TOWER RESOURCES PLC — Management Reports 2018

Jan 11, 2018

Wentworth Resources Limited : Operational Update and 2018 Production Guidance

Wentworth Resources Limited : Operational Update and 2018 Production Guidance

PRESS RELEASE

11 January 2018

WENTWORTH RESOURCES LIMITED

("Wentworth" or the "Company")

Operational Update and 2018 Production Guidance

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

independent, East Africa-focused oil & gas company, is today providing an update

to shareholders.

Mnazi Bay Production, Tanzania

Gas demand for the Company's producing reserves continues to grow following the

commissioning and startup of the country's newest gas-fired electrical power

generation facility, Kinyerezi-2, with the first two of six turbines now

operational. This new demand, combined with existing demand from the Kinyerezi-

1 and Ubungo II power facilities, the lack of any material impact from hydro-

electric power generation which typically occurs in Q2 and burgeoning growth in

demand from industrial customers, culminated in a daily production exit rate for

2017 of 73.4 MMscf/d (gross). These were the highest production volumes produced

from the Mnazi Bay field last year.

Mnazi Bay achieved average gas production in Q4 2017 of 62.2 MMscf/d. Taking

into account the seasonal variability of Q2 due to displacement hydro-electric

power generation during the annual rainy season, as well as production from

industry competitors the average production for the full year 2017 was 49.1

MMscf/d. This was at the upper end of the Company's 2017 production guidance

range of 40 - 50 MMscf/d.

2018 Production Guidance and Outlook

For 2018, the Company anticipates further growth in gas demand from the

Kinyerezi-2 power facility as an additional four gas-fired turbines are expected

to be commissioned during the year. New gas demand from the industrial sector in

2018 is also expected from the Dangote Cement factory when it begins using

natural gas for in its operations as well as other new industrial customers.

For 2018, based on growing demand and taking into account the annual, seasonal

lower demand during the Q2 rainy season, full year average production, is

expected to be in the range of 65 to 75 MMscf/d.  The Company will continue to

update the market as new sources of demand materialise.

Tembo Appraisal, Mozambique

Design and procurement activities for the drilling of an appraisal well of the

Tembo-1 gas discovery, are ongoing concurrent with the farm-out process to

secure an industry partner to participate in the appraisal programme. The

Company anticipates the drilling of the appraisal well in Q3 2018, subject to

securing a partner.

Bob McBean, Executive Chairman, said:

"I am very pleased with the growth in production during the second half of 2017

and optimistic that we will achieve a yearly average production rate of 65 to

75 MMscf/d in 2018. This increase in demand will enable Wentworth to continue to

strengthen its balance sheet by building up its cash reserves over the course of

this year and to pursue new opportunities to deliver an increase in value to our

shareholders."

-Ends-

Enquiries:

Wentworth Geoffrey Bury, gpb@wentworthresources.com

Managing Director +1 403 993 4450

Lance Mierendorf, lance.mierendorf@wentworthresources.com

Chief Financial +1 403 680 8773

Officer

Katherine Roe katherine.roe@wentworthresources.com

Vice President +44 7841 087 230

Corporate

Development &

Investor Relations

Stifel Nicolaus AIM Nominated +44 (0) 20 7710 7600

Europe Limited Adviser and Broker

(UK)

Callum Stewart

Ashton Clanfield

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

Hugh Sanderson

David van Erp

Broker (UK)

Peel Hunt LLP Richard Crichton +44 (0) 20 7418 8900

Ross Allister

Chris Burrows

FTI Consulting Investor Relations wentworth@fticonsulting.com

Adviser (UK) +44 (0) 20 3727 1000

Edward Westropp

Kim Camilleri

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.

Inside Information

The information contained within this announcement is deemed by Wentworth to

constitute inside information as stipulated under the Market Abuse Regulation

(EU) no. 596/2014 ("MAR"). On the publication of this announcement via a

Regulatory Information Service ("RIS"), this inside information is now

considered to be in the public domain

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, 2016,

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 to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.