TOWER RESOURCES PLC — Regulatory Filings 2016

Jun 22, 2016

Wentworth Resources Limited : Operational Update

Wentworth Resources Limited : Operational Update

PRESS RELEASE

22 June 2016

WENTWORTH RESOURCES LIMITED

("Wentworth" or "the Company")

Operational Update

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

independent, East Africa-focused oil & gas company, is pleased to provide an

operational update on its appraisal asset in northern Mozambique and its

producing gas asset in Mnazi Bay, Tanzania; ahead of the Company's Annual

General Meeting to be held later this morning in London.

Mozambique - Operatorship and appraisal plan approved by Government

Further to the gas discovery made at the Tembo-1 well location in December

2014, Wentworth is pleased to report that Government approval by the Ministerio

dos Reuros Minerais e Energia (Minister of Minerals & Energy) for an Appraisal

Plan has now been received. Under the two-year appraisal period, Wentworth

becomes the Operator of the Rovuma Onshore Concession ("Concession") and

increases its participation interest in the Concession from 11.59% to 85%. State

owned Empresa Nacional de Hidrocarbonetos ("ENH") retains a 15% participation

interest as a carried partner through to the commencement of commercial

operations. In addition, ENH has the right to acquire a further 15%

participation interest in the Concession from Wentworth within 18 months from

the date of submission for a development plan for consideration equal to the

proportionate share of past costs incurred.

Implementation of a work program will commence in 2016 with the reprocessing of

approximately 1,000 km of existing seismic data, the cost of which will be

funded from internally generated cash flow.  Commencing the second half 2017,

the Company plans to acquire a minimum of 500 km of new onshore 2D seismic

data.  The drilling of an appraisal well is anticipated to occur in 2018 after

the identification of a suitable drilling location based on the evaluation and

integration of the new and existing seismic data.

The Tembo-1 well was drilled to a total depth of 4,553 metres into rocks of

Upper Jurassic age. Natural gas and some condensate was recovered by modular

formation dynamics testing ("MDT") confirming the petro physical analysis of 11

meters of pay in sands of Cretaceous age.  Tembo-1 was a milestone well for the

Rovuma basin and an extensive amount of pertinent geologic data was collected

which will have a significant impact on future exploration efforts in the basin.

Further analysis of the geologic and petro physical data has led to the

identification of additional zones of potential bypassed pay. These zones and

the tested gas bearing sands will be subject to further evaluation with

additional seismic and drilling. The agreed appraisal area, located around the

Tembo-1 discovery onshore, measures approximately 2,500 km(2 )providing the

necessary running room to develop this potentially world class play fairway.

Tanzania - Production volumes continue to ramp up but have plateaued following

impact of seasonal hydro-power generation and Symbion electrical power

generation suspension

In Mnazi Bay, Tanzania, gas deliveries continue to the new transnational

pipeline and are ultimately used in power generation facilities near Tanzania's

commercial capital, Dar es Salaam. Production volumes from the Mnazi Bay gas

field have been ramping up and peaked at 74 MMscf/d during Q2. However, volumes

were curtailed for a period of time during April 2016 due to heavy rains when

some natural gas power generation was displaced by hydro generated power.

Furthermore, sales volume to the pipeline have been maintained at 50 MMscf/d

since 2 June 2016 due to a dispute between Symbion, one of the power plants

which utilises Mnazi Bay gas which has temporarily ceased operations, and

TANESCO. It is unclear how long it will be before the dispute is resolved and

power generation at the Symbion power plant resumes and, until such time,

volumes are expected to remain at this level. Daily production volumes of 70 -

80 MMscf/d are still expected to be achieved in 2016, once this dispute has been

resolved and power demand stabilizes.

As stated previously, payments to the Joint Venture for monthly gas sales

delivered to the new pipeline by Tanzania Petroleum Development Corporation

("TPDC"), have been regularly received.

Bob McBean, Executive Chairman, commented:

"I am very pleased to announce the receipt of Government approval for our

operatorship and appraisal plan over the Tembo-1 gas discovery in Mozambique.

With all the data gained to date through our exploration drilling and seismic

interpretation, we believe this area of onshore Mozambique to be highly

prospective and although we expect minimal capital spend this year, I am looking

forward to working with ENH as we progress this acreage position toward

appraisal drilling in the future.

"We continue to be extremely pleased with the performance of our wells in Mnazi

Bay and how the new pipeline system is successfully delivering natural gas to

Dar es Salaam. Whilst production volumes are lower than expected for the second

quarter, this is considered short term in nature and the capacity to step up our

production volumes remains in place. With further power generation capacity

still being installed, we are confident of the long term growth prospects for

Wentworth."

-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

Swedbank First Broker (Norway) +47 23 23 80 00

Securities

Ove Gusevik

Jarand Lønne

Crux Advisers Investor Relations +47 909 808 48

Adviser

(Norway)

Jan Petter Stiff

Carl Bachke

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

Europe Limited Adviser and Broker

(UK)

Callum Stewart

Ashton Clanfield

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

Hugh Sanderson

FTI Consulting Investor Relations wentworth@fticonsulting.com

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

Edward Westropp

Tom Hufton

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.

Gerold Fong, Vice President of Exploration (BSC Geophysics, 1982) who has over

30 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, 2015,

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.

[HUG#2022148]