PRESS RELEASE

31 March 2015

WENTWORTH RESOURCES LIMITED

("Wentworth" or "the Company")

Tanzania: Operational Update

Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, today provides an operational update in the lead up to the first delivery of gas to the new transnational pipeline from its assets in Tanzania and announces that drilling operations of the MB-4 development well in the Mnazi Bay Development License Area has commenced.

Construction of the Government owned and operated Mtwara to Dar es Salaam pipeline is now 100% complete and the two associated processing facilities are approximately 96% complete. Regarding the Company's assets, construction has commenced on tying-in the existing four development wells and installing flow lines in order to supply gas to the new pipeline and two of these wells are now fully tied-in. The Mnazi Bay Partners have been advised by Tanzania Petroleum Development Corporation ("TPDC") that some delays have been experienced in commissioning and startup of the gas pipeline project and, as a result, delivery of first gas into the pipeline is now expected to take place in July 2015.

Drilling operations of the MB-4 development well are expected to commence in the next few days and the well is designed to penetrate the Mnazi Bay Upper and Mnazi Bay Lower gas bearing sands of the discovered Mnazi Bay gas fields. The MB-4 development well has a planned depth of 2,089 meters True Vertical Depth Sub Sea and, based on the current drilling program, is expected to take approximately two months to drill and complete. The Company will provide an update after drilling operations have been completed. Wentworth has a 31.94% net interest in this well, which is being operated by Maurel et Prom and drilled with the Caroil #2 drilling rig.

Geoff Bury, Managing Director, commented:

"We are very encouraged by the progress of the pipeline infrastructure and all aspects of the gas pipeline project. Whilst completion and commissioning delays will impact the timing and amount of expected cash flow generated in 2015, we see clear, tangible progress towards first gas being delivered into the new pipeline in the summer and look forward to ramping up volumes of gas supply, helped by additional production capacity expected from the MB-4 development well.  In light of this delay, we are continuing to work on securing additional debt financing to ensure that we have sufficient funds available to see us through to first cashflow. With the pipeline project nearing completion and a signed long-term Gas Sales Agreement, Wentworth and the Mnazi Bay Partners are well positioned to be the first suppliers of gas into the new pipeline."

-Ends-

Enquiries:     
Wentworth Geoffrey Bury,
Managing Director
gpb@wentworthresources.com
+403 993 4450
     
  Lance Mierendorf,
Chief Financial Officer

 
lance.mierendorf@wentworthresources.com
+403 680 8773
  Katherine Roe
Head of Investor Relations & Corporate Communications

 
katherine.roe@wentworthresources.com
+44 7841 087 230
Swedbank First Securities Broker (Norway) +47 23 23 80 00
  Ove Gusevik  
  Jarand Lønne

 
 
Crux Kommunikasjon Investor Relations Adviser
(Norway)
+47 995 138 91
  Jan Petter Stiff  
  Carl Bachke

 
 
Panmure Gordon AIM Nominated Adviser and Broker (UK) +44 (0) 20 7886 2500
  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 (UK) +44 (0) 20 7457 2020
  David Simonson
Anca Spiridon
 
     
     

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 31.94% participation interest in production operations and a 39.925% participation interest in exploration operations of the Mnazi Bay Concession. M&P is operator and holds a 48.06% participation interest in production operations and 60.075% participation interest in exploration operations with Tanzania Petroleum Development Corporation ("TPDC") holding the remaining 20% participation interest in production operations.

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, 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.

2015 03 31 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#1907704