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TOWER RESOURCES PLC Regulatory Filings 2015

Jan 15, 2015

7980_iss_2015-01-15_4bf418cb-aa9a-4146-85b5-9e54f217fca9.pdf

Regulatory Filings

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WENTWORTH RESOURCES LIMITED ("Wentworth" or "the Company")

Mozambique: Kifaru-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 Kifaru-1 exploration well in the Rovuma Onshore Concession in northern Mozambique. Wentworth has an 11.59% net interest in this well, which is being operated by Anadarko and drilled with the Helmerich & Payne rig #243.

The Kifaru-1 exploration well is targeting Miocene sands, similar to the reservoirs in the Mnazi Bay and Msimbati gas fields in southern Tanzania, as well as Oligocene and Cretaceous sands. The Kifaru-1 well has a planned total depth of 4,050 meters True Vertical Depth Sub Sea and, based on the current drilling program, is expected to take approximately 70 days to complete. The Company will provide an update after drilling operations have been completed.

Geoff Bury, Managing Director, commented:

"The Kifaru-1 exploration well is located just south of our discovered natural gas fields in the Mnazi Bay concession and adjacent to recent gas discoveries made offshore. The Kifaru-1 well is testing a large structure which, if successful, could lead to further exploration activities in both of Wentworth's blocks in the Rovuma Basin".

Enquiries:
Wentworth Geoffrey Bury, [email protected]
Managing Director +1 403 993 4450
Lance Mierendorf, [email protected]
Chief Financial Officer +1 403 680 8773
Katherine Roe [email protected]
Head of Investor Relations +44 7841 087 230
& Corporate
Communications
Swedbank First Securities Broker(Norway) +47 23 23 80 00
Ove Gusevik
Jarand Lønne
Crux Kommunikasjon Investor Relations Adviser +47 995 138 91
(Norway)
Jan Petter Stiff
Carl Bachke
Panmure Gordon AIM Nominated Adviser +44 (0) 20 7886 2500

-Ends-

PRESS RELEASE 15 January 2015

and Broker (UK)
Dominic Morley
Adam James
FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200
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.

Wentworth holds a 13.64% participation interest in exploration operations and an 11.59% participation interest in development and production operations of the Rovuma Onshore Concession in Mozambique. Anadarko Petroleum Corporation is operator.

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.