27th Feb 2014 15:53
LONDON (Alliance News) - Wentworth Resources Ltd Thursday said it swung into a net loss in 2013 despite revenue rising slightly, as profit had been boosted by the sale of assets in the previous year.
The Tanzanian based oil and gas company posted a net loss of USD10.0 million, compared with a net profit of USD25.0 million in 2012 when it booked a USD29.80 million gain on the sale of oil and gas assets. Revenue rose to USD955,000, from USD820,000.
Wentworth said that it has funds available to meet its currently planned capital commitments for 2014. It raised USD46 million in a private share placing and open offer in 2013.
The company said the construction of the Mtwara to Dar es Salaam pipeline is progressing well, and it expects to begin selling natural gas into the pipeline in the third quarter of 2015. It is currently working towards signing a gas supply agreement with the Tanzanian government.
Wentworth is also going to process and interpret seismic data during 2014, which it expects to support the exploration drilling it will begin in the fourth quarter of 2014 or first quarter of 2015.
It is drilling two back-to-back exploration wells in the Rovuma Onshore licence in Mozambique, with an optional third well. The first well is expected to spud in the second quarter, and is expected to take two months to complete.
"Following the successful equity financing concluded during Q4 2013, Wentworth has a solid balance sheet and is fully funded for our planned 2014 exploration activities," said Managing Director Geoff Bury in a statement.
Shares in Wentworth were trading down 0.7% at 46.68 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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