08:00
PRESS RELEASE
16 August 2018

Wentworth Resources Limited

(Wentworth or the Company)

Half Year 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 quarter and six months ended 30
June 2018.

The following should be read in conjunction with the Q2 2018 Management
Discussion and Analysis and Financial Statements which are available on the
Companys website athttp://www.wentworthresources.com.

Corporate

* Wentworths share of Tanzanian Proved + Probable (2P) reserves valued at
$159.6 million (after-tax NPV10) on 2P reserves of 115.1 Bscf, as at
December 31, 2017 and independently verified by RPS;
* Company continues to progress its Canada to UK re-domicile and Oslo Børs
delisting plans;
* UK based management team in place following relocation of corporate
headquarters from Calgary, Canada to London, UK. CFO Katherine Roe
appointed April 1, 2018; CEO Eskil Jersing appointed June 25, 2018.

Financial

* Achieved milestone Mnazi Bay gas sales revenue of $10.79 million, 112%
higher compared to H1 2017 of $5.10 million;
* Improved EBITDA by 229% to $4.18 million compared to H1 2017;
* Net loss of $6.5 million (H1 2017: $1.66 million), including a non-cash
deferred tax expense of $8.68 million;
* Cash and cash equivalents on hand of $4.04 million (December 2017: $3.75
million) as at June 30, 2018;
* Working capital of $15.45 million (December 2017: $15.14 million);
* Reduced outstanding long-term loans by $2.67 million during the first half
of 2018;
* Carrying value of long-term loans $13.11 million (December 2017: $15.90
million);
* Development capital expenditures of $0.69 million on field infrastructure
(tie-in) improvements in the Mnazi Bay Concession in Tanzania;
* Exploration capital expenditures of $0.98 million on the Tembo Appraisal
License in Mozambique;
* G&A expense of $5.15 million including non-recurring expenses $2.92 million
and recurring G&A of $2.23 million (H1 2017: $2.01 million);
* Non-recurring expenses includes, management re-structuring costs of $0.83
million comprising Calgary employee severance and travel expenses related
to corporate re-structuring; redomicile costs of $0.34 million comprising
consultancy, legal and professional charges and; Tanzanian tax assessments
of $1.75 million for the years of 2013 to 2016.

Operational

Tanzania

* Average gross daily gas production for the period increased 115% to 79.3
MMscf/d from 36.9 MMscf/d in H1 2017; above current annual 2018 guidance of
65-75 MMscf/d.
* Exited H1 2018 with a new high daily gas production rate of 89 MMscf/d;
* Production ramp up due to Kinyerezi-I and Ubungo-II power stations
operating at near full capacity, commissioning of the Kinyerezi-II
gas-fired power station during Q4 2017, increasing growth in demand from
Industrial customers and lower quantities of gas supplied by industry
competitors;
* Low operating expense costs of $ 0.43 / Mscf (H1 2017: $1.16 / Mscf)
leveraging increased production volumes;
* Received total cash payments of $12.97 million from gas sales and recovery
of long-term government receivables during the first half of 2018;
* Regular monthly payments for gas sales continue to be received. As at June
30, 2018 six invoices for gas sales to TPDC were outstanding, with the
increase in receivables being accounted for by the increase in gas sales in
the outstanding months. Post June 30, 2018, TPDC has paid three invoices.

Mozambique

* A 12-month extension of the Tembo Appraisal License was granted by
Instituto Nacional de Petroleo (INP) on June 16, 2018;
* During the first six months of 2018 above ground security continued to be a
concern, especially in the Mocimboa da Praia and Palma regions. The Company
continues to monitor the situation;
* Wentworth continues to seek a risk sharing partner, whilst in parallel
advancing its technical studies, with a focus on commercial and
monetisation options. Work continues on a subsurface review on materiality
thresholds, reservoir properties and economic flow rate potential.

Eskil Jersing, Chief Executive Officer, commented:

The first half of 2018 has seen Wentworth make material progress on Mnazi
Bay
Production growth, receipt of revenues and long term receivables,
deleveraging of our balance sheet and redomicile of the Company to the UK. In
particular, we have exited Q2 2018 with milestone production of 89 MMcf/d on
Mnazi bay. Further, we have fully transitioned the Management team from
Calgary to the UK and continue to make strides towards a simpler, cheaper,
efficient and more robust platform for growth.

We have a strong and empowered team across the Company, all working
diligently
on maximising the value of our assets and towards a leaner operating model. I
look forward to continuing to help unlock the latent value in our core Mnazi
Bay asset and sharing progress on our path to value with all our
shareholders.