Wentworth Resources Limited : Update on Tembo-1 Drilling Operations

   

PRESS RELEASE
30 October 2014

Wentworth Resources Limited

("Wentworth" or the "Company")

Update on Tembo-1 Drilling Operations

Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, announces an update of exploration drilling operations in the Rovuma Onshore Concession in northern Mozambique.

Further to previous shareholder communications on June 20, 2014 and August 19, 2014, the Tembo-1 exploration well has reached a depth of approximately 2,965 meters in Cretaceous age rocks. The well is programmed to be drilled to the Jurassic at a total depth of 4,397 meters (4,250 meters True Vertical Depth Sub Sea).  Drilling operations are expected to continue through the month of November.  It is important to note that, as this is a frontier well, it is difficult to predict how long drilling operations will take. We remain a tight hole on Tembo-1 and still plan to announce results once drilling operations have been fully completed.

Following completion of drilling the Tembo-1 exploration well, the drilling rig will be mobilized to the northern section of the Onshore Rovuma Block and commence drilling a second exploration well, Kifaru-1.   

-Ends-

Enquiries:      Wentworth Geoffrey Bury,
Managing Director gpb@wentworthresources.com
+1 403 993 4450   Lance Mierendorf,
Chief Financial Officer
Katherine Roe,
Head of Investor Relations & Corporate Communications

  lance.mierendorf@wentworthresources.com
+1 403 680 8773
katherine.roe@wentworthresources.com
+44 7841 087 230 Swedbank First SecuritiesBroker(Norway) +47 23 23 80 00   Ove Gusevik     Jarand Lønne

    Crux KommunikasjonInvestor Relations Adviser
(Norway)     Jan Petter Stiff +47 99 51 38 91   Carl Christian Bachke

  +47 90 98 08 48 Panmure GordonAIM Nominated Adviser and Broker (UK) +44 (0) 20 7886 2500   Dominic Morley
Adam James     Tom Salvesen
Duncan Monteith   FirstEnergy CapitalBroker (UK) +44 (0) 20 7448 0200   Majid Shafiq     Travis Inlow

    InvestecBroker (UK) +44 (0) 20 7597 4000   Chris Sim

    Instinctif PartnersInvestor Relations Adviser (UK) +44 (0) 20 7457 2020   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.2014 10 30 Press Release


This announcement is distributed by Nasdaq OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wentworth Resources Limited via Globenewswire
HUG#1867005