Q2 2012 Financial Statements and MD&A

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Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, today releases its unaudited Q2 2012 Condensed Consolidated Interim Financial Statements and Management's Discussion & Analysis and Director's Report for the second quarter and 6 months ended June 30, 2012.

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

HIGHLIGHTS:

Mnazi Bay, Tanzania:

• The Company's efforts throughout the first half of 2012 on concluding the previously announced Swap Transaction with Cove Energy PCL's ("Cove Energy") and the previously announced transaction with Maurel & Prom ("M&P") for the exercise of M&P's pre-emptive right in respect of the Company's acquisition of Cove Energy's participation interest in the Mnazi Bay Concession ("M&P Transaction") resulted in the successful completion of these two transactions in July 2012. At or immediately following completion, the Company: 

• received cash consideration of U$18,860,000; 

• paid $3,093,000 of closing costs relating to the Company's share of Cove Energy's share of Mnazi Bay Concession expenditures from the effective date of the Swap Transaction to the completion date; 

• holds a 31.94 percent participation interest of development and production operations (39.925 percent of exploration operations) in the Mnazi Bay Concession with the exception that the Company will pay 11.98 percent of the next $8,800,000 of capital expenditures; and 

• issued 2,000,000 shares to Cove Energy as part of the Swap Transaction. 

• The work overs of three wells on the Mnazi Bay and Msimbati gas fields commenced in Q2 2012 following the completion of drilling at the Ziwani-1 exploration well. The work overs will assess the long-term gas deliverability of the wells. The rig was mobilized to the MS-1X well site in June and will move to the MB-3 well site prior to completing the work over programme at the MB-2 well site.   

• The Mnazi Bay to Dar es Salaam Gas Pipeline Project was formally inaugurated on July 21, 2012, with construction commencing immediately and expected to take 12 to 14 months to complete. The pipeline will permit the Company access to the greater markets of Tanzania and provide a basis for concluding a Gas Sales Agreement. 

Onshore Rovuma, Mozambique:

• The 2D seismic programme progressed with demining and line cutting activities and surveying of prospective seismic lines. 

Corporate:

• The Company acquired the remaining non-controlling interest in the subsidiary holding the Company's Tanzanian operations for $1,622,000. 

Financial Information:

• Cash position of $8,830,000 as at June 30, 2012. 

• Following completion of the Swap and M&P transactions the Company has sufficient resources to meet planned capital and operating expenditures for the next 9 to 12 months. 

OUTLOOK

• The three well workover programme in the Mnazi Bay Concession is expected to be completed by the end of August.  

• The Company is working with M&P and TPDC to evaluate and agree upon a future exploration programme in the Mnazi Bay Concession which is anticipated to include offshore 3D seismic acquisition and the possibility of an exploration well.  

• 2D seismic acquisition in the Onshore Rovuma Basin, Mozambique is expected to be completed by early 2013.  Data continues to be processed with full interpretation commencing once sufficient seismic lines have been acquired.  

Geoff Bury, Managing Director, commented:

"We are pleased to report our financial results for thesecond quarter and six months ended June 30, 2012 during which the Company fully funded its oil and gas exploration and development activity with the proceeds it received from the disposal of its power plant and associated assets in Q1 2012. With the successful completion of the asset swap transaction with Cove Energy and purchase and sale transaction with Maurel et Prom, the Company is fully funded for its remaining commitments for 2012 and is in a position of strength to further the development of its attractive assets and seek new strategic growth opportunities to support the Company's ambitions to become a significant gas producer is East Africa."

Enquiries:

About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil & gas company with:  natural gas production; midstream and downstream assets; a committed exploration and appraisal drilling programme; and large-scale gas monetisation programmes, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.

Jon Rodd, (BSc and PhD in Geology), the Company's Competent Person, is a Director of Prime Energy Consult Ltd, which is providing technical advice to the Company. Dr Rodd has 29 years of experience in the exploration and production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies.

FORWARD LOOKING STATEMENTS

This press release may contain certain forward-looking information.  The words "expect", "anticipate", "believe", "estimate", "may", "will", "should", "intend", "forecast", "plan", and similar expressions are used to identify forward looking information.

The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Wentworth is currently active and other factors management believes are appropriate in the circumstances. Wentworth undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable law.

Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Wentworth's control.  These assumptions and risks include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in exploration, development and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the imprecision of resource and reserve estimates, assumptions regarding the timing and costs relating to production and development as well as the availability and price of labour and equipment, volatility of and assumptions regarding commodity prices and exchange rates, marketing and transportation risks, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in applicable law.  Additionally, there are economic, political, social and other risks inherent in carrying on business in Tanzania and Mozambique. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Wentworth's Management's Discussion and Analysis for the year ended December 31, 2011, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.

NOTICE

Neither the Oslo Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed this press release and neither accepts responsibility for the adequacy or accuracy of this press release.

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