TOWER RESOURCES PLC — Interim / Quarterly Report 2016

May 12, 2016

PRESS RELEASE 12 May 2016

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2016 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 quarter ended 31 March 2016.

The following should be read in conjunction with the Q1 2016 Management Discussion and Analysis and Financial Statements which are available on the Company's updated website at http://www.wentworthresources.com.

Q1 2016 HIGHLIGHTS

Financial

• Gas sales revenue of \$3.21 million for the quarter, compared to \$0.27 million in Q1 2015.
• Net loss for the quarter of \$0.91 million, compared to a net loss of \$2.72 million in Q1 2015.
• Exploration and development capital expenditures of \$0.66 million compared to \$9.55 million during Q1 2015.
• Increase in cash and cash equivalents to \$4.05 million at March 31, 2016 from \$2.75 million on hand at December 31, 2015.
• March 31, 2016 working capital was \$9.02 million compared to \$11.98 million at December 31, 2015.

Operational

Tanzania

• Achieved average gross daily gas production of 48 MMscf/d for the first quarter and reached 65 MMscf/d on 31 March.
• Mnazi Bay wells are performing exceptionally well and are capable of delivering volumes in excess of current production.
• Minimal capital expenditure on field development incurred in the first quarter of 2016.

Mozambique

• Approval from the Ministry of Energy and Minerals ("MIREM") of the Mozambique Government for a proposed appraisal programme for the Tembo-1 gas discovery, increasing Wentworth's participation interest in the Rovuma Onshore Concession from 11.59 percent to 85 percent and appointing Wentworth as operator is pending.

Geoff Bury, Managing Director, commented:

"The newly built and previously existing power generation facilities which utilize the Company's natural gas have all been tested and fully commissioned and refurbished where necessary. Over the coming months, production is expected to stabilize between 70-80 MMscf/d and maintain this level for the remainder of 2016. We continue to build cash reserves from internally generated cash flows and strengthen our balance sheet while looking for strategic opportunities to further enhance shareholder value."

Enquiries:

Wentworth	Lance Mierendorf, Chief Financial Officer	lance.mierendorf@wentworthresources.com +1 403 680 8773
	Katherine Roe Vice President Corporate Development & Investor Relations	katherine.roe@wentworthresources.com +44 7841 087 230
Swedbank First Securities	Broker (Norway) Ove Gusevik Jarand Lønne	+47 23 23 80 00
Crux Advisers	Investor Relations Adviser (Norway) Jan Petter Stiff Carl Bachke	+47 909 808 48
Stifel Nicolaus Europe Limited	AIM Nominated Adviser and Broker (UK) Callum Stewart Ashton Clanfield	+44 (0) 20 7710 7600
FirstEnergy Capital	Broker (UK) Hugh Sanderson	+44 (0) 20 7448 0200
FTI Consulting	Investor Relations Adviser (UK) Edward Westropp Tom Hufton	wentworth@fticonsulting.com +44 (0) 20 3727 1000

Financial Statements

The following primary statements have been extracted from the Q1 2016 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,
ASSETS	2016	2015
Current assets
Cash and cash equivalents	4,054	2,746
Trade and other receivables	4,962	3,253
Prepayments, deposits and advances to partners	1,213	841

Current portion of long-term receivables	16,368	18,190
	26,597	25,030
Non-current assets
Long-term receivables	19,126	18,897
Exploration and evaluation assets	43,323	43,141
Property, plant and equipment	94,536	95,168
Deferred tax asset	33,922	34,341
	190,907	191,547
Total assets	217,504	216,577
LIABILITIES
Current liabilities
Trade and other payables	7,819	6,269
Current portion of long-term loans	8,596	5,270
Current portion of other liability	1,158	1,508
	17,573	13,047
Non-current liabilities
Long-term loans	17,205	20,512
Other liability	1,972	1,634
Decommissioning provision	1,020	973
	20,197	23,119
EQUITY
Share capital	411,493	411,493
Equity reserve	25,911	25,683
Accumulated deficit	(257,670)	(256,765)
	179,734	180,411
Total liabilities and equity	217,504	216,577

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss

United States \$000s, unless otherwise stated

		Three months ended March 31,
	2016	2015
Total revenue Operating expenses Production and operating General and administrative Share based compensation Depreciation and depletion Loss from operating activities Finance income Finance costs Net loss and comprehensive loss before tax	3,206	272
	(897)	(504)
	(1,512)	(1,497)
	(228)	(306)
	(1,114)	(106)
	(545)	(2,141)
	1,285	1,307
	(1,226)	(1,882)
	(486)	(2,716)
Deferred tax expense	(419)	-

Net loss and comprehensive loss	(905)	(2,716)
Net loss per ordinary share
Basic and diluted (US\$/share)	(0.01)	(0.02)

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Changes in Equity

United States \$000s, unless otherwise stated

	Number of shares	Share capital \$	Equity reserve \$	Accumulated deficit \$	Total equity \$
Balance at December 31, 2014	154,122,700	404,225	24,916	(283,799)	145,342
Net loss and comprehensive loss	-	-	-	(2,716)	(2,716)
Share based compensation	-	-	306	-	306
Balance at March 31, 2015	154,122,700	404,225	25,222	(286,515)	142,932
Balance at December 31, 2015	169,534,969	411,493	25,683	(256,765)	180,411
Net loss and comprehensive loss	-	-	-	(905)	(905)
Share based compensation	-	-	228	-	228
Balance at March 31, 2016	169,534,969	411,493	25,911	(257,670)	179,734

WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Cash Flows

United States \$000s, unless otherwise stated

		Three months ended March 31,
	2016	2015
Operating activities
Net income/(loss) for the period	(905)	(2,716)
Adjustments for:
Share based compensation	228	306
Depreciation and depletion	1,114	106
Finance loss/(income), net	(59)	575
Deferred tax expense	419	-
Change in non-cash working capital	(939)	(70)
Cash used in operating activities	(142)	(1,799)
Investing activities
Acquisitions of evaluation and exploration assets	-	(6,733)
Acquisitions of property, plant and equipment	-	(2,478)
Reductions of/(additions to) long-term receivable	2,596	(523)

Cash (used in)/provided by investing activities	2,596	(9,734)
Financing activities
Proceeds from long-term loan	-	10,480
Interest paid	(773)	-
Payment of other liability	(373)	-
Cash provided by/(used in) financing activities	(1,146)	10,480
Net change in cash and cash equivalents	1,308	(1,053)
Cash and cash equivalents, beginning of the period	2,746	5,487
Cash and cash equivalents, end of the period	4,054	4,434

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 forwardlooking 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.