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Wentworth Resources set for transformational six months

Last updated: 02:15 18 Nov 2014 EST, First published: 03:15 18 Nov 2014 EST

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Wentworth Resources (LON:WRL) said the signing of a long-term gas sales agreement in September was the highlight of the third quarter.

The company's operational update listed a number of other milestones the East Africa-focused oil & gas company passed during the quarter, including agreeing the terms for two credit facilities with a Tanzanian bank, the acquisition of 315 kilometres of conventional 2D seismic data over prospective areas of the Mnazi Bay Concession and continued drilling of the Demob-1 exploration well.

"Drilling of the Demob-1 exploration well has taken much longer than originally planned and we appreciate the patience of shareholders as the well remains a tight hole until drilling operations are complete," said Geoff Bury, managing director of Wentworth.

"With the drilling of Demob-1 and Jivaro-1 and the delivery of first gas, the next 3-6 months looks to be a transformational period in the company's short history," Bury added.

Capital expenditure in the quarter totalled US$8.3mln, bringing the year-to-date total up to US$17.6mln.

Cash and cash equivalents and short-term deposits stood at US$14.3 million at September 30, 2014 compared with US$37.7 million at December 31, 2013.

Wentworth is an early stage company, with revenues running well below expenditure at present.

Revenue in the third quarter rose to US$270,000 from US$240,000.

Not surprisingly, the company is currently loss-making; the net loss narrowed to US$1.32mln from US$3.42mln the year before.

"With the Government-owned, Chinese-constructed gas pipeline and gas processing facilities on schedule for completion and commissioning in Q1 2015, development activities connecting our existing field infrastructure to the pipeline have accelerated," revealed Bury.

"We expect to be ready to deliver gas from our discovered gas fields in Mnazi Bay when requested by the Government and production is expected to reach 80mmscf/day [millions of standard cubic feet per day] by the end of Q2 2015," Bury said.

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