Wentworth Resources Limited : Q1 2015 Financial Statements and MD&A

PRESS RELEASE
19 May 2015

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2015 Financial Statements and MD&A

Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and London Stock Exchange (AIM: WRL) listed independent, East Africa-focused oil & gas company, today announces its results for the first quarter and three months ended 31 March 2015.

The following should be read in conjunction with the Q1 2015 Management Discussion and Analysis and Financial Statements which are available on the Company's updated website at http://www.wentworthresources.com.

Q1 2015 HIGHLIGHTS

Corporate

• On March 9, 2015, an independent reserves evaluation attributed Wentworth's share of Proved + Probable (2P) reserves valued at US$152.9 million NPV (10%) after tax at December 31, 2014 to the Company's gas fields in Tanzania⁽¹⁾.
• Continued working with the Tanzanian Government to finalise payment guarantee documentation in support of the Gas Sales Agreement for gas deliveries to the government owned pipeline.
• The new transnational gas pipeline and processing facilities are nearly complete with delivery of first gas anticipated to occur early in Q3 2015.

Financial

• Net loss for the quarter of $2.72 million, compared to a $0.85 million in 2014.
• Revenue for the quarter of $0.27 million, up 15% from Q1 2014.
• First quarter exploration and development capital expenditures of $6.98 million and $2.57 million respectively compared to $4.78 million and $0.48 million respectively in 2014.
• Cash and cash equivalents on hand of $4.43 million at March 31, 2015 compared with $5.49 million on hand at December 31, 2014.
• Working capital was $10.98 million compared to $15.84 million at December 31, 2014.

Operational

Mnazi Bay Block, Tanzania

• The MB-4 development well spud during March. Drilling operations are expected to be completed during June and the well ready to produce gas in July.
• Continued construction of field infrastructure to connect the Mnazi Bay and Msimbati gas fields to the new transnational government owned pipeline project. 
• In late March, the Government communicated first gas delivery is now expected in July, a delay of approximately three months.

Rovuma Onshore Block, Mozambique

• The Kifaru-1 exploration well reached TD 3,100 meters in Eocene age rocks. The well encountered all targeted zones in the Miocene, Oligocene and Eocene formations but failed to find an economic reservoir and as a result the well was plugged and abandoned in February.
• Continued evaluation of the Tebmo-1 well data and working with the Rovuma Onshore Concession partners to determine a possible appraisal plan and change of operatorship in advance of the third exploration period expiring on August 28, 2015.

Geoff Bury, Managing Director, commented:
"We have made further progress this quarter towards delivery of first gas into the new pipeline with our continued tie-in work of the existing wells, the commencement of the MB-4 development well to further de-risk the existing fields and continued negotiations towards finalising the payment guarantee documentation.

The forthcoming cash flow from gas sales to the pipeline will be significant and will be used to fund the Company's growth initiatives within Tanzania, Mozambique and East Africa.  With an instant market for any newly discovered gas, the Company plans to partly reinvest the cash flow into exploration in the Mnazi Bay Concession in Tanzania.  This a unique and enviable opportunity the Company intends to capitalize upon.  In Mozambique, in coordination with the Rovuma Onshore Block joint venture partners, we are nearing a decision on the path forward for potentially appraising the discovery encountered within the Tembo-1 well announced in December 2014.  Exploration opportunities within our existing assets and additional accretive growth prospects emerging in East Africa provide the Company with strategic opportunities to become a leading oil and gas company in the region and create significant shareholder value."

-Ends-

⁽¹⁾ Source: RPS Energy Canada Ltd. - Mnazi Bay Field Reserves Assessment as at December 31, 2014

***

Financial Statements

The following primary statements have been extracted from the Q1 2015 unaudited consolidated financial statements which are located on the Company's website at www.wentworthresources.com.

WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Financial Position
United States $000s, unless otherwise stated

WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss
United States $000s, unless otherwise stated

WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Changes in Equity
United States $000s, unless otherwise stated

WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Cash Flows
United States $000s, unless otherwise stated

About Wentworth Resources

Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil & gas company with: Natural Gas production; midstream assets; and exploration and appraisal opportunities; all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.

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, 2014, 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.