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Wentworth Resources Limited: Q2 2016 Financial Statements and MD&A


16 August 2016

Wentworth Resources Limited

("Wentworth" or the "Company")

Q2 2016 Financial Statements and MD&A

Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and London Stock Exchange (AIM: WRL) listed independent, East Africa-focused oil & gas company, today announces its results for the quarter ended 30 June 2016.

The following should be read in conjunction with the Q2 2016 Management Discussion and Analysis and Financial Statements which are available on the Company's updated website at (



  • Gas sales revenue of $3.43 million for the quarter, compared to $0.29 million in Q2 2015.   
  • Net loss for the quarter of $0.17 million, compared to a net loss of $1.81 million in Q2 2015.
  • Exploration and development capital expenditures of $2.16 million compared to $9.35 million during Q2 2015.
  • Commenced repayment of existing debt facility with $1.0m principal repayment during Q2 2016.
  • Increase in cash and cash equivalents to $6.29 million at June 30, 2016 from $2.75 million on hand at December 31, 2015.
  • June 30, 2016 working capital was $7.28 million compared to $11.98 million at December 31, 2015.



  • Achieved average gross daily gas production for the second quarter of 51 MMscf/d compared to first quarter production of 48 MMscf/d. 
  • Installation of remaining components of permanent field infrastructure was ongoing during Q2 2016 and is expected to be completed by the end of Q4 2016.


  • Received Mozambique Government approval of a two-year appraisal program for the Tembo gas discovery and increasing Wentworth's participation interest in the Tembo appraisal area of the Rovuma Onshore Block from 11.59 per cent to 85 per cent.  Wentworth has been appointed Operator.
  • Commenced reprocessing existing 2D seismic data over the Tembo appraisal area as the first step in appraising the discovery.
  • Preliminary evaluation of the Tembo-1 well results and the regional seismic evaluation suggests the possibility of a substantial hydrocarbon accumulation.

Geoff Bury, Managing Director, commented:

"In Tanzania, Wentworth has seen significant growth in gas sales since the start of operation of the new pipeline in August 2015. This provides the Company with consistent cash flow to fund our ongoing activities, service our debt facility and to build cash reserves.  As we continue to strengthen our balance sheet, we look forward to growing the Company without having to rely on the equity markets to do so.

We are extremely pleased to have reached an agreement with the Government of Mozambique to increase our participating interest to 85% in the Onshore Rovuma Block, to be appointed Operator of the block and to have agreed an appraisal plan for the Tembo discovery. This expands our portfolio in the Rovuma Basin, a region that has recently seen significant interest from super-majors and national oil companies. As operator of this concession we have the ability to match the timing of the appraisal activities to our available cashflow and with our increased interest we have the flexibility to seek industry partners to participate in this appraisal plan."

Wentworth Lance Mierendorf,
Chief Financial Officer (
+1 403 680 8773
  Katherine Roe
Vice President Corporate Development & Investor Relations (
+44 7841 087 230
Swedbank First Securities Broker (Norway) +47 23 23 80 00
  Ove Gusevik  
  Jarand Loenne

Crux Advisers Investor Relations Adviser
+47 909 808 48
  Jan Petter Stiff  
  Carl Bachke

Stifel Nicolaus Europe Limited AIM Nominated Adviser and Broker (UK) +44 (0) 20 7710 7600
  Callum Stewart  
  Ashton Clanfield

FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200
  Hugh Sanderson

FTI Consulting Investor Relations Adviser (UK) (
+44 (0) 20 3727 1000
  Edward Westropp
Tom Hufton

Financial Statements

The following primary statements have been extracted from the Q2 2016 unaudited consolidated financial statements which are located on the Company's website at (

Unaudited Condensed Consolidated Interim Statement of Financial Position
United States $000s, unless otherwise stated

  June 30,
December 31,
Current assets    
Cash and cash equivalents 6,285 2,746
Trade and other receivables 5,205 3,253
Prepayments, deposits and advances to partners 257 841
Current portion of long-term receivables 15,024 18,190
  26,771 25,030
Non-current assets    
Long-term receivables 18,423 18,897
Exploration and evaluation assets 44,253 43,141
Property, plant and equipment 94,576 95,168
Deferred tax asset 33,962 34,341
  191,214 191,547
Total assets 217,985 216,577
Current liabilities    
Trade and other payables 9,790 6,269
Current portion of long-term loans 8,595 5,270
Current portion of other liability 1,108 1,508
  19,493 13,047
Non-current liabilities    
Long-term loans 16,225 20,512
Other liability 1,504 1,634
Decommissioning provision 1,067 973
  18,796 23,119
Share capital 411,493 411,493
Equity reserve 26,047 25,683
Accumulated deficit (257,844) (256,765)
  179,696 180,411
Total liabilities and equity 217,985 216,577

Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss
United States $000s, unless otherwise stated

  Three months ended June 30, Six months ended June 30,
  2016 2015 2016 2015
Total revenue 3,430 292 6,636 564
Operating expenses        
Production and operating (773) (1,389) (1,670) (1,893)
General and administrative (1,556) (1,356) (3,068) (2,853)
Depreciation and depletion (1,189) (122) (2,303) (228)
Share based compensation (136) (152) (364) (458)
Loss from operating activities (224) (2,727) (769) (4,868)
Finance income 1,072 1,387 2,339 2,694
Finance costs (1,062) (472) (2,270) (2,354)
Loss before tax (214) (1,812) (700) (4,528)
Deferred tax recovery/(expense) 40 - (379) -
Net loss and comprehensive loss (174) (1,812) (1,079) (4,528)
Net loss per ordinary share        
Basic and diluted (US$/share) (0.00) (0.01) (0.01) (0.03)

Unaudited Condensed Consolidated Interim Statement of Changes in Equity
United States $000s, unless otherwise stated

  Number of shares Share capital Equity reserve Accumulated deficit Total equity
    $ $ $ $
Balance at December 31, 2014 154,122,700 404,225 24,916 (283,799) 145,342
Net loss and comprehensive loss - - - (4,528) (4,528)
Share based compensation - - 458 - 458
Balance at June 30, 2015 154,122,700 404,225 25,374 (288,327) 141,272
Balance at December 31, 2015 169,534,969 411,493 25,683 (256,765) 180,411
Net loss and comprehensive loss - - - (1,079) (1,079)
Share based compensation - - 364 - 364
Balance at June 30, 2016 169,534,969 411,493 26,047 (257,844) 179,696

Unaudited Condensed Consolidated Interim Statement of Cash Flows
United States $000s, unless otherwise stated

  Three months ended June 30, Six months ended June 30,
  2016 2015 2016 2015
Operating activities        
Net loss for the period (174) (1,812) (1,079) (4,528)
Adjustments for:        
Depreciation and depletion 1,189 122 2,303 228
Finance income, net (10) (915) (69) (340)
Deferred tax (recovery)/expense (40) - 379 -
Share based compensation 136 152 364 458
Change in non-cash working capital (88) 2,448 (1,027) 2,378
Net cash generated from/(utilized in) operating activities 1,013 (5) 871 (1,804)
Investing activities        
Acquisitions of evaluation and exploration assets - (1,355) - (7,152)
Acquisitions of property, plant and equipment (9) (4,138) (9) (7,400)
Reductions of/(additions to) long-term receivable 2,699 (829) 5,295 (1,504)
Net cash from/(used in) investing activities 2,690 (6,322) 5,286 (16,056)
Financing activities        
Repayment of long-term loan (1,000) - (1,000) -
Proceeds from long-term loan - 4,359 - 14,839
Interest paid (251) (242) (1,024) (242)
Payment of other liability (221) - (594) -
Net cash (used in)/from financing activities (1,472) 4,117 (2,618) 14,597
Net change in cash and cash equivalents 2,231 (2,210) 3,539 (3,263)
Cash and cash equivalents, beginning of the period 4,054 4,434 2,746 5,487
Cash and cash equivalents, end of the period 6,285 2,224 6,285 2,224

About Wentworth Resources

Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil & gas company with: natural gas production; exploration and appraisal opportunities; and large-scale gas monetisation initiatives, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.

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, 2015, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.


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.

2016 08 16 Press Release (
Q2 2016 MDA (
Q2 2016 Financial Statements (

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

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