Wentworth Resources : Limited : Update on the Acquisition of Cove Energy's Interest in Mnazi Bay Concession, Tanzania and M&P's Pre-Emption Rights

26 APRIL 2012

WENTWORTH RESOURCES LIMITED ("Wentworth")

 UPDATE ON THE ACQUISITION OF
COVE ENERGY'S INTEREST IN MNAZI BAY CONCESSION, TANZANIA
AND M&P'S PRE-EMPTION RIGHTS

Further to Wentworth's recent announcements regarding the proposed acquisition of Cove Energy plc's ("Cove Energy") 16.38% participation interest in the production operations (20.475% participation interest in exploration operations) in the Mnazi Bay Concession ("Concession") and M&P's pre-emption rights, Wentworth is pleased to provide the following update:

• As previously announced, Wentworth has entered into an agreement to purchase Cove Energy's participating interest in the Concession with an effective date of September 30, 2011 ("Effective Date"), which is held by Cove Energy's 100% owned subsidiary Cove Energy Tanzania Mnazi Bay Limited ("CETMBL"), in exchange for: 

  • Terminating its 4.95% royalty interest out of net profits from Cove Energy's 8.5% working intertest in the Offshore Rovuma Area 1 Concession in Mozambique, 

  • Two million newly issued fully paid shares in Wentworth, and 

  • Cove Energy also receiving a contingent payments of up to US$8.5 million, should certain future natural gas production thresholds from Mnazi Bay be reached. 

• The purchase of CETMBL by Wentworth has been approved by the Government of Tanzania 

• Wentworth has now entered into an agreement to sell 60.075% of the shares of CETMBL to M&P for: 

  • Cash consideration of approximately US$ 18.9 million to be paid to Wentworth upon closing, and 

  • M&P assuming 60.075% of the contingent payments due to Cove Energy. 

• M&P and Wentworth have agreed that upon completion of this transaction their respective pre-emption rights under the Joint Operating Agreement will be fully statisfied, 

• From the Effective Date, M&P's and Wentworth's share of revenue, operating costs, exploration costs and development costs are as set out in the table below, with the exception of M&P paying 88.02% of the costs of the Ziwani-1 exploration well and 88.02% of the next US$8.8 million of capital expenditures. 

The sale of 60.075% of the shares of CETMBL to M&P is subject to government approval.  Assuming receipt of this remaining government approval the effective interests will be as follows:

Partner	Percentage Interest in Development and Production	Percentage Interest in Exploration
M&P (operator)	48.06	60.075
Wentworth	31.94	39.925
TPDC	20.00	-

Executive Chairman, Bob McBean, commented:

"We are extremely pleased to provide this update to shareholders and look forward to completing these transactions upon receipt of government approval.  We continue to work with our partners, M&P and TPDC, to further the exploration and development of the Mnazi Bay Concession.  In anticipation of completion of the Mtwara to Dar es Salaam pipeline, negotiations of a gas sales agreement are underway, workovers of three existing gas wells will soon commence and the partners are planning exploration activities following the completion of the workovers.  These activities are designed to increase our resource base and position Wentworth to become a significant gas producer in Tanzania."

ENDS

About the Mnazi Bay Concession

The Mnazi Bay Concession Area is located in coastal, south-eastern Tanzania in the Ruvuma Basin. The area lies between Aminex's Ruvuma Concession Area and BG Group's offshore Block 1. The 756 km² concession area contains two discovered Tertiary aged gas fields (Mnazi Bay and Msimbati) and holds additional Tertiary, Cretaceous and Jurassic hydrocarbon potential. Four wells have been drilled to date:  MB-1, MB-2, MB-3 and MS-1X, and all four wells encountered hydrocarbons. MB-1 is currently producing gas at a rate of 1.7-2.0mmscf/d and this gas is transported via an 8", 27 kilometre pipeline to the Mtwara Power Plant where it generates electricity for numerous local communities. A new exploration well, Ziwani-1, is currently being drilled approximately 13 kilometres to the west of the producing Mnazi Bay and Msimbati Gas Fields.

Enquiries:

Wentworth		Bob McBean, Executive Chairman	[e-mail]
		Eric Fore, Finance, Investor & Public Relations Manager	[e-mail]
Panmure Gordon		Nominated adviser & broker	[phone]
		Katherine Roe Brett Jacobs
FirstEnergy Capital		Broker	[phone]
		Majid Shafiq Travis Inlow
College Hill		Investment relations adviser	[phone]
		Nick Elwes Catherine Maitland Alexandra Roper
Axxept		Investment relations adviser	[phone]
		Per Arne Totland

About Wentworth Resources

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

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.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.