Interim Results for the Six Months Ended 30 June 2019

Source Press Release
Company Wentworth Resources Plc 
Tags Production/Development, Capital Spending, Guidance, Strategy - Corporate, Financial & Operating Data
Date September 03, 2019

Wentworth (AIM: WEN), the AIM listed independent, East Africa-focused oil & gas company, announces its interim results for the six months ended 30 June 2019. An updated Corporate Presentation is available on the Company's website at .



Ø Completed corporate simplification with Oslo Børs delisting effective 14 February 2019

Ø Mozambique office closed March 2019

Ø Active and refreshed East African focused M&A led growth mandate

Ø Strong and supportive institutional shareholder register


Ø Maiden interim dividend declared of GBP 0.45 per share, being a total interim distribution of US$1.0 million. This is expected to deliver an annual yield of approximately 6.7% based on the closing share price at 30 August 2019 and assuming a final dividend is declared in line with the proposed 1/3 : 2/3 interim / final split

Ø Sustained Mnazi Bay gas sales revenues of $8.02 million (H1 2018: $10.79 million); heavier Q2 2019 rainy season and an additional c.20 MMscf/d of gas produced into the National Natural Gas Pipeline ("NNGP") from the Songo Songo field

Ø Adjusted EBITDAX of $3.3 million (H1 2018: $7.1 million) excluding non-recurring expenses of $nil (H1 2018: $11.8 million); Ziwani cost gas fully surrendered in January 2019 relating to Ziwani-1 exploration well and seismic costs in 2012

Ø Net loss of $0.2 million (H1 2018: $6.5 million)

Ø Cash and cash equivalents on hand at 30 June 2019 of $9.9 million (H1 2018: $4.04 million) with $8.4 million of cash receipts received post period end to 31 August 2019

Ø Reduced outstanding term loans to $5.2 million compared to $8.6 million at 31 December 2018, with the July 2019 repayment of $1.7 million made post period end; two payments remain before redemption in January 2020

Ø Final contingent payment of $441k net to Wentworth to PTT Exploration and Production Public Company Limited ("PTTEP") made in May 2019


Ø Average gross daily gas production for the period of 66.17 MMscf/d, down from 78.6 MMscf/d H1 2018 due to heavier rainy season and additional Song Songo supply

Ø Production volumes of 90 MMscf/d in August 2019 with revised 2019 guidance of 60 to 75 MMscf/d maintained

Ø Achieved reduction of NNGP inlet pressure from 95 bar to 85 bar in April 2019

Ø Operating costs of $0.64 / Mscf (2018: $0.44/ Mscf), driven by reduced production volumes in H1 2019

Ø 2P Reserves of 100 Bscf (16.6 MMboe), valued at $106 million (after tax NPV15) as at 31 December 2018

Ø Tembo block in Northern Mozambique successfully relinquished in June 2019 with no liability exposure

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd