TOWER RESOURCES PLC — Interim / Quarterly Report 2015

Aug 13, 2015

Wentworth Resources Limited : Q2 2015 Financial Statements and MD&A

Wentworth Resources Limited : Q2 2015 Financial Statements and MD&A

PRESS RELEASE

13 August 2015

Wentworth Resources Limited

("Wentworth" or the "Company")

Q2 2015 Financial Statements and MD&A

Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM:

WRL) listed independent, East Africa-focused oil & gas company, today announces

its results for the second quarter and six months ended 30 June 2015.

The following should be read in conjunction with the Q2 2015 Management

Discussion and Analysis and Financial Statements which are available on the

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

Q2 2015 HIGHLIGHTS

Corporate

* Continued working with our Mnazi Bay joint venture partners and the gas

purchaser, Tanzania Petroleum Development Corporation, to finalise payment

guarantee documentation in support of the Gas Sales Agreement ("GSA") for

natural gas deliveries to the new government owned pipeline. Discussions are

at an advanced stage with delivery of first gas on schedule for Q3 2015, in

line with expectations.

* On July 1, 2015 successfully completed a private placement (the "Private

Placement") and issued 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 (GBP4.9 million or NOK59.7 million).

Financial

* Drew $4.36 million of a credit facility to fund operator cash calls for

Mnazi Bay development expenditures.   An amount totalling $5.16 million

remains undrawn on the credit facility at June 30, 2015.

* Net loss for the second quarter of $1.81 million, compared to a $1.36

million in 2014.

* Revenue for the quarter of $0.29 million, up 15% from Q2 2014.

* Second quarter exploration and development capital expenditures of $2.31

million and $7.04 million, respectively, compared to $3.69 million and $0.30

million, respectively, in 2014.

* Cash and cash equivalents on hand of $2.22 million at June 30, 2015 (prior

to receipt of the net proceeds from the Private Placement) compared with

$5.49 million on hand at December 31, 2014.

* Working capital was $5.77 million compared to $15.84 million at December

31, 2014.

Operational

Mnazi Bay Block, Tanzania

* 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.

* Continued construction of field infrastructure to connect the Mnazi Bay gas

fields to the new transnational government owned natural gas pipeline

project.

Rovuma Onshore Block, Mozambique

* Continued consultation with the Rovuma Onshore Block joint venture partners

on the potential appraisal of the Tembo-1 gas discovery.

Geoff Bury, Managing Director, commented:

"The recent successful equity raise completed on July 1 demonstrates confidence

in our long-term investment strategy in East Africa.  These new funds further

secure the Company's balance sheet in advance of generating cash flow from

natural gas sales to the new government owned transnational pipeline in

Tanzania. The positive MB-4 development well results augment the independent

reserve estimates within our Mnazi Bay gas fields.  With discussion in regards

to the payment guarantee agreement at an advanced stage, the Company looks

forward to bringing gas on stream in the weeks ahead.  We wish to thank

shareholders for their continued support during this exciting period in the

Company's history."

-Ends-

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 Kommunikasjon Investor Relations +47 995 138 91

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

Travis Inlow

FTI Consulting Investor Relations + 44 (0) 20 3727 1000

Adviser (UK)

Edward Westropp

Tom Hufton

***

Financial Statements

The following primary statements have been extracted from the Q2 2015 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

June 30, December 31,

2015 2014

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

ASSETS

Current assets

Cash and cash equivalents 2,224 5,487

Trade and other receivables 1,576 2,613

Prepayments, deposits and advances to partners 426 1,418

Current portion of long-term receivables 16,369 14,530

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

20,595 24,048

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

Non-current assets

Long-term receivables 20,647 19,472

Exploration and evaluation assets 43,052 33,762

Property, plant and equipment 94,502 85,035

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

158,201 138,269

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

Total assets 178,796 162,317

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

LIABILITIES

Current liabilities

Trade and other payables 13,825 8,204

Current portion of long-term loans 1,000 -

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

14,825 8,204

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

Non-current liabilities

Long-term loans 19,597 5,718

Contingent liability 2,175 2,271

Decommissioning provision 927 782

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

22,699 8,771

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

Equity

Share capital 404,225 404,225

Equity reserve 25,374 24,916

Accumulated deficit (288,327) (283,799)

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

141,272 145,342

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

Total liabilities and equity 178,796 162,317

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

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss

United States $000s, unless otherwise stated

Quarter ended Six months ended

June 30,  June 30,

2015 2014 2015 2014

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

Total revenue 292 253 564 489

Operating expenses

Production and operating (1,389) (800) (1,893) (1,172)

General and administrative (1,356) (1,490) (2,853) (3,299)

Share based compensation (152) (323) (458) (477)

Depreciation and depletion (122) (156) (228) (291)

Gain from sale of office assets - 32 - 55

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

Loss from operating activities (2,727) (2,484) (4,868) (4,695)

Finance income 1,387 1,411 2,694 3,051

Finance costs (472) (282) (2,354) (556)

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

Net loss and comprehensive loss (1,812) (1,355) (4,528) (2,200)

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

Net loss per ordinary share

Basic and diluted (US$/share) (0.01) (0.01) (0.03) (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 153,872,700 403,998 23,903 (299,076) 128,825

December

31, 2013

Net loss and - - - (2,200) (2,200)

comprehensive

loss

Share based - - 477 - 477

compensation

Issue of share 250,000 227 (77) - 150

capital

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

Balance at June 154,122,700 404,225 24,303 (301,276) 127,252

30, 2014

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

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

December

31, 2014

Net loss and - - - (4,528) (4,528)

comprehensive

loss

Share based - - 458 - 458

compensation

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

Balance at June 154,122,700 404,225 25,374 (288,327) 141,272

30, 2015

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

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Cash Flows

United States $000s, unless otherwise stated

Quarter ended Six months ended

June 30,  June 30,

2015 2014 2015 2014

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

Operating activities

Net income/(loss) for the period (1,812) (1,355) (4,528) (2,200)

Adjustments for:

Share based compensation 152 323 458 477

Depreciation and depletion 122 156 228 291

Finance loss, net (915) (1,129) (340) (2,495)

Gain from sale of office assets - (32) - (55)

Change in non-cash working capital 2,448 (3,898) 2,378 (3,916)

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

Cash used in operating activities (5) (5,935) (1,804) (7,898)

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

Investing activities

Additions to evaluation and exploration (2,306) (3,690) (9,290) (8,471)

assets

Additions to property, plant and equipment (7,042) (295) (9,612) (776)

Net (increase)/reduction in long-term (1,411) 91 (1,953) 192

receivable

Conversion of term deposits to cash - 8,838 - 19,163

Interest income - 35 - 75

Change in non-cash working capital 4,437 - 4,799 -

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

Cash (used in)/provided by investing (6,322) 4,979 (16,056) 10,183

activities

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

Financing activities

Issue of share capital - 150 - 150

Proceeds from long-term loans 4,359 - 14,839 -

Interest paid (242) (89) (242) (178)

Proceeds from sale of office assets - 32 - 55

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

Cash provided by financing activities 4,117 93 14,597 27

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

Net change in cash and cash equivalents (2,210) (863) (3,263) 2,312

Cash and cash equivalents, beginning of the 4,434 17,676 5,487 14,501

period

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

Cash and cash equivalents, end of the period 2,224 16,813 2,224 16,813

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

About Wentworth Resources

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

gas company with: natural gas production; midstream assets; and exploration and

appraisal opportunities; 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#1945282]