PRESS RELEASE
17 December
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Relinquishment of Tembo Block Appraisal Licence ("Tembo")
Wentworth, the Oslo Stock Exchange (OSE: WEN) and AIM (AIM: WEN) listed
independent, East Africa-focused oil & gas company announces that further to its
announcement dated 3 October 2018, it intends to relinquish the Tembo block with
a planned effective date of 30 April 2019 ahead of the end of the current
appraisal term on 15 June 2019. The Company will also exit Mozambique, closing
its Maputo office and shutting down activities in the Muxara and Palma camps
concurrently, in order to focus on its core Mnazi Bay asset in Tanzania and its
M&A led growth mandate.
The Tembo Block, which has an area of approximately 2,500 km(2) is in
northeastern Mozambique, approximately 2,598 km north of Maputo and 120 km
southwest of the Mnazi Bay field, in the onshore Rovuma Basin. The block is
operated by Wentworth Resources (85%) with Empresa Nacional de Hidrocarbonetos
("ENH"; 15%) as a partner.
The relinquishment of the Tembo block will release the Company from any further
appraisal work programme obligations with no material costs foreseen ahead of
relinquishment. It is anticipated that the Company's Intangible Assets which are
attributable to the Tembo appraisal licence will be written down in full in the
current financial year 2018.
Eskil Jersing, CEO, commented:
"We have now completed a thorough technical and commercial review of the
company's asset portfolio and determined that our Tembo asset does not provide
us with suitable monetisation solutions in keeping with our material growth
mandate. We have appreciated the excellent relationships to date with ENH, the
National Oil Company of Mozambique, and INP, the National Regulator, and will
work hard to ensure an efficient and smooth transition period for all
stakeholders. Our work both to maximise the potential of Mnazi Bay and to
identify M&A opportunities to add material value continues apace and we look
forward to updating shareholders on our progress in due course."
-Ends-
Enquiries: Bob McBean, rpm@wentplc.com
Wentworth Executive Chairman
Eskil Jersing,
Chief Executive Officer eskil.jersing@wentplc.com
+44 7717 847623
Katherine Roe,
Chief Financial Officer katherine.roe@wentplc.com
+44 7841 087 230
Stifel Nicolaus Europe AIM Nominated Adviser +44 (0) 20 7710 7600
Limited and Broker (UK)
Callum Stewart
Ashton Clanfield
Simon Mensley
Peel Hunt LLP Broker (UK) +44 (0) 20 7418 8900
Richard Crichton
Ross Allister
Vigo Investor Relations +44 (0) 20 7390 0230
Adviser (UK)
Patrick d'Ancona
Chris McMahon
About Wentworth Resources
Wentworth Resources is a publicly traded (OSE: WEN, AIM: WEN), independent oil &
gas company with natural gas production; exploration and appraisal
opportunities, all in the Rovuma Delta Basin of coastal southern Tanzania and
northern Mozambique.
Inside Information
The information contained within this announcement is deemed by Wentworth to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014 ("MAR"). On the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.
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, 2017,
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.