Wentworth Resources Plc Wentworth Resources Plc : Relinquishment Of Tembo Block Appraisal Licence ("Tembo")
December 17 2018 - 2:00AM
UK Regulatory
TIDMWEN
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@wentplc.com
Eskil Jersing, +44 7717 847623
Chief Executive Officer katherine.roe@wentplc.com
Katherine Roe, +44 7841 087 230
Chief Financial Officer
Stifel Nicolaus Europe Limited AIM Nominated Adviser and Broker (UK) +44 (0) 20 7710 7600
Callum Stewart
Ashton Clanfield
Simon Mensley
Peel Hunt LLP Broker (UK) +44 (0) 20 7418 8900
Richard Crichton
Ross Allister
Vigo Investor Relations Adviser (UK) +44 (0) 20 7390 0230
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.
Relinquishment of Tembo Block Appraisal Licence:
http://hugin.info/136496/R/2229188/875671.pdf
This announcement is distributed by West Corporation on behalf of West
Corporation 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 Plc via Globenewswire
https://www.wentplc.com
(END) Dow Jones Newswires
December 17, 2018 02:00 ET (07:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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