TOWER RESOURCES PLC — Investor Presentation 2016

Sep 14, 2016

CORPORATE PRESENTATION

September 2016

DISCLAIMER

The information set out in this presentation (the "Presentation") has been produced by Wentworth Resources Limited (the "Company" or "Wentworth") as at 12th September 2016, 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 accept 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 budgeted 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 do 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 assume 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. 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 PART OF THEIR INVESTMENTS. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THE PRESENTATION.

Certain information on a non-exhaustive list and summary of assumptions and risk factors that could affect the operations or financial results of Wentworth are 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 they are a professional investor. Any such recipient will also be deemed to have represented and agreed that they have 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, with the communication of the Presentation, 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 their 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 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.

Fueling East Africa's Growing Energy Demand

ONSHORE ROVUMA BASIN EXPLORATION & PRODUCTION

Gas production in Mnazi Bay, Tanzania from Proven Reserves

Appraisal of gas discovery in Tembo Block, Mozambique underway (oil potential)

Substantial exploration upside in Mnazi Bay

Actively seeking growth opportunities in the Rovuma Basin

ROVUMA BASIN – STRATEGICALLY LOCATED

Wentworth's assets are located in the Rovuma Basin, a world class gas region with substantial upside potential

Discoveries in the region now total over 200 Tscf of recoverable gas

Supermajors, large independents and national oil companies already active in the basin – Rapidly evolving oil & gas landscape

Large scale LNG, GTL and petrochemical projects under development

The place to be – Wentworth already there

The Wentworth Strategy

6

Low-cost production with fixed gas price in Mnazi Bay reduces volatility in low oil-price environment

Appraisal of high-impact gas discovery in Tembo Block with flexible work programme, likely to attract industry partners

Focused on cost recoverable, low-risk prospects, near available infrastructure with growing energy demand

Strengthening balance sheet provides foundation to deliver long term value to shareholders

Building a world-class exploration, appraisal and production portfolio in the Rovuma Basin

Our Assets

FOCUSED ONSHORE ROVUMA BASIN

Mnazi Bay, Tanzania onshore and near-shore acreage of 756km2 (Southern Tanzania)

Gas sales into new pipeline to Dar es Salaam commenced August 2015

Tembo Block, Mozambique appraisal acreage of 2,500km2 around the Tembo-1 discovery

Appraisal programme commenced H2 2016 with low capex required

Proven hydrocarbon system with existing production and potential for large oil & gas discoveries onshore Rovuma Basin

MNAZI BAY, TANZANIA

Mnazi Bay gas expected to reduce average cost of power generation from \$0.20/kWhr to \$0.08/kWhr

\$0.08

kWhr

Growing Demand

Demand expected to reach 475 MMsc/f by 20181

PRODUCTION: MNAZI BAY, TANZANIA

Receiving Station and Wentworth's working interest: 32% Power Plants Maurel et Prom Operator: 48% TPDC (Tanzanian Government): 20%

Net existing 2P reserves valued at \$179.2 million NPV (10% after tax)1

Net 2P reserves of 114.5 Bscf, 19.1 mmboe1

Long-term GSA in place with favorable PSA terms for up to 130 MMscf/d (until October 2031)

Payments consistently received on time and in full for gas delivered

Existing infrastructure provides route to market

(1) Source: RPS Energy Canada Ltd. – Resource Assessment as at August 31, 2013

MNAZI BAY GAS FIELD – 5 PRODUCING WELLS Schematic cross section

DEMAND: MNAZI BAY, TANZANIA

First year of production into new pipeline

• Q2 2016 average 51 MMscf/d
• Minimal capex required in 2016 ~\$3m net to Wentworth
• Over 15 Bscf produced to date from the discovered gas fields

Mnazi Bay gas providing much needed cost effective, reliable power

• Mnazi Bay gas expected to reduce average cost of power generation from \$0.20/kWhr to \$0.08/kWhr (current selling price \$0.16/kWhr)
• Existing power plants, Ubungo II and new Kinyerezi-1, now receiving Mnazi Bay gas
• Symbion power plant expected to take Mnazi Bay gas once operations resume

Gas demand expected to outstrip current supply by 2018

• Construction of Kinyerezi-I expansion and Kinyerezi-II new power plant underway
• Additional demand anticipated from industrial users and other new power facilities
• Opportunity to increase production volumes from existing wells in gas field

13

EXPLORATION: MNAZI BAY, TANZANIA

Low-risk exploration potential within existing license area (not ring fenced)

Easily accessible and available infrastructure in place for any future discoveries

Growing demand will drive and determine timing of exploration programme

Exploration efforts expected to be fully funded through internally generated cashflow

Minimal downside risk to exploration within license area as all costs recoverable

EXPLORATION "NO-BRAINER"

Wentworth's working interest in exploration: 40% Maurel et Prom (Operator) 60.075%

Near-term drillable exploration targets

Ziwani-1 well encountered 150 meters of porous stacked Oligocene sands

Sets up tilted fault block targets adjacent to Mnazi Bay gas field

Further targets exist in Eocene and Cretaceous sections

Potential to significantly increase existing reserves

All costs fully recoverable under existing PSA

TEMBO BLOCK, MOZAMBIQUE

Wentworth Operator with 85% working interest

85%

Tembo-1 gas discovery in Cretaceous sands in December 2014

2014

APPRAISAL: TEMBO BLOCK, MOZAMBIQUE

Wentworth Operator with 85% working interest

Tembo was a landmark well reaching the Jurassic and providing significant relevant information on the potential of the basin

High impact appraisal could result in proving up significant reserves

Appraisal expected over next few years with timing to match demand, expected through emergence of LNG and GTL projects

Full flexibility provides options for funding appraisal programme

Opportunity for significant capital growth to enhance shareholder value – a "Game Changer" asset

TEMBO DISCOVERY

Tembo-1 well was drilled to 4,553 meters reaching the Jurassic

15 meters of pay encountered in Cretaceous sands, MDT confirms presence of oil and gas

Additional 50+ meters of potential bypass gas pay identified

Current mapping suggests substantial regional extent to discovery

MOZAMBIQUE: A HIGH IMPACT OPPORTUNITY

The Tembo block is approx. 2,500 km2:

• Adjacent to huge offshore gas discoveries
• Potential for commercial development of both oil and gas
• Sufficient running room to fully appraise Tembo discovery

Work Programme:

• Reprocessing approx. 1,000 kms of existing seismic data in 2016
• Plan to acquire a minimum of 500 kms of new onshore 2D seismic in 2017
• Appraisal well anticipated in 2018 following identifying a suitable drilling location

MOZAMBIQUE: A HIGH IMPACT OPPORTUNITY

Strong future ahead

Fueling East Africa's Growing Energy Demand through world-class exploration, appraisal and production portfolio in Onshore Rovuma Basin

Appraisal and Exploration is central to our growth: Leveraging minimal spend for maximum impact

Strengthening balance sheet provides foundations to deliver long term value to shareholders

Positioning Wentworth to be a dominant player in the Rovuma Basin

APPENDICES

RESERVES SUMMARY

Reserves Summary for Mnazi Bay as at December 31, 2015
Reserve Category	Full Field		Wentworth 31.94% WI
	Gross Reserves		Gross(1) Reserves		Net(2) Reserves
	Sales Gas BOE		Sales Gas	BOE	Sales Gas	BOE
	(Bscf)	(MMbbl)	(Bscf)	(MMbbl)	(Bscf)	(MMbbl)
PDP	157.9	26.3	50.4	8.4	38.9	6.5
1P	336.2	56.0	107.4	17.9	76.4	12.7
2P	567.1	94.5	181.1	30.2	114.5	19.1
3P	861.8	143.6	275.3	45.9	156.0	26.0

(1) Gross Reserves are Wentworth's working interest share of Total Field Reserves.

(2) Net Reserves are calculated as the product of Wentworth's Gross Reserves and the ratio of Wentworth's net revenue to Wentworth's working interest share of field gross revenue.

Wentworth Resources Working Interest Reserves for Mnazi Bay					Wentworth Resources Working Interest Reserves for Mnazi Bay
as at December 31, 2015				as at December 31, 2015
Reserve Category	NPV Before Tax (Millions US\$) using discount factor of						NPV After Tax (Millions US\$) using discount factor of
	0%	5%	10%	15%	20%	Reserve Category	0%	5%	10%	15%	20%
Proved						Proved
Producing	108.2	100.5	93.5	87.3	81.8	Producing	108.2	100.5	93.5	87.3	81.8
Undeveloped	97.3	71.2	52.9	39.8	30.4	Undeveloped	89.7	65.7	48.9	36.8	28.1
Total Proved	205.5	171.7	146.4	127.1	112.2	Total Proved	197.9	166.2	142.4	124.1	109.8
Probable	97.9	60.5	39.8	27.8	20.5	Probable	89.9	55.8	36.8	25.8	19.1
Proved + Probable	303.5	232.2	186.2	154.9	132.6	Proved + Probable	287.8	222.0	179.2	149.9	128.9
Possible	142.3	78.3	47.4	31.7	23.2	Possible	130.6	72.1	43.8	29.4	21.7
Proved + Probable + Possible	445.8	310.5	233.6	186.6	155.9	Proved + Probable + Possible	418.4	294.1	223.0	179.3	150.6

BOARD & EXECUTIVE TEAM Board of Directors

Robert McBean, Executive Chairman

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

John Bentley, Deputy Chairman

• Over 40 years of experience in international natural resource corporations at both the executive management and board level
• Specific focus in his career on upstream oil & gas in Africa
• Currently non-executive chairman of Faroe Petroleum plc and non-executive director of Africa Energy Corp.
• Degree in Metallurgy from Brunel University

Cameron Barton, Non-Executive Director

• Over 30 years of finance and accounting experience within the energy industry
• Current Executive Advisor to Sanjel Corporation. Former Chief Financial Officer of the company for 5 year
• Before joining Sanjel, Mr. Barton was the former President, CEO and CFO of Artumas Group Limited (now Wentworth)
• Previously Vice President & General Manager, and Vice President of Finance for Direct Energy Marketing Limited (owned by Centrica plc in the UK)

Neil Kelly, Non-Executive Director

• 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

BOARD & EXECUTIVE TEAM Executive and Senior Management Team – Calgary and London

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, Vice President Exploration

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

Katherine Roe, Vice President Corporate Development and Investor Relations

• Extensive oil and gas advisory and transactional experience for a range of international companies
• 14 years' experience in the City of London and former Director of Investment Banking at Panmure Gordon, heading up the Natural Resources franchise
• Holds a Bachelor's degree from the University of Bristol, England

BOARD & EXECUTIVE TEAM Executive and Senior Management Team – Dar es Salaam

Richard Tainton, Senior Vice President 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, Vice President Business Development & Government 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

Capital Structure

AIM and Oslo listed

Shares outstanding

Market Capitalisation1

Directors and Management shareholding

• Ticker – WRL

• Basic 169.4 million
• Fully diluted 180.1 million
• £45 million
• NOK 488 million
• US\$ 60 million

• Total 7.3%

Shareholders >3%

• Vitol 9.9% • AXA Framlington 9.6% • R B McBean 5.4%
• Invesco 4.9%
• Fidelity 4.0%
• Bank Julius Bar 3.5%

Katherine Roe Vice President Corporate Development & Investor Relations

Mobile: +44 7841 087 230 katherine.roe@wentworthresources.com