Wentworth Resources Limited : Mtwara Power Plant Sale Update

13 MARCH 2012 WENTWORTH RESOURCES LIMITED ("Wentworth" or the "Company") Mtwara Power Plant Sale Update Further to the announcement on February 8, 2012, regarding Wentworth's sale of the Mtwara Power Plant to TANESCO for US$ 13...

 

WENTWORTH RESOURCES LIMITED

("Wentworth" or the "Company")

 

Mtwara Power Plant Sale Update

 

Further to the announcement on February 8, 2012, regarding Wentworth's sale of the Mtwara Power Plant to TANESCO for US$ 13.5 million (the "Transaction"), the Company is pleased to announce that cash consideration has now been received and handover will be completed by April 7, 2012.  

 

ENDS

 

About Wentworth Resources

 

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

 

Enquiries:

 

 

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, 2010, 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.

 

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