Wentworth Resources Limited : Q2 2015 Financial Statements and MD&A

PRESS RELEASE
13 August 2015

Wentworth Resources Limited

("Wentworth" or the "Company")

Q2 2015 Financial Statements and MD&A

Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, today announces its results for the second quarter and six months ended 30 June 2015.

The following should be read in conjunction with the Q2 2015 Management Discussion and Analysis and Financial Statements which are available on the Company's updated website at http://www.wentworthresources.com.

Q2 2015 HIGHLIGHTS

Corporate

• Continued working with our Mnazi Bay joint venture partners and the gas purchaser, Tanzania Petroleum Development Corporation, to finalise payment guarantee documentation in support of the Gas Sales Agreement ("GSA") for Natural Gas deliveries to the new government owned pipeline. Discussions are at an advanced stage with delivery of first gas on schedule for Q3 2015, in line with expectations.
• On July 1, 2015 successfully completed a private placement (the "Private Placement") and issued 15,412,269 new common shares for cash consideration of $0.50 (GBP0.315 or NOK3.88) per share for total gross proceeds of $7.64 million (GBP4.9 million or NOK59.7 million).

Financial

• Drew $4.36 million of a credit facility to fund operator cash calls for Mnazi Bay development expenditures.   An amount totalling $5.16 million remains undrawn on the credit facility at June 30, 2015. 
• Net loss for the second quarter of $1.81 million, compared to a $1.36 million in 2014.
• Revenue for the quarter of $0.29 million, up 15% from Q2 2014.
• Second quarter exploration and development capital expenditures of $2.31 million and $7.04 million, respectively, compared to $3.69 million and $0.30 million, respectively, in 2014.
• Cash and cash equivalents on hand of $2.22 million at June 30, 2015 (prior to receipt of the net proceeds from the Private Placement) compared with $5.49 million on hand at December 31, 2014.
• Working capital was $5.77 million compared to $15.84 million at December 31, 2014.

Operational

Mnazi Bay Block, Tanzania

• Completed drilling of the MB-4 development well in the Mnazi Bay Concession. MB-4 was drilled to a total depth of 2,788 meters penetrating the Miocene gas reservoirs with net pay of 24 meters (Upper Mnazi Bay) and 43 meters (Lower Mnazi Bay) for a total net pay of 67 meters.
• Continued construction of field infrastructure to connect the Mnazi Bay gas fields to the new transnational government owned natural gas pipeline project.

Rovuma Onshore Block, Mozambique

• Continued consultation with the Rovuma Onshore Block joint venture partners on the potential appraisal of the Tembo-1 gas discovery.

Geoff Bury, Managing Director, commented:
"The recent successful equity raise completed on July 1 demonstrates confidence in our long-term investment strategy in East Africa.  These new funds further secure the Company's balance sheet in advance of generating cash flow from natural gas sales to the new government owned transnational pipeline in Tanzania. The positive MB-4 development well results augment the independent reserve estimates within our Mnazi Bay gas fields.  With discussion in regards to the payment guarantee agreement at an advanced stage, the Company looks forward to bringing gas on stream in the weeks ahead.  We wish to thank shareholders for their continued support during this exciting period in the Company's history."

-Ends-

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Financial Statements

The following primary statements have been extracted from the Q2 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.