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2014-05-21

Wentworth Resources Limited : Q1 2014 Financial Statements and MD&A

PRESS RELEASE
21 May
2014

Wentworth Resources Limited

("Wentworth" or the "Company")

Q1 2014 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 first quarter and three months
ended 31 March 2014.

The following should be read in conjunction with the Q1 2014 Management
Discussion and Analysis and Financial Statements which are available on the
Company's updated website athttp://www.wentworthresources.com.

Q1 2014 Highlights

· Completed the acquisition of new high resolution 2D seismic data over the
two discovered gas fields within the Mnazi Bay Concession, Tanzania.
· Continued with pre-drilling activities in advance of a June spud date for
the Tembo prospect within the Rovuma Onshore Concession, Mozambique.
· Continued consultations with the Government of Tanzania to conclude a Gas
Sales Agreement ("GSA") to supply Mnazi Bay Concession natural gas to the
Mtwara to Dar es Salaam pipeline that is under construction and expected to
be completed and commissioned during Q1 2015. No significant issues remain
unresolved and the Company expects GSA to be signed in Q2 2014.
· First quarter exploration capital expenditures of $4.8 million compared to
$2.6 million during the same period in 2013.
· Revenues for the quarter of $0.2 million which is consistent with Q1 2013.
· Loss from operating activities for the quarter of $2.2 million compared to
a similar loss during Q1 2013.
· Cash and cash equivalents and short-term investments totalled $30.5
million at March 31, 2014 compared to $37.7 million on hand at December 31,
2013.
· Working capital at March 31, 2014 was $31.2 million compared to $38.4
million at December 31, 2013.

Outlook
· In June 2014 drilling operations for the first exploration well,
Tembo-1, of a two well program in Mozambique are expected to start. The
second well, Kifaru-1, will be drilled immediately following completion of
Tembo-1.
· The construction of the Mtwara to Dar es Salaam pipeline is
progressing well and the Company expects to begin selling natural gas into
the pipeline in Q1 2015. The Company and the Mnazi Bay Concession partners
continue to work towards the signing of the GSA with the Tanzanian
government.
· Acquisition of 2D onshore seismic data over the prospective areas of
the Mnazi Bay Concession Tanzania is expected to be completed during Q2.
Processing and interpretation of this new seismic data during 2014 is
expected to support future appraisal/development and exploration drilling
which is anticipated to commence in Q4 2014 or Q1 2015.

Geoff Bury, Managing Director, commented:

"The drilling of two high impact exploration wells in Mozambique will commence
in the very near future. These wells have the potential to significantly
impact the Company's valuation. In Tanzania, pipeline construction is on
schedule with no indication of delay of the Q1 2015 expected commissioning
and first gas delivery timing. Although it has taken much longer than
initially anticipated, all signs point toward an imminent conclusion of a gas
sales agreement covering initial gas supplies from the Mnazi Bay Concession.
The Company will update shareholders when an agreement has been signed. We
are excited about the near term catalysts and wish to thank shareholders for
their ongoing support."

----------------------------------------------------------------------------------------------------------
|Enquiries: |
|Wentworth Lance Mierendorf, lance mierendorf@wentworthresources.com |
| |
| Chief Financial Officer +1 403 680 8773 |
| |
|Swedbank First Securities Broker(Norway) +47 23 23 80 00 |
| Ove Gusevik |
| Jarand Lønne |
|Crux Kommunikasjon Investor Relations Adviser +47 995 138 91 |
| |
| |
| (Norway) |
| Jan Petter Stiff |
| Fredrik Eeg |
|Panmure Gordon AIM Nominated Adviser and Broker (UK) +44 (0) 20 7886 2500 |
| Callum Stewart |
| Adam James |
| Tom Salvesen |
|FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200 |
| Majid Shafiq |
| Travis Inlow |
|Investec Broker (UK) +44 (0) 20 7597 4000 |
| Chris Sim |
|Instinctif Partners Investor Relations Adviser (UK) +44 (0) 20 7457 2020 |
| David Simonson |
| |
| Catherine Wickman |
| Harry Cameron |
| |
----------------------------------------------------------------------------------------------------------
Financial Statements

The following primary statements have been extracted from the Q1 2014
unaudited consolidated financial statements which are located on the
Company's website atwww.wentworthresources.com.

WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Financial Position
United States $000s, unless otherwise stated

------------------------------------------------------------------------
| March 31, December 31, |
| |
| 2013 |
| 2014 |
|ASSETS |
|Current assets |
|Cash and cash equivalents 17,676 14,501 |
|Short-term investments - term deposits 12,851 23,176 |
|Trade and other receivables 2,292 1,845 |
|Prepayments, deposits and advances to partners 1,926 1,674 |
|Current portion of long-term receivables 657 658 |
| 35,402 41,854 |
|Non-current assets |
|Long-term receivables 30,157 28,661 |
|Exploration and evaluation assets 55,417 50,636 |
|Property, plant and equipment 18,844 18,498 |
| 104,418 97,795 |
|Total assets 139,820 139,649 |
| |
|LIABILITIES |
|Current liabilities |
|Trade and other payables 4,161 3,487 |
| 4,161 3,487 |
|Non-current liabilities |
|Long-term loans 3,924 3,816 |
|Other long-term liabilities 2,892 2,836 |
|Decommissioning provision 709 685 |
| 7,525 7,337 |
|Equity |
|Share capital 403,998 403,998 |
|Equity reserve 24,057 23,903 |
|Accumulated deficit (299,921) (299,076) |
| 128,134 128,825 |
|Total liabilities and equity 139,820 139,649 |
| |
------------------------------------------------------------------------
WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss
United States $000s, unless otherwise stated

---------------------------------------------------------------
| Three months ended March 31, |
| 2014 2013 |
| |
|Total revenue 236 216 |
| |
|Operating expenses |
|Production and operating (372) (153) |
|General and administrative (1,809) (1,974) |
|Share based compensation (154) (122) |
|Depreciation and depletion (135) (134) |
|Gain from sale of office assets 23 - |
|Loss from operating activities (2,211) (2,167) |
| |
|Finance income 1,643 1,232 |
|Finance costs (...

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