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2015-08-13

Wentworth Resources Limited : Q2 2015 Financial Statements and MD&A

PRESS RELEASE

13 August 2015

Wentworth Resources Limited

("Wentworth" or the "Company")

Q2 2015 Financial Statements and MD&A

Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM:
WRL) listed independent, East Africa-focused oil&gas company, today announces
its results for the second quarter and six months ended 30 June 2015.

The following should be read in conjunction with the Q2 2015 Management
Discussion and Analysis and Financial Statements which are available on the
Company's updated website athttp://www.wentworthresources.com.

Q2 2015 HIGHLIGHTS

Corporate

* Continued working with our Mnazi Bay joint venture partners and the gas
purchaser, Tanzania Petroleum Development Corporation, to finalise payment
guarantee documentation in support of the Gas Sales Agreement ("GSA") for
natural gas deliveries to the new government owned pipeline. Discussions
are at an advanced stage with delivery of first gas on schedule for Q3
2015, in line with expectations.
* On July 1, 2015 successfully completed a private placement (the "Private
Placement") and issued 15,412,269 new common shares for cash consideration
of $0.50 (GBP0.315 or NOK3.88) per share for total gross proceeds of $7.64
million (GBP4.9 million or NOK59.7 million).

Financial

* Drew $4.36 million of a credit facility to fund operator cash calls for
Mnazi Bay development expenditures. An amount totalling $5.16 million
remains undrawn on the credit facility at June 30, 2015.
* Net loss for the second quarter of $1.81 million, compared to a $1.36
million in 2014.
* Revenue for the quarter of $0.29 million, up 15% from Q2 2014.
* Second quarter exploration and development capital expenditures of $2.31
million and $7.04 million, respectively, compared to $3.69 million and
$0.30 million, respectively, in 2014.
* Cash and cash equivalents on hand of $2.22 million at June 30, 2015 (prior
to receipt of the net proceeds from the Private Placement) compared with
$5.49 million on hand at December 31, 2014.
* Working capital was $5.77 million compared to $15.84 million at December
31, 2014.

Operational

Mnazi Bay Block, Tanzania

* Completed drilling of the MB-4 development well in the Mnazi Bay
Concession. MB-4 was drilled to a total depth of 2,788 meters penetrating
the Miocene gas reservoirs with net pay of 24 meters (Upper Mnazi Bay) and
43 meters (Lower Mnazi Bay) for a total net pay of 67 meters.
* Continued construction of field infrastructure to connect the Mnazi Bay gas
fields to the new transnational government owned natural gas pipeline
project.

Rovuma Onshore Block, Mozambique

* Continued consultation with the Rovuma Onshore Block joint venture partners
on the potential appraisal of the Tembo-1 gas discovery.

Geoff Bury, Managing Director, commented:

"The recent successful equity raise completed on July 1 demonstrates
confidence in our long-term investment strategy in East Africa. These new
funds further secure the Company's balance sheet in advance of generating
cash flow from natural gas sales to the new government owned transnational
pipeline in Tanzania. The positive MB-4 development well results augment the
independent reserve estimates within our Mnazi Bay gas fields. With
discussion in regards to the payment guarantee agreement at an advanced
stage, the Company looks forward to bringing gas on stream in the weeks
ahead. We wish to thank shareholders for their continued support during this
exciting period in the Company's history."

-Ends-

-------------------------------------------------------------------------------------------------------------------------------
| Enquiries: |
| Wentworth Lance Mierendorf, lance.mierendorf@wentworthresources.com |
| |
| Chief Financial Officer +1 403 680 8773 |
| Katherine Roe katherine.roe@wentworthresources.com |
| |
| Head of Investor Relations&Corporate Communications +44 7841 087 230 |
| 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 |
| Carl Bachke |
| Stifel Nicolaus Europe Limited AIM Nominated Adviser and Broker (UK) +44 (0) 20 7710 7600 |
| Callum Stewart |
| Ashton Clanfield |
| FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200 |
| Travis Inlow |
| FTI Consulting Investor Relations Adviser (UK) + 44 (0) 20 3727 1000 |
| Edward Westropp |
| |
| Tom Hufton |
| |
| |
-------------------------------------------------------------------------------------------------------------------------------
***

Financial Statements

The following primary statements have been extracted from the Q2 2015
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

---------------------------------------------------------------------------
| June 30, December 31, |
| |
| 2015 2014 |
| ASSETS |
| Current assets |
| Cash and cash equivalents 2,224 5,487 |
| Trade and other receivables 1,576 2,613 |
| Prepayments, deposits and advances to partners 426 1,418 |
| Current portion of long-term receivables 16,369 14,530 |
| 20,595 24,048 |
| Non-current assets |
| Long-term receivables 20,647 19,472 |
| Exploration and evaluation assets 43,052 33,762 |
| Property, plant and equipment 94,502 85,035 |
| 158,201 138,269 |
| Total assets 178,796 162,317 |
| |
| LIABILITIES |
| Current liabilities |
| Trade and other payables 13,825 8,204 |
| Current portion of long-term loans 1,000 - |
| 14,825 8,204 |
| Non-current liabilities |
| Long-term loans 19,597 5,718 |
| Contingent liability 2,175 2,271 |
| Decommissioning provision 927 782 |
| 22,699 8,771 |
| Equity |
| Share capital 404,225 404,225 |
| Equity reserve 25,374 24,916 |
| Accumulated deficit (288,327) (283,799) |
| 141,272 145,342 |
| Total liabilities and equity 178,796 162,317 |
| |
---------------------------------------------------------------------------
WENTWORTH RESOURCES LIMITED

Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss

United States $000s, unless otherwise stated

-----------------------------------------------------------------------
| Quarter ended Six months ended |
| |
| June 30, June 30, |
| 2015 2014 2015 2014 |
| |
| Total revenue 292 253 564 489 |
| ...

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