Wentworth, the Oslo Stock Exchange listed independent, East Africa-focused oil & gas company, today provides both a Corporate and Operational Update.

Further to the 14 October 2018 RNS, the Oslo Stock Exchange has approved the delisting application made by Wentworth as of 14 November 2018. The Company will be delisted from the Oslo Børs on 14 February 2019 with the last day of trading being 13 February 2019. The Company will in due course publish further information about the delisting relevant for shareholders of the Company whose Securities are registered in the Norwegian Central Securities Depository and traded on the Oslo Stock Exchange.

The Company is pleased to inform shareholders that payments received in October 2018 for gas sales generated from the Mnazi Bay Concession totaled $3.78 million net to Wentworth. Payments were received from both Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("TANESCO") for one month's gas sales to TPDC and one month's gas sales to TANESCO.

The Company also reports that gross production volumes during October averaged 82 MMscf/d following September average production volumes of 83 MMscf/d. September and October 2018 production volumes were lower than normal due to planned slickline well activities on Mnazi Bay, in addition to repair and maintenance operations associated with the Kinyerezi Power Facilities and extension of a feeder connection to customers in Mkuraganga.

A return to production levels closer to 90 MMscf/day are expected during the second half of November 2018, with the Company likely to exceed the previously guided average for 2018 of 65 - 75 MMscf/d. 

Since commencement of production into the new Tanzanian trans-national pipeline system in August 2015 and subsequent regular receipt of payments from TPDC and TANESCO, the Joint Venture Partners have been consistently recovering pre-agreed allocations of the TPDC long-term receivable. As a result of stabilised production and consistency of payments, historically incurred operating expenses within the cost recovery pool (and certain joint-exploration expenditures) have now been fully recovered. The Operator's exploration costs are next in line for repayment, commencing with the Ziwani-1 Exploration well and associated 3D seismic costs.

Pursuant to a 2009 farm-out agreement entered into between Artumas Group Inc ("Artumas"), Cove Energy Tanzania Mnazi Bay Limited ("Cove Energy") and Les Establishments Maurel et Prom ("Maurel et Prom"), the 2012 Ziwani-1 well and associated 3D seismic costs were paid by Maurel et Prom and Cove Energy as part consideration for their entry into the Mnazi Bay asset, thereby fully carrying Artumas (the "Wentworth Carry"). The net Wentworth Carry is $8.4 million.

Pursuant to the Joint Operating and Farm-Out Agreements, the Wentworth Carry is recovered by Maurel et Prom, post operating, but prior all exploration and development expenditures from cost gas sales. Wentworth expect Maurel et Prom to fully recover the Ziwani-1 well and associated seismic costs from their adjusted allocation of the TPDC receivable over the next nine months. The Company notes that ongoing operating costs continue to be recovered in preference to all other costs, minimally offsetting the impact of the prioritised recovery of the Wentworth Carry.

Eskil Jersing, Chief Executive Officer, commented:
"I am delighted that the Oslo Stock Exchange has approved our delisting application, with no restrictions. We are highly appreciative of the support of our Norwegian investors through this period of transition and hope that will continue through this next phase of growth for Wentworth. 

The scheduled repairs and maintenance on Mnazi Bay and associated infrastructure, were completed on time and production levels are expected to return to around 90 MMscf/d in the second half of November. The Joint Venture partners continue to work with all stakeholders on the four key value catalysts, referred to in the 3 October 2018 RNS, to ensure that all parties derive maximum value from the Mnazi Bay Field.

Our Mnazi Bay asset continues to outperform in a surging, demand led landscape and the Company has made great strides in moving to a simpler Corporate platform through 2018. We look forward to updating investors on our continued progress in due course."