 (0) 20 7418 8900

Richard Crichton

James Bavister

Vigo Investor Relations +44 (0) 20 7390 0230

Adviser (UK)

Patrick d'Ancona

Chris McMahon

About Wentworth Resources

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

gas company with natural gas production; exploration and appraisal

opportunities, all in the onshore 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

considering 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.