Wentworth Releases Q3 2012 Financial Statements and MD&A

Source: www.gulfoilandgas.com 11/22/2012, Location: Africa

Wentworth Resources Limited, the Oslo Stock Exchange and AIM listed independent, East Africa-focused oil & gas company, releases its unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion & Analysis and Director's Report for the third quarter and nine months ended September 30, 2012.

Mnazi Bay, Tanzania:

- Completed an asset swap transaction increasing the Company's participation interest in the Mnazi Bay Concession, Tanzania and receiving cash consideration of $18.86 million in exchange for disposing of a royalty interest in Mozambique.

- Successfully completed work-overs of three existing wells on the Mnazi Bay and Msimbati gas fields and perforated new reservoir zones to maximize future production rates.

- The Mnazi Bay to Dar es Salaam Gas Pipeline Project was formally inaugurated on July 21, 2012. On November 8, 2012, His Excellency Jakaya Kikwete, President of the United Republic of Tanzania, laid the foundation stone at the Kinyerezi Gas Receiving Station for the start of construction of the Mnazi Bay to Dar es Salaam Gas Pipeline Project. Construction of the pipeline and associated facilities by China Petroleum Technology and Development Corporation is anticipated to be completed in approximately 18 months.

Onshore Rovuma, Mozambique:

- The 2D seismic program is advancing well in accordance with plans. It is anticipated that field recording will be completed in early 2013 after which detailed processing and interpretation will commence.

Financial Information:

- Cash on hand of $16.59 million at September 30, 2012.

- Positive $20.58 million working capital position and a working capital ratio of 2.52 at September 30, 2012.

- During Q3 2012 the Company incurred a loss from operating activities of $1.97 million, 29% lower than the $2.76 million loss during the same period in 2011.

OUTLOOK

- During Q4 2012, the Mnazi Bay Concession partners are planning to commence the acquisition of approximately 210km˛ of offshore 3D seismic over the Mnazi Bay Concession. It is expected the acquired data will further derisk currently existing offshore prospects and leads and map potential extensions from significant existing discoveries in adjacent offshore blocks.

- The Company is working with our Mnazi Bay Concession partners and the Tanzanian government to finalize a gas sales agreement to initially supply 80 mmcf/day of gas to the planned 532km Mtwara to Dar es Salaam gas pipeline.

- 2D seismic acquisition in the Onshore Rovuma Basin, Mozambique is expected to be completed by early 2013. Data continues to be processed with full interpretation commencing once sufficient seismic lines have been acquired and will be used in the planning for drilling of two exploration wells in the second half of 2013.

- The Company is in a strong financial position and will continue to assess attractive opportunities to grow the asset portfolio and build from its established position in East Africa.

Geoff Bury, Managing Director, commented:

"We are pleased to report our financial results for the third quarter and nine months ended September 30, 2012. The completion of the asset swap transaction with Cove Energy and sale and purchase transaction with Maurel et Prom secured cash of approximately $19 million for the Company and at the same time increased its participation interest in the Mnazi Bay Concession. With the noticeable progress on the construction of the 532km pipeline and recent advancements working with the Tanzanian government on structuring a gas sales agreement, the Company is working towards monetizing its most valuable asset. In 2013, the Company will focus on implementing an active exploration and development program in Tanzania and drilling two exploration wells in the Onshore Rovuma Basin, Mozambique."


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