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TOWER RESOURCES PLC — Regulatory Filings 2014
Jun 20, 2014
7980_iss_2014-06-20_9b83bfd8-6e44-4959-9916-1572b1475548.html
Regulatory Filings
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Wentworth Resources Limited : Mozambique: Tembo-1 Drilling Operations Commence
Wentworth Resources Limited : Mozambique: Tembo-1 Drilling Operations Commence
PRESS RELEASE
Wentworth Resources Limited
("Wentworth" or the "Company")
Mozambique: Tembo-1 Drilling Operations Commence
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed
independent, East Africa-focused oil & gas company, today announces that
drilling operations have commenced on the Tembo-1 well in the Rovuma Onshore
Concession in northern Mozambique. Wentworth has an 11.59 percent net interest
in this well which is being operated by Anadarko and drilled with the Helmerich
& Payne rig #243.
The Tembo-1 well is targeting mid-Cretaceous sands with secondary targets in the
upper Jurassic. Tembo-1 has a planned total depth of 4,250 meters True Vertical
Depth Sub Sea and is expected to take between 60 and 90 days to complete. An
update on drilling operations will be provided after drilling operations have
been fully completed.
To date there have been two wells drilled in the Rovuma Onshore Concession
including the Mocimboa-1 well, which encountered oil and natural gas shows in
the Cretaceous and is located approximately 17 kilometres to the northeast of
the Tembo-1 well.
Geoff Bury, Managing Director, commented:
"The Tembo-1 well is designed to test Cretaceous and Jurassic sands in the
onshore area of the Rovuma Basin in northern Mozambique, and is the first of two
wells that Wentworth will be participating in over the next six months at the
concession. The Tembo prospect is one of the larger prospects (on pre-drill
estimates) to be drilled to date in the onshore Rovuma Basin region of East
Africa. It is a high impact frontier well and, if successful, could add
significant new oil or natural gas resources for Wentworth and open up an
entirely new play fairway."
-Ends-
Enquiries:
Wentworth Geoffrey Bury, Managing [email protected]
Director +403 993 4450
Katherine Roe, Head of [email protected]
Investor Relations & Corporate +44 7841 087 230
Communications
Swedbank Broker (Norway) +47 23 23 80 00
Ove Gusevik
Jarand Lønne
Crux Kommunikasjon Investor Relations Adviser +47 995 138 91
(Norway)
Jan Petter Stiff
Fredrik Eeg
Panmure Gordon AIM Nominated Adviser and +44 (0) 20 7886 2500
Broker (UK)
Callum Stewart
Adam James
Tom Salvesen
Duncan Monteith
FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow
Investec Broker (UK) +44 (0) 20 7597 4000
Chris Sim
Instinctif Partners Investor Relations Adviser +44 (0) 20 7457 2020
(UK)
Catherine Wickman
Harry Cameron
About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil &
gas company with: natural gas production; midstream assets; a committed
exploration and appraisal drilling programme; and large-scale gas monetisation
opportunities, all in the Rovuma Delta Basin of coastal southern Tanzania and
northern Mozambique.
Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has 31
years of experience in the exploration and production industry, has read and
approved the technical disclosure in this regulatory announcement.
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, 2013,
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#1796410]