TOWER RESOURCES PLC — Interim / Quarterly Report 2014

May 21, 2014

Wentworth Resources Limited : Q1 2014 Financial Statements and MD&A

Wentworth Resources Limited : Q1 2014 Financial Statements and MD&A

PRESS RELEASE

21 May 2014

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2014 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 first quarter and three months ended 31

March 2014.

The following should be read in conjunction with the Q1 2014 Management

Discussion and Analysis and Financial Statements which are available on the

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

Q1 2014 Highlights

·   Completed the acquisition of new high resolution 2D seismic data over the

two discovered gas fields within the Mnazi Bay Concession, Tanzania.

·   Continued with pre-drilling activities in advance of a June spud date for

the Tembo prospect within the Rovuma Onshore Concession, Mozambique.

·   Continued consultations with the Government of Tanzania to conclude a Gas

Sales Agreement ("GSA") to supply Mnazi Bay Concession natural gas to the Mtwara

to Dar es Salaam pipeline that is under construction and expected to be

completed and commissioned during Q1 2015. No significant issues remain

unresolved and the Company expects GSA to be signed in Q2 2014.

·   First quarter exploration capital expenditures of $4.8 million compared to

$2.6 million during the same period in 2013.

·   Revenues for the quarter of $0.2 million which is consistent with Q1 2013.

·   Loss from operating activities for the quarter of $2.2 million compared to a

similar loss during Q1 2013.

·   Cash and cash equivalents and short-term investments totalled $30.5 million

at March 31, 2014 compared to $37.7 million on hand at December 31, 2013.

·   Working capital at March 31, 2014 was $31.2 million compared to $38.4

million at December 31, 2013.

Outlook

·       In June 2014 drilling operations for the first exploration well, Tembo-

1, of a two well program in Mozambique are expected to start.  The second well,

Kifaru-1, will be drilled immediately following completion of Tembo-1.

·       The construction of the Mtwara to Dar es Salaam pipeline is progressing

well and the Company expects to begin selling natural gas into the pipeline in

Q1 2015.  The Company and the Mnazi Bay Concession partners continue to work

towards the signing of the GSA with the Tanzanian government.

·       Acquisition of 2D onshore seismic data over the prospective areas of the

Mnazi Bay Concession Tanzania is expected to be completed during Q2.

Processing and interpretation of this new seismic data during 2014 is expected

to support future appraisal/development and exploration drilling which is

anticipated to commence in Q4 2014 or Q1 2015.

Geoff Bury, Managing Director, commented:

"The drilling of two high impact exploration wells in Mozambique will commence

in the very near future.  These wells have the potential to significantly impact

the Company's valuation.  In Tanzania, pipeline construction is on schedule with

no indication of delay of the Q1 2015 expected commissioning and first gas

delivery timing.  Although it has taken much longer than initially anticipated,

all signs point toward an imminent conclusion of a gas sales agreement covering

initial gas supplies from the Mnazi Bay Concession.  The Company will update

shareholders when an agreement has been signed.  We are excited about the near

term catalysts and wish to thank shareholders for their ongoing support."

Enquiries:

Wentworth Lance lance

Mierendorf, mierendorf@wentworthresources.com

Chief +1 403 680 8773

Financial

Officer

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

Ove Gusevik

Jarand Lønne

Crux Kommunikasjon Investor +47 995 138 91

Relations

Adviser

(Norway)

Jan Petter

Stiff

Fredrik Eeg

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

Adviser and

Broker (UK)

Callum Stewart

Adam James

Tom Salvesen

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

Majid Shafiq

Travis Inlow

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

Chris Sim

Instinctif Partners Investor +44 (0) 20 7457 2020

Relations

Adviser (UK)

David Simonson

Catherine

Wickman

Harry Cameron

Financial Statements

The following primary statements have been extracted from the Q1 2014 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,

2014 2013

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

ASSETS

Current assets

Cash and cash equivalents 17,676 14,501

Short-term investments - term deposits 12,851 23,176

Trade and other receivables 2,292 1,845

Prepayments, deposits and advances to partners 1,926 1,674

Current portion of long-term receivables 657 658

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

35,402 41,854

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

Non-current assets

Long-term receivables 30,157 28,661

Exploration and evaluation assets 55,417 50,636

Property, plant and equipment 18,844 18,498

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

104,418 97,795

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

Total assets 139,820 139,649

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

LIABILITIES

Current liabilities

Trade and other payables 4,161 3,487

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

4,161 3,487

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

Non-current liabilities

Long-term loans 3,924 3,816

Other long-term liabilities 2,892 2,836

Decommissioning provision 709 685

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

7,525 7,337

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

Equity

Share capital 403,998 403,998

Equity reserve 24,057 23,903

Accumulated deficit (299,921) (299,076)

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

128,134 128,825

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

Total liabilities and equity 139,820 139,649

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

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss

United States $000s, unless otherwise stated

Three months ended March 31,

2014 2013

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

Total revenue 236 216

Operating expenses

Production and operating (372) (153)

General and administrative (1,809) (1,974)

Share based compensation (154) (122)

Depreciation and depletion (135) (134)

Gain from sale of office assets 23 -

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

Loss from operating activities (2,211) (2,167)

Finance income 1,643 1,232

Finance costs (277) (212)

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

Net loss and comprehensive loss (845) (1,147)

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

Net loss per ordinary share

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

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

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

December

31, 2012

Net loss and - - - (1,147) (1,147)

comprehensive

loss

Share based - - 122 - 122

compensation

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

Balance at March 82,503,940 361,675 22,118 (290,234) 93,559

31, 2013

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

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

December

31, 2013

Net loss and - - - (845) (845)

comprehensive

loss

Share based - - 154 - 154

compensation

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

Balance at March 153,872,700 403,998 24,057 (299,921) 128,134

31, 2014

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

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Cash Flows

United States $000s, unless otherwise stated

Three months ended

March 31,

2014     2013

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

Operating activities

Net loss for the period (845)     (1,147)

Adjustments for:

Share based compensation 154     122

Depreciation and depletion 135     134

Finance income, net (1,366)     (1,020)

Gain from sale of assets (23)     -

Change in non-cash working capital (18)     (1,342)

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

Cash used in operating activities (1,963)     (3,253)

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

Investing activities

Additions to evaluation and exploration assets (4,781)     (2,635)

Additions to property, plant and equipment (481)     (21)

Conversion of term deposits to cash 10,325     -

Interest income 40     18

Net reduction/(increase) of long-term receivable 101     (201)

Change in non-cash working capital -     652

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

Cash provided by/(used in) investing activities 5,204     (2,187)

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

Financing activities

Repayment of long-term loan -     (300)

Interest paid (89)     (137)

Proceeds from sale of office assets 23     -

Decrease of other long-term liabilities -     (157)

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

Cash used in financing activities (66)     (594)

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

Net change in cash and cash equivalents 3,175     (6,034)

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

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

Cash and cash equivalents, end of the period 17,676     3,318

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

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.

Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has 31

years of experience in the exploration and production industry, has read and

approved the technical disclosure in this regulatory announcement.

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, 2013,

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#1787441]