Wentworth Resources Limited : Q1 2017 Financial Statements and MD&A

ID: 1506323
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(Thomson Reuters ONE) -




PRESS RELEASE
30 May 2017

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2017 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 31 March 2017.

The following should be read in conjunction with the Q1 2017 Management
Discussion and Analysis and Financial Statements which are available on the
Company''s updated website at http://www.wentworthresources.com.

Financial

* Gas sales revenue of $2.94 million for the quarter, compared to $3.21
million in Q1 2016.
* Net loss of $0.41 million in Q1 2017 compared to a net loss of $0.91 million
in Q1 2016.
* Capital expenditures of $0.68 million compared to $0.66 million during Q1
2016.
* Cash and cash equivalents on hand of $0.46 million compared with $0.98
million on hand at December 31, 2016.
* Working capital was $5.50 million compared to $4.96 million at December
31, 2016.
* Amended the timing of principal payments on the existing $20.0 million
credit facility and secured a new $2.5 million overdraft facility for
working capital purposes.

Operational

Tanzania
* The Mnazi Bay field achieved average gross daily gas production during the
quarter of 42.8 MMscf/d compared to 47.6 MMscf/d during Q1 2016.

Mozambique
* Reprocessing of 1,000 kilometers of existing 2-D vibroseis seismic data was
completed.
* Mapping and re-interpretation of seismic is progressing and will be complete
during Q2 2017.
* Designed a new 500 km seismic program and in the process of identifying the


location of an appraisal well.
* Commenced process of securing an industry partner to participate in the
appraisal program.


Geoff Bury, Managing Director, commented:

"First quarter production was in line with expectations and we continue to
expect 2017 production to average between 40 and 50 MMscf/d.  We have worked
closely with our primary external lender to restructure the timing of principal
repayments to better align with anticipate production levels.  Earlier this
month we strengthened the balance sheet with funds from a private placement
which will allow us to manage working capital during a temporary period of
possible slower payments from customers and to advance our gas appraisal asset
in Mozambique.

Improving the timeliness of collections from TPDC and TANESCO is of paramount
importance as well as maintaining support from and close cooperation with our
creditors and external lenders. As a result, the next few quarters will be
challenging for the Company after which we should be on solid footing to benefit
greatly from an anticipated step up in gas demand starting early 2018.

As a near term catalyst, we look to determine the upside potential of the Tembo
gas discovery and secure a farm-in partner to participate in the appraisal
program."

A conference call for investors, analysts and other interested parties will be
held that day at 06:00 MST (Calgary) / 13.00 BST (London) / 14.00 CEST (Oslo).
Call in numbers:

Call in numbers:

Canada: +1 866 992 3610

Norway: + 800 16886

United States: +1 866 389 9778

International/ United Kingdom Dial In: +44 (0) 1452 542303

Participants will be able to enter the call by referencing "Wentworth Q1
results" and will be asked for their name and company.


Enquiries:



Wentworth Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial +1 403 680 8773
Officer


  Katherine Roe katherine.roe(at)wentworthresources.com
Vice President +44 7841 087 230
Corporate
Development &
Investor Relations


Crux Advisers Investor Relations +47 909 808 48
Adviser
(Norway)

  Carl Bachke


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

  Callum Stewart
Nicholas Rhodes

  Ashton Clanfield


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

  Hugh Sanderson


FTI Consulting Investor Relations wentworth(at)fticonsulting.com
Adviser (UK) +44 (0) 20 3727 1000

  Edward Westropp




Financial Statements

The following primary statements have been extracted from the Q1 2017 unaudited
consolidated financial statements which are located on the Company''s website at
www.wentworthresources.com.

WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Financial Position
United States $000s, unless otherwise stated
    March 31, December 31,
2017 2016
-------------------------------


ASSETS

Current assets

Cash and cash equivalents   455 979

Trade and other receivables   9,378 6,699

Prepayments and deposits   148 187

Current portion of long-term receivables   10,501 12,283
---------------------------
    20,482 20,148
---------------------------
Non-current assets

Long-term receivables   16,758 18,034

Exploration and evaluation assets   45,995 45,538

Property, plant and equipment   92,696 93,366

Deferred tax asset   31,865 31,145
---------------------------
    187,314 188,083
---------------------------
Total assets   207,796 208,231
---------------------------


LIABILITIES

Current liabilities

Trade and other payables   8,703 8,675

Current portion of long-term loans   5,258 5,258

Current portion of other liability   1,019 1,260
---------------------------
    14,980 15,193
---------------------------
Non-current liabilities

Long-term loans   15,188 15,254

Other liability   1,222 1,100

Decommissioning provision   796 773
---------------------------
    17,206 17,127
---------------------------
Equity

Share capital   411,493 411,493

Equity reserve   26,383 26,275

Accumulated deficit   (262,266) (261,857)
---------------------------
    175,610 175,911
---------------------------
Total liabilities and equity   207,796 208,231
---------------------------




WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss
United States $000s, unless otherwise stated
      Three months ended March 31,

        2017 2016
-------------------------------------------




Total revenue       2,944 3,206



Operating expenses

Production and operating       (910) (897)

General and administrative       (930) (1,512)

Depreciation and depletion       (894) (1,114)

Share based compensation       (108) (228)
---------------------------------------
Profit/(loss) from operations       102 (545)



Finance income       635 1,285

Finance costs       (1,866) (1,226)
---------------------------------------

Loss before tax (1,129) (486)



Deferred tax recovery/(expense)       720 (419)
---------------------------------------


Net loss and comprehensive loss       (409) (905)
---------------------------------------


Net loss per ordinary share

Basic and diluted (US$/share)       - (0.01)
---------------------------------------




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

Number of Share Equity Accumulated Total
shares capital reserve deficit  equity

    $ $ $ $
------------------------------------------------------------




Balance at 169,534,969 411,493 25,683 (256,765) 180,411
December 31, 2015

Net loss and - - - (905) (905)
comprehensive loss

Share based - - 228 - 228
compensation
------------------------------------------------------------
Balance at March 169,534,969 411,493 25,911 (257,670) 179,734
31, 2016
------------------------------------------------------------






Balance at 169,534,969 411,493 26,275 (261,857) 175,911
December 31, 2016

Net loss and - - - (409) (409)
comprehensive loss

Share based - - 108 - 108
compensation
------------------------------------------------------------
Balance at March 169,534,969 411,493 26,383 (262,266) 175,610
31, 2017
------------------------------------------------------------




WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Cash Flows
United States $000s, unless otherwise stated
      Three months ended March
31,

        2017 2016
---------------------------------


Operating activities

Net loss for the period       (409) (905)

Adjustments for:

Depreciation and depletion       894 1,114

Finance costs/(income), net       1,231 (59)

  Deferred tax (recovery)/expense       (720) 419

Share based compensation       108 228

Change in non-cash working capital       (2,290) (939)
-------------------------------
Net cash utilized in operating activities
(1,186) (142)
-------------------------------


Investing activities

Additions to evaluation and exploration       (444) -
assets

Additions to property, plant and equipment       (217) -

Reductions of long-term receivable       2,255 2,596
-------------------------------
Net cash from investing activities       1,594 2,596
-------------------------------


Financing activities

Principal payments       (14) -

Debt restructuring fee       (83) -

Interest paid       (784) (773)

Payment of other liability       (51) (373)
-------------------------------
Net cash used in financing activities       (932) (1,146)
-------------------------------




Net change in cash and cash equivalents       (524) 1,308

Cash and cash equivalents, beginning of the       979 2,746
period
-------------------------------
Cash and cash equivalents, end of the period       455 4,054
-------------------------------


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, 2016,
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.


170530 Announcement:
http://hugin.info/136496/R/2108314/800767.pdf

Q1 2017 Financial Statements:
http://hugin.info/136496/R/2108314/800768.pdf

Q1 2017 MDA:
http://hugin.info/136496/R/2108314/800769.pdf



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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Date: 05/30/2017 - 02:00
Language: English
News-ID 1506323
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