Wentworth Resources Provides Funding Update

Source: www.gulfoilandgas.com 3/4/2015, Location: Africa

Wentworth Resources Limited, the Oslo Stock Exchange and London Stock Exchange listed independent, East Africa-focused oil & gas company, announces an update on its financial position.

Further to the announcement on 26 February 2015 of the Company's Q4 2014 Financial Statements and MD&A, the Company has subsequently drawn an amount of $5.6 million on an existing $20 million credit facility (the "Facility") with a Tanzania-based bank, TIB Development Bank Limited (TIB), relating to Mnazi Bay Concession development and operating costs that were incurred and paid for by the Company prior to executing the Facility in December 2014. These unrestricted funds will be used for working capital purposes and significantly improves the Company's short-term liquidity.

Wentworth expects the remaining amount of the Facility to be sufficient to meet ongoing Mnazi Bay Concession development capital activities (drilling of the MB-4 development well and construction of field infrastructure tying in our existing gas fields to the government-owned pipeline infrastructure) that are planned for the first half of 2015. During the second half of 2015, Wentworth's share of the cost of development capital activities are expected to be funded from internally generated cash flow.

Lance Mierendorf, Chief Financial Officer, commented:

"We are pleased to have TIB Development Bank as a Tanzania-based partner supporting our activities as we move towards being a key player in the oil and gas sector in Tanzania. TIB have demonstrated a high level of understanding of and commitment to Wentworth and the emerging energy industry in Tanzania. We are now in a stronger financial position as we move closer to first cash flow from sales to the new pipeline in Tanzania."

For more information about related Opportunities and Key Players visit East Africa Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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