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TOWER RESOURCES PLC Investor Presentation 2014

Mar 4, 2014

7980_iss_2014-03-04_ce2317ce-1f9f-470d-811d-71fa1c56dfe0.pdf

Investor Presentation

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DNB Markets Oil, Offshore & Shipping Conference Oslo, Norway March 4-5, 2014

1

Disclaimer

The information set out in this presentation (the "Presentation") has been produced by Wentworth Resources Limited (the "Company" or "Wentworth") as of February 25, 2014 and is being made available to recipients for information purposes only. It does not constitute, nor is it intended to be an offer to sell, or an invitation to subscribe for, or purchase, any securities in the Company. The information set out in this Presentation has not been independently verified and may be subject to updating, completion, revision and amendment. The Presentation does not purport to summarize all the conditions, risks and other attributes of an investment in the Company.

The Presentation and its contents are strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. By receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. The distribution of the Presentation may in certain jurisdictions be restricted by law. Persons into whose possession the Presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which they invest or receive or possess the Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of Wentworth or any of its directors, officers or employees accepts any responsibility for the information, statements, matters, facts or opinions stated herein, or any liability whatsoever arising directly or indirectly from the use of or any act or omission undertaken in reliance on the Presentation.

Certain of the information contained herein may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "may", "will", "should" and similar expressions. The forward-looking statements contained in the Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The forward-looking statements in this Presentation are based on certain assumptions including but not limited to expectations and assumptions concerning prevailing and future commodity prices and exchange rates, applicable royalty and tax rates, future well production rates, the performance of existing and future wells, the sufficiency of budged capital expenditures, the availability and cost of labor, services and equipment, adequate weather and environmental conditions and ability to successfully construct or expand facilities. None of the Company or any of its subsidiaries or any directors, officers or employees thereof provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in the Presentation or the actual occurrence of the forecasted developments. Neither the Company nor its directors or officers assumes any obligation to update any forward-looking statements or to conform these forward-looking statements to the Company's actual results.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION. A NON-EXHAUSTIVE SUMMARY LIST OF RISK FACTORS IS INCLUDED ON THE NEXT SLIDE, ENTITLED "RISK FACTORS". SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS ON WHICH THIS PRESENTATION IS BASED PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION, AND INVESTORS IN THE COMPANY MUST BE PREPARED TO LOSE ALL OR PARTS OF THEIR INVESTMENTS. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THE PRESENTATION.

Readers are cautioned that the list of assumptions and risks identified is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Wentworth may be included in Wentworth's corporate filings which are available on its website at www.wentworthresources.com. This Presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to U.S. Persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")). This document is being distributed to, and is directed only at, persons in member states of the European Economic Area ("EEA") who are "professional investors" within the meaning of part I and II of Annex II of the MIFID directive (directive 2004/39/ec) ("professional investors"). Any person in the EEA who receives this document will be deemed to have represented and agreed that it is a professional investor. Any such recipient will also be deemed to have represented and agreed that it has not received this document on behalf of persons in the EEA other than professional investors or persons in the united kingdom and other member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. The Company and its affiliates and others will rely upon the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a professional investor should not act or rely on this document or any of its contents. With respect to the United Kingdom, the information set out in this Presentation has not been written or approved by an authorized person (as defined in the United Kingdom Financial Services and Markets Act 2000). It is considered by the Company that the communication of the Presentation by it will be exempt from the financial promotion restriction (as defined in Section 21(1) of the Financial Services and Markets Act 2000, as amended) pursuant to Article 69 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "Order"), as the Company's shares are listed for trading on the Oslo Stock Exchange and the London Stock Exchange's Alternative Investment Market. Any investment or investment activity to which this document relates is only available in the United Kingdom to Relevant Persons; and will be engaged only with such persons within the United Kingdom. Persons who are not (within the United Kingdom) Relevant Persons should not in any circumstances rely on this Presentation. The contents of the Presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal business, investment and tax advice. By receiving the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

The content of this Presentation is not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own professional advisors for any such matters and advice. The information contained in this Presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase the securities discussed herein in any jurisdiction. This Presentation is subject to English law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the English courts.

Overview & Value Catalysts

Recently raised \$46 million through a private placing and subsequent offering to finance Tanzanian firm exploration program and to fund 2014 exploration drilling in Mozambique

  • Distinctive Portfolio in a Prolific Rovuma Basin
  • World-class discoveries have been made in the basin of over 175 Tscf GIIP (29 Bboe)
  • Wentworth's two principal assets
    • o Mnazi Bay Tanzania
    • o Onshore Rovuma Mozambique
  • Wentworth is a small cap independent in a region dominated by global oil majors
  • 4.3 Tscf P50 unrisked Prospective Resources in Mozambique (504 Bscf Wentworth's share)* and
  • 1.5 Tscf P50 unrisked Prospective Resources in Tanzania (614 Bscf Wentworth Share)*
  • First Delivery of Mnazi Bay Gas Expected Q1 2015
  • 4 existing gas wells (with current small scale production)
  • Commercialization through Tanzania pipeline (under construction)
  • High Impact 2014 Exploration Program
  • Onshore Rovuma 2-3 exploration well program (Anadarko operator)
    • o Targeting both oil and gas prospects
  • Considering exploration drilling in Mnazi Bay in late 2014 to prove-up further resources
  • Value Uplift at Mnazi Bay to be Triggered by GSA
  • 667 Bscf (full field, 213 Bscf Wentworth's share) P50 Contingent Resources* may be reclassified as Reserves following completion of the pipeline and GSA**

Potentially transformational 12 – 18 months for Wentworth

* Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013. Unrisked volumes presented are stochastic summations of the volumes of a number of prospects before the application of the risk analysis, and assume that all prospects are successful. The probability of all prospects being successful and of realizing the volumes shown is extremely small. RPS has included in its report an analysis of the geologic probability of success for each prospect and risked stochastic consolidations (totals) of all of the prospects.

** In reclassification of Contingent Resources to Reserves, a reduction of volume may occur due to application of economic limits to the recoverable volumes.

Wentworth's concessions are adjacent to BG Group and Anadarko

License Interest % Partners Area (km2) Description / Minimum Work Commitments
Tanzania:
Mnazi
Bay
Concession
31.94% P
39.925% E
Operator
Partner
756 5 wells drilled; all encountered hydrocarbons
1 producing well on a restricted basis
3 wells completed and ready to produce
Mozambique:
Rovuma Onshore
Block
11.59% P
13.64% E
Operator
Partners
13,500 2nd
Exploration phase requires

400 km 2D seismic (1,016
km already
acquired)

1 exploration well in 2014
3rd
Exploration phase requires

1 exploration well by 2015

Wentworth's Rovuma Basin Portfolio

Two principal assets / concessions in the heart of the Rovuma Basin

Wentworth's Share of Contingent and Unrisked Prospective Resources (Bscf)*

Tanzania Contingent Tanzania Prospective Mozambique Prospective

* Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013. Unrisked volumes presented are stochastic summations of the volumes of a number of prospects before the application of the risk analysis, and assume that all prospects are successful. The probability of all prospects being successful and of realizing the volumes shown is extremely small. RPS has included in its report an analysis of the geologic probability of success for each prospect and risked stochastic consolidations (totals) of all of the prospects.

** In the opinion of Wentworth

Market for Mnazi Bay Gas

Pipeline Construction Progress

  • ► 36" pipeline from Mnazi Bay to Dar es Salaam
  • 24" spur line to Songo Songo Island
  • Includes 210 mmscf/d gas processing facility at Madimba
  • ► Financed by China Exim Bank / construction by CNPC
  • ► Construction well underway with expected completion:
  • Commissioning and startup end 2014
  • First gas delivery anticipated Q1 2015
  • ► \$6.7 million estimated net cost of field infrastructure to connect wells to pipeline

Mnazi Bay Gas Commercialisation Project

Existing discovery with four gas wells (three shut-in and ready to be brought on production)

  • ► 667 Bscf P50 Contingent Resources discovered in Mnazi Bay through 5 wells drilled to date (Wentworth's share: 213 Bscf)*
  • Substantial value uplift when reclassified as reserves following completion of the pipeline and GSA **
  • ► 4 existing wells to be brought on production at an expected rate of 20 mmscf/d per well
  • ► New 210 mmscf/d gas processing plant and pipeline terminal to be built by TPDC at Madimba, Tanzania – located within the Mnazi Bay concession
  • ► First gas expected to be delivered Q1 2015 under take or pay agreement with delivery point adjacent to existing facilities

GSA Highlights

► Mnazi Bay Gas Sales Agreement


Initial volume:
80 mmscf/d
After 1st

year:
130 mmscf/d

Government requested increase
within three years
(requires exploration success)
210 mmscf/d

* Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013. Unrisked volumes presented are stochastic summations of the volumes of a number of prospects before the application of the risk analysis, and assume that all prospects are successful. The probability of all prospects being successful and of realizing the volumes shown is extremely small. RPS has included in its report an analysis of the geologic probability of success for each prospect and risked stochastic consolidations (totals) of all of the prospects. 8

** In reclassification of Contingent Resources to Reserves, a reduction of volume may occur due to application of economic limits to the recoverable volumes

Base Production Additional Production

Incremental Production

Base Production

  • Existing Mnazi Bay gas wells to produce 80 mmscf/d (gross) in the 1st year of production (2015)
  • Additional Production
  • 3 further development wells increase gas field production to 130 mmscf/d (gross) in the 2nd year (2016) on existing resources

Incremental Production

  • 4 further development wells with exploration success increases gas field production to 210 mmscf/d (gross) in 3rd and 4th years
  • 3 further wells with exploration success increases gas field production to 270 mmscf/d (gross) in 5th year (2019)
  • Forecast cost recovery (net to Wentworth) includes
  • \$80 million recovery of current cost pools
  • \$35 million recovery of TPDC receivable
  • Full recovery of future development expenses

Upcoming Exploration Activities

Rovuma Basin, East Africa Exploration

  • ► Discoveries in the Rovuma Basin (highlighted in red) total over 175 Tcf of recoverable gas (29bnboe)
  • ► 13 prospects identified within WRL acreage
  • ► Mnazi Bay prospects identified within Oligocene, Paleocene & Cretaceous reservoirs have comparable seismic signatures to offshore discoveries
  • ► Several prospects identified at Onshore Rovuma viewed by Wentworth to be technically similar to Anadarko's offshore discoveries
  • ► Drilling to commence in Q2 2014
  • ► A significant onshore discovery could change the offshore development economics

East Africa Transactions

Transaction activity continues in East Africa as major players seek access to world class discoveries and further exploration upside

  • ► PTTEP acquired Cove Energy for approximately US\$1.9 Bn
  • ► Tullow acquired a 25% interest in two of Statoil's offshore areas in Mozambique
  • ► Total acquired a 40% interest in two offshore blocks from Petronas in Mozambique
  • ► CNPC acquired a 20% interest in offshore Area 4 from Eni for US\$4.2 Bn
  • ► ONGC and Oil India acquired a 10% interest in offshore Area 1 from Videocon Industries for \$2.5 Bn
  • ► ONGC acquired a 10% interest in offshore Area 1 from Anadarko for US\$2.6 Bn

Mozambique offshore gas transactions

Mozambique - Onshore Rovuma Exploration

At least two exploration wells to be drilled in the near term by Anadarko


Anadarko (operator)
35.70%

Maurel
& Prom
27.71%

ENH
15.00%

Wentworth
11.59%

PTTEP
10.00%

Exploration History

  • 2 wells drilled to date:
  • o Mocimboa-1: Oil and gas shows in Cretaceous age turbidites
  • o Mecupa-1: Tertiary gas shows
  • Extensive 2D seismic including 1,016 km acquired in 2012/13

7 drillable prospects identified

  • 4.3 Tscf (full field, 504 Bscf Wentworth's share) unrisked P50 Prospective Resources*
  • Geological chances of success from 14%-22%*

Mozambique - Onshore Rovuma Exploration

Seven prospects identified within the Onshore Rovuma Concession

Prospective Resources, Unrisked (Wentworth's Share)*

Near Term Work Programme

  • ► Partners have agreed to drill at least 2 exploration wells.
  • Rig secured and drilling program to start Q2 2014
  • Option to drill a 3rd well
  • ► Tembo-1 prospect to be drilled first
  • Potential for oil in the Cretaceous **
  • 192 MMstb full field unrisked P50 Prospective Resources (oil case)*
    • OIIP: 756 MMstb full field unrisked P50 *
  • 974 Bscf full field unrisked P50 Prospective Resources (alternative gas case)*
    • GIIP: 1.6 Tscf full field gross P50*
  • ► Second well location to be drilled immediately after Tembo-1 is Maroon (Kifaru)

* Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013. Unrisked volumes presented are stochastic summations of the volumes of a number of prospects before the application of the risk analysis, and assume that all prospects are successful. The probability of all prospects being successful and of realizing the volumes shown is extremely small. RPS has included in its report an analysis of the geologic probability of success for each prospect and risked stochastic consolidations (totals) of all of the prospects.

** RPS estimates the probability of the Tembo prospect of being oil bearing, if successful at 30%-40%

Six drillable prospects de-risked by future exploration programme to establish upside potential

Partners1

  • Maurel & Prom (operator) 60.075%
  • Wentworth 39.925%
  • 1 TPDC is carried on exploration activities

Exploration History

  • 5 wells drilled to date; 4 successful
  • Extensive seismic data acquired late 2012/early 2013;
  • o 248 km2 offshore 3D seismic, final processing received August 2013
  • o 1,658 km onshore 2D seismic
  • o Interpretation ongoing

6 drillable prospects identified

  • 1.5 Tscf (full field) P50 unrisked Prospective Resources*
  • Geological chances of success from 15%-23%*

* Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013. Unrisked volumes presented are stochastic summations of the volumes of a number of prospects before the application of the risk analysis, and assume that all prospects are successful. The probability of all prospects being successful and of realizing the volumes shown is extremely small. RPS has included in its report an analysis of the geologic probability of success for each prospect and risked stochastic consolidations (totals) of all of the prospects.

Prospective Resources, Unrisked (Wentworth's Share)* Near Term Work Programme

  • ► 330 km of additional 2D seismic currently being acquired
  • Used to locate future appraisal / development wells
  • Focus on southern portion of concession where limited data exists
  • ► Following interpretation of the seismic data
  • 1 new exploration well considered for H2 2014

* Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013. Unrisked volumes presented are stochastic summations of the volumes of a number of prospects before the application of the risk analysis, and assume that all prospects are successful. The probability of all prospects being successful and of realizing the volumes shown is extremely small. RPS has included in its report an analysis of the geologic probability of success for each prospect and risked stochastic consolidations (totals) of all of the prospects. 16

Growth Strategy and Value Drivers

2014
Country Permit/Project Q1 Q2 Q3 Q4 Comments
Mozambique Onshore
Rovuma
2 well commitment
and 1
optional
well
Tanzania Mnazi Bay Underway 330 km onshore 2D
seismic
Tanzania Mnazi Bay Potential
development well*
Tanzania Mnazi Bay Potential
exploration well*
Tanzania Mtwara
to Dar es
Salaam Pipeline
Construction underway
by
Government and third party
contractor
Tanzania Pipeline: first gas
sold Q1 2015
\$ Gas Sales Agreement
substantially agreed

Summary

Entering the busiest period in Wentworth's history
Prolific Basin
Distinctive position in a prolific basin

World-class discoveries have been made in the basin of over 175 Tscf
GIIP (29Bboe)

Majority of licenses held by Majors, Super-Majors and NOCs
Near-Term Activity
2D seismic underway in Mnazi Bay

Appraisal and development wells to add to production

2 –
4 exploration wells within next 12 months
Significant Upside
Potential

Anadarko was the 'play-opener' in East Africa and is Wentworth's partner and the operator of the
Onshore Rovuma Concession

7 prospects identified in the concession through extensive seismic programme

Further discoveries in Mnazi
Bay can be commercialised
through new pipeline
Production
Near-term production (Q1 2015) underpins the Company's valuation

Active strategy of reclassifying resources into reserves

Cash flow generated expected to fund future exploration and development

Appendices

Shareholders1

  • HSBC Global Custody Nominee (UK) Limited -
  • Royal Bank of Canada S/A Clients Account (NOM) - 6.2%
  • Vidacos Nominees Limited DMG7 ACCT 5.2%
  • Deutsche Bank AG Lon Prime Brokerage Full (NOM) - 4.1%
  • Bank Julius Baer & C S/A Client Assets (NOM) -
  • Nortrust Nominees Limited 3.7%
  • Vidacos Nominees Limited SL022 ACCT 3.2%
  • Issa Baluch 2.8%
  • Barclays Capital SEC A/C Cayman Island (NOM)
  • Invesco Perp Eur SMA BNY Mellon SA/NV -
  • The Bank of New York NON-TREATY BNY Mellon - 1.8%
  • Jorgen Heikki Skabo 1.7%
  • Others 53.4%

Board & Executive Team

Board of Directors
Bob McBean
Executive Chairman
John Bentley
Deputy Chairman
Cameron Barton
Non-Executive Director
Neil Kelly
Non-Executive Director
Richard Schmitt
Non-Executive Director
Robert McBean
Over
40
years
experience
in
the

Former
Managing
Director
of
Qatar

Previously
Managing
Director
of
Dubai
of
Black
Marlin
Energy

Co-founder
of
Scarboro
Resources
upstream,
midstream,
and
downstream
oil
and
Fuel
Additives
Company
(''QAFAC''),
a
Natural
Gas
Company
(''DUGAS''),
an
with
interests
and
operations
in
Italy,
Libya,
gas
industries
world-scale
methanol
and
MTBE
petrochemicals
associated
gas
LPG
processing
facility
in
Abu
Dhabi,
Indonesia,
France,
Pakistan
facility
in
Qatar
Dubai,
and
non-executive
chairman
and
Canada.
John Bentley
Over
40
years
of
experience
in

Instrumental
in
the
formation
of
Energy

Prior
to
this,
he
held
a
number
of

Currently
non-executive
chairman
of
international
natural
resource
corporations
at
Africa
Ltd
where
he
was
CEO
during
the
senior
positions
in
the
Gencor
Group
Faroe
Petroleum
plc,
Scotgold
Resources
both
the
executive
management
and
board
period
1996
through
2000
Ltd.,
and
a
non-executive
director
of
Kea
level
Petroleum
plc
Cameron Barton
Currently Chief Financial Officer of Sanjel


Before joining Sanjel, Mr.
Corporation
Over 30 years of finance and accounting experience within the energy industry
Barton was the former President, CEO and CFO of Artumas
Was Vice President & General Manager, and Vice President of Finance for Direct Energy Marketing Limited (owned by Centrica plc
Group Limited (now Wentworth) in the UK)
Neil Kelly
A 40+ year veteran of the upstream, midstream, and downstream oil and gas industries

Prior to his retirement from ExxonMobil he was Managing Director of Ras
Laffan
LNG Company (RasGas) in the State of Qatar.

Mr.
Kelly also served as a Director of PT Arun
LNG Company in Indonesia for three years during a six year assignment in Indonesia, which also saw him
direct the production from the giant Arun
gas field.
Richard Schmitt

He was President and CEO of Africa Oil Corp. from 2006 until 2009.

In 2009, Mr.
Schmitt was retained as CEO of Afren
Over 34 years of diverse international experience in the upstream oil and gas industry
Schmitt became President & CEO of Black Marlin Energy. It listed on the TSX in 2010 and seven months later was acquired by Afren
EAX. Currently CEO of Octant Energy.
PLC. Mr.

Board & Executive Team Cont.

Executive and Senior Management Team
Geoff Bury
Managing Director

Extensive oil and gas industry experience and strong petrochemicals project development and project management skills

Former
Chief
Financial
Officer
of
Voyager
Energy
Limited,
an
international
oil
and
gas
exploration
company
with
interests
in
Trinidad

Previously
Finance
Manager
of
Qatar
Fuel
Additives
Company
("QAFAC"),
a
world-scale
methanol
and
MTBE
petrochemicals
facility
in
Qatar,
and
Chief
Financial
Officer
of
Trans-Dominion
Energy,
an
international
oil
and
gas
exploration
company
with
interests
in
Trinidad,
Turkey,
Pakistan
and
Senegal
Lance Mierendorf
Chief Financial Officer

Extensive oil and gas finance and accounting experience in the international environment

Former Chief Financial Officer of Sonoro
Energy Limited; Corporate Controller for Buried Hill Energy; and Middle East Finance Manager for Anadarko
Petroleum Corporation

Canadian Chartered Accountant
Gerold Fong
VP Exploration

Exploration Geophysicist with over 30 years of international and frontier experience in numerous basins worldwide

Former Vice President Caribbean Region for Niko Resources where he directed a multi-disciplinary team responsible for all of the
company's operations in
Trinidad

Co-founder and CEO of Voyager Energy where he was responsible for assembling an impressive exploration portfolio in Trinidad

Experience spans the globe and he has been involved in the evaluation and management of projects in the Caribbean, South America, Southeast Asia and
East Africa
Richard Tainton
VP International

25 years of diverse experience with engineering projects around the world including gas and power development projects

Proven experience in the development and management of integrated gas-to-power projects in Africa and Central Asia, including working with Government
Agencies and Regulatory Authorities to obtain the Government consents required for project sanction and implementation

Recently served as Project Director for Manitoba Hydro International on energy projects in the Middle East and Central Asia

MSc Mining Engineering Degree from the University of the Witwatersrand, Johannesburg
Salvator
Ntomola
VP Business Dev. & Gov.
Relations

Extensive working experience with and personal relationships in the governments and the petroleum sectors of Tanzania, Kenya,
Uganda, Mozambique and
the Comoros

Former Director of Exploration and Production and Deputy Managing Director for Tanzania Petroleum Development Corporation (TPDC)

Former Director of Investment Facilitation for Tanzanian Investment Centre

Holds a BSc in Geology from Makerere University Uganda, and a post graduate diploma in Petroleum Geology from Bergen University,
Norway
Mussa
Makame
VP Finance &
Administration

Wide ranging experience in accounting, finance and general management with private and international companies in Tanzania including PwC, Coca Cola
and Airtel Tanzania

Former Director of Finance for all Wentworth subsidiaries in Tanzania (2006 to 2008)

Holds a BCom in Accounting from the University of Dar Es Salaam and a Certified Public Accountant
Eric Fore
Finance & Investor
Relations Manager

Over 25 years of experience with company development, finance and management

Co-founder and Non-executive Director of East Africa-focused, Black Marlin Energy Limited (acquired by Afren plc)

Former M&A advisor to Nimir Petroleum Limited and Chief Financial Officer of Nimir Chemicals Limited, a Middle East-based speciality chemicals
manufacturer

Holds a BsBA and MBA

Contingent and Prospective Resources*

Contingent Resources, Mnazi Bay License, Tanzania (Bscf)
100% Field Values Wentworth's 31.94% Interest
P90 P50 Mean P10 P90 P50 Mean P10
Gas Originally in Place 365 892 1,112 2,117 117 285 355 676
Recoverable Resources (raw gas) 271 667 834 1,594 86 213 266 509
Prospective Resources (Unrisked) Mnazi Bay License, Tanzania (Bscf)
100% Field Values Wentworth's 39.925% Interest
P90 P50 Mean P10 P90 P50 Mean P10
Gas Originally in Place 1,683 2,400 2,486 3400 672 958 993 1,357
Recoverable Resources 1,064 1,537 1,596 2,201 425 614 637 879
Prospective Resources (Unrisked) Rovuma Onshore, Mozambique (Bscf and MMstb)
100% Field Values Wentworth's 11.59% Interest
P90 P50 Mean P10 P90 P50 Mean P10
Gas Originally in Place –
gas case
4,757 7,167 7,771 11,561 551 831 901 1,340
Recoverable Resources –
gas case
2,849 4,347 4,745 7,121 330 504 550 825
Gas Originally in Place –
oil case
3,667 5,123 5,329 7,198 425 594 618 834
Oil in Place –
oil case
107 756 1,205 2,808 12 88 140 325
Recoverable Gas Resources –
oil case
2,194 3,100 3,234 4,428 254 359 375 513
Recoverable Oil resources –
oil case
25 192 277 780 3 22 32 90

* Source: RPS Energy Canada Ltd. resource assessment as at August 31, 2013. Unrisked volumes presented are stochastic summations of the volumes of a number of prospects before the application of the risk analysis, and assume that all prospects are successful. The probability of all prospects being successful and of realizing the volumes shown is extremely small. RPS has included in its report an analysis of the geologic probability of success for each prospect and risked stochastic consolidations (totals) of all of the prospects. 24