TIDMWEN

RNS Number : 8428X

Wentworth Resources PLC

01 September 2022

1 September 2022

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

lnterim Results for the six months ended 30 June 2022

Wentworth achieves record financial results due to a continued increase in demand in H1; declaring an interim dividend of $1.45m

Wentworth Resources ( : WEN), the independent, Tanzania-focused natural gas production company, announces its interim financial results for the six months ended 30 June 2022. AII dollar values are expressed in US dollars unless stated otherwise.

Katherine Roe, CEO, commented:

"We are pleased to have announced another strong set of results. A robust balance sheet, record H1 production and a 10% increase in our interim dividend demonstrates our focus on delivering responsible growth whilst simultaneously increasing our considerable shareholder returns though our dividend policy and buyback programme. We are upbeat about the outlook for the remainder of 2022 and beyond, as we look to create value for Tanzania, shareholders and our wider stakeholders.

"We were delighted to be able to demonstrate our commitment to engaging with our stakeholders in-country at the Tanzania Energy Congress in August, which illustrated Tanzania's commitment to encouraging investment and growth in its energy sector - synonymous with the Government's business-friendly approach.

"As we look to increase scale and drive growth, we will continue to consider high quality opportunities on accretive terms, both within Tanzania and the broader region. Whilst disappointed that the acquisition of an interest in Ruvuma has been disrupted, having agreed terms that reflected the current risk reward balance of the asset, we have demonstrated our ability to identify value and negotiate favourable transactions in Tanzania."

HIGHLIGHTS

Dividend Declaration and Financial

-- lnterim dividend of $1.45 million declared, an increase of 10% from H1 2021 ($1.32 million) or 15% on a per share basis, bringing the total distribution to shareholders to $7.9 million in the last 12 months

o dividend distribution of $5.5 million

o share buyback of $2.4 million representing approximately five per cent of the issued share capital (8.3 million shares)

o expected FY dividend distribution for 2022 would equate to a yield of approximately 9.0% based on the current share price

-- Revenues grew 32% to $15.45 million (H1 2021: $11.7 million), due to sustained high levels of production at Mnazi Bay and higher gas price due to inflationary price mechanism

o low operational cost of production maintained at $0.45/Mscf (H1 2021: $0.49 Mscf); largely fixed insulating the Company from cost inflation

-- Adjusted earnings before interest, taxes, depreciation, amortization, and exploration (EBITDAX) increased by 43% to $9.6 million (H1 2021: $6.7 million)

   --    Strong financial position with $27.4 million cash (H1 2021: $22.8 million) and zero debt 

-- Tanzania Petroleum Development Corporation ("TPDC") continues to remain fully current with all invoices for gas sales

   --    Tanzania Electric Supply Company ("TANESCO") continue to settle arears 

Operational

-- Health and safety of employees, partners and local communities continues to be a top priority for Wentworth. On 2 August 2022, the Company celebrated six years without a Lost Time lncident (LTI)

-- Average daily production of 92.3 MMscf/day (gross) during the first six months of 2022, represents a record performance; a 14.9% increase from the same period in 2021

-- Average daily production for Q2 2022 was 86.3 MMscf/day (gross), above the high end of guidance; demonstrating the increased demand even across the traditional rainy season

-- Wentworth's share of Gross 2P Reserves estimated to be 135.2 Bcf, with a post-tax NPV10 of $108.9m as at 31 December 2021

-- The gas compression project is advancing with a contractor selected to perform the pre-FEED studies

-- Upcoming slickline and perforation operations during H2 2022 have the potential to support and add field production volumes

Corporate

-- Growth within Tanzania, to capitalise on Wentworth's in-country track record, continues to be a key focus as the Company seeks to leverage improving demand dynamics and strong operational performance

-- In June 2022, the Company reached an agreement with Scirocco Energy plc ("Scirocco") to acquire its 25% non-operated working interest in the Ruvuma Production Sharing Agreement in Tanzania. On 12 July 2022, the Company announced that Scirocco was informed by its partner ARA Petroleum Tanzania Ltd ("APT") of its intention to exercise its pre-emption rights in relation to the Proposed Acquisition under the terms of the Joint Operating Agreement. On 31 August 2022, Scirocco announced it had entered into binding agreements with APT with a view to completing the disposal by 31 December 2022. This pre-emption remains subject to approval by the Government of Tanzania

-- The proposed pre-emption clearly demonstrates the potential of the Ruvuma asset alongside Wentworth's ability to identify value and negotiate favourable transactions in Tanzania

-- Wentworth remains committed to identifying and pursuing further opportunities within the country and the region

-- Wentworth proudly sponsored the fourth Tanzania Energy Congress in Dar es Salaam in early August. The congress aimed to accelerate and stimulate market demand and drive new investment opportunities, through local, regional and international partnerships

Sustainability

   --    A robust ESG framework underpins Wentworth's operations as evidenced in the Company's second Sustainability Report, published in April 2022 in accordance with the Sustainability Accounting Standards Board 

-- This Sustainability Report was formally presented to key in-country stakeholders in August 2022 to complement Tanzania's wider sustainability ambitions

-- Wentworth continues to play a crucial role in increasing energy access to communities across the country and acting as a key partner for the Government of Tanzania to deliver on its ambition to provide universal energy access in Tanzania by 2030, in line with the UN Sustainable Development Goals

-- Continued progress on our community-focused carbon credit programmes with Vitol SA, aimed at offsetting all Mnazi Bay Scope 1 and Scope 2 emissions and partially offsetting Scope 3 emissions

-- Developing a climate strategy to ensure effective measurement and mitigation of climate-related impacts is a key focus for 2022

-- An active member of the United Nations Global Compact (UNGC): underlining Wentworth's commitment to operating responsibly

-- Independently, and together with in-country stakeholders and partners, Wentworth's Corporate Social Responsibility (CSR) projects aim to address issues impacting communities close to Mnazi Bay and the wider Mtwara region

Outlook

   --    Strong Tanzanian demand for power is anticipated throughout H2 2022, primarily driven by: 

o An increase in overall power demand nationwide;

o Stable demand from existing, and the connection of new, industrial customers; and

o Below average rainfall within the catchment area serving hydroelectric dams, consequently reducing hydro generation

-- Current average daily production at or slightly above the high end of production guidance is expected to continue during H2

Dividend

An interim dividend is declared of $0.8 cents per share ($1.45 million), payable by mid-October 2022. A final dividend for the year ending 31 December 2022 will be determined by the Board with the full year results and is expected to be approximately $2.9 million, in line with the Company's stated policy of 1/3:2/3 split between the interim and final dividend. Assuming a final dividend is declared, subject to shareholder approval, this would equate to a total distribution of $4.4 million, representing a full year dividend of $2.4 cents per share, a yield of approximately 9.0% at the current share price.

The Company has introduced the option for shareholders to invest their dividend in a Dividend Reinvestment Plan ("DRIP"). The DRIP is administered by Link Market Services Trustees Limited and provides shareholders with the opportunity to reinvest dividend payments to purchase additional ordinary shares in the Company, in the market. For shareholders who wish to receive their dividend in the form of shares, the deadline to elect for the DRIP is 16 September 2022.

Detail about the DRIP, including the terms and conditions and how to join or exit the DRIP are available at www.signalshare.com or by calling Link on +44 (0)371 664 0300. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 9.00am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales.

lnterim Dividend Payment Timetable:

   --    Ex-dividend date:                                                    8 September 2022 
   --    Record Date:                                                              9 September 2022 
   --    Latest date to make DRIP election:                                  16 September 2022 
   --    US dollar to GBP GBP calculation date:                  16 September 2022 
   --    Payment Date:                                                          7 October 2022 

Following the closure of the VPS Register all dividends are paid on the same date in GBP GBP.

lnterim Results Conference Calls

Analyst call

The Company is holding a conference call for analysts at 9:00am BST today, Thursday 1 September. An updated presentation will be available at that time on the Company's website: wentplc.com.

To register for the call, please click on the following link:

https://secure.emincote.com/client/wentworth/wentworth010/vip_connect

You can view the presentation during the call via the following link:

https://secure.emincote.com/client/wentworth/wentworth010

Shareholder Presentation

The Company is holding a live presentation and Q&A webinar for investors at 1.00pm BST today, Thursday 1 September, via lnvestor Meet Company.

register for the call, please click on the following link:

https://www.investormeetcompany.com/wentworth-resources-plc/register-investor

Ends

 
Enquiries: 
Wentworth Resources              Katherine Roe                            katherine.roe@wentplc.com 
                                  Chief Executive Officer                  +44 (0) 7841 087 230 
                                 AIM Nominated Adviser and Joint Broker 
                                  Callum Stewart 
                                  Ashton Clanfield 
Stifel Nicolaus Europe Limited    Simon Mensley                            +44 (0) 20 7710 7600 
                                 Joint Broker 
                                  Richard Crichton 
 Peel Hunt LLP                    Alexander Allen                          +44 (0) 20 7418 8900 
                                 Communications Advisor 
                                  Sara Powell 
                                  Ben Brewerton 
 FTI Consulting                   Ollie Mills                              +44 (0) 20 3727 1000 
 

About Wentworth Resources

Wentworth Resources plc (AIM: WEN) is a leading, domestic natural gas producer in Tanzania with a core producing asset at Mnazi Bay in the onshore Rovuma Basin in Southern Tanzania.

NOTES

Cameron Snow, Head of Subsurface and Business Development, is a geologist with 15 years' experience across North America, South America, Africa, and Europe. He holds a BS in Geology from North Carolina State University, an MS in Geology from Utah State University, a PhD in Geological and Environmental Science from Stanford University, and an MBA from Imperial College London. Mr. Snow has read and approved the technical disclosure in this regulatory announcement.

RESERVE DEFINITIONS

These definitions are based on the Petroleum Resources Management System, published in 2007, and revised in June 2018, and sponsored by the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG), Society of Petroleum Evaluation Engineers (SPEE), Society of Exploration Geophysicists (SEG), Society of Petrophysicists and Well Log Analysts (SPWLA), and the European Association of Geoscientists & Engineers (EAGE).

Reserves

Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must satisfy four criteria: discovered, recoverable, commercial, and remaining (as of the evaluation's effective date) based on the development project(s) applied.

Reserves are classified according to a range of uncertainty according to the following categories:

Proved Reserves (P1)

Proved Reserves are those quantities of Petroleum that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable from known reservoirs and under defined technical and commercial conditions. If deterministic methods are used, the term "reasonable certainty" is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate.

Probable Reserves (P2)

Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.

Glossary

 
 Bcf/Bscf    Billion standard cubic 
              feet 
 
Mscf         Thousand standard 
              cubic feet 
             ---------------------- 
MMscf        Million standard cubic 
              feet 
             ---------------------- 
 

Inside Information

The information contained within this announcement is deemed by Wentworth to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

 
                                                        Six months ended 30 
                                                                       June 
                                                        2022           2021 
                                                 (unaudited)    (unaudited) 
                                        Note            $000           $000 
                                              --------------  ------------- 
 
 
 Total revenue                          4             15,447         11,663 
 
 Production and operating costs                      (1,922)        (1,655) 
 Depletion                              10           (3,945)        (3,324) 
-----------------------------------  -------  --------------  ------------- 
 Total cost of sales                                 (5,867)        (4,979) 
 
 Gross profit                                          9,580          6,684 
 
 Recurring administrative costs         5            (3,028)        (2,974) 
 New venture and pre-licence costs                     (232)          (263) 
 Share-based payment charges            15             (472)          (167) 
 Depreciation                           10              (49)            (1) 
 Total costs                                         (3,781)        (3,405) 
 
 Profit from operations                                5,799          3,279 
 
 Finance income                         6                 45             30 
 Finance costs                          6              (290)          (590) 
-----------------------------------  -------  --------------  ------------- 
 Profit before tax                                     5,554          2,719 
 
 Current tax expense                                   (223)          (118) 
 Deferred tax expense                                    841            759 
-----------------------------------  -------  --------------  ------------- 
                                                         618            641 
 Net and comprehensive profit 
  after tax                                            6,172          3,360 
 Net profit per ordinary share 
 Basic and diluted (US$/share)          18              0.03          0.018 
-----------------------------------  -------  --------------  ------------- 
 
 

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

 
                                                     30 June   31 December 
                                                        2022          2021 
                                                 (unaudited)     (audited) 
                                        Note            $000          $000 
-----------------------------------  ------- 
 
 ASSETS 
 Current assets 
 Cash and cash equivalents                            27,382        22,820 
 Trade and other receivables            7              9,345         5,550 
                                                      36,727        28,370 
-----------------------------------  -------  -------------- 
 
   Non-current assets 
 Exploration and evaluation assets      9              8,129         8,129 
 Property, plant and equipment          10            62,884        66,465 
 Deferred tax asset                                    9,080         8,239 
-----------------------------------  -------  --------------  ------------ 
                                                      80,093        82,833 
-----------------------------------  -------  --------------  ------------ 
 Total assets                                        116,820       111,203 
-----------------------------------  -------  --------------  ------------ 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables               12             1,660         2,503 
 Dividend payable                       19             2,680             - 
                                                       4,340         2,503 
-----------------------------------  -------  -------------- 
 
   Non-current liabilities 
 Decommissioning provision              13             2,009         1,929 
 Lease liability                        14                14            36 
-----------------------------------  ------- 
                                                       2,023         1,965 
-----------------------------------  -------  --------------  ------------ 
 
   Equity 
 Share capital                          17           414,828       414,919 
 Equity reserve                                       27,016        26,695 
 Accumulated deficit                               (331,387)     (334,879) 
-----------------------------------  -------  --------------  ------------ 
                                                     110,457       106,735 
-----------------------------------  -------                  ------------ 
 Total liabilities and equity                        116,820       111,203 
-----------------------------------  -------  --------------  ------------ 
 
 
 

The condensed consolidated financial statements of Wentworth Resources plc, registered number 127571, were approved by the Board of Directors and authorised for issue on 1 September 2022.

Signed on behalf of the Board of Directors.

Katherine Roe

Chief Executive Officer

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

 
 
                                                       Number             Share      Equity     Accumulated      Total 
                              Note                  of shares           capital     reserve         deficit     equity 
                                                                           $000        $000            $000       $000 
-------------------------  -------  -------------------------  ----------------  ----------  --------------  --------- 
 
 
 Balance at 31 December 
  2020 (audited)                                  186,488,465           416,426      26,656       (337,049)    106,033 
 
 Dividends                      19                          -                 -           -         (3,920)    (3,920) 
 Net profit and 
  comprehensive 
  profit                                                    -                 -           -           6,067      6,067 
 Share based compensation       15                          -                 -         537               -        537 
 Cancellation of own 
  shares                        16                  (939,326)             (318)         295              23          - 
 Repurchase of own shares       16                (4,500,000)           (1,189)       (793)               -    (1,982) 
-------------------------  -------  ------------------------- 
 Balance at 31 December 
  2021 (audited)                                  181,049,139           414,919      26,695       (334,879)    106,735 
 
 Dividends                      19                          -                 -           -         (2,680)    (2,680) 
 Repurchase of own shares       16                  (866,572)              (91)       (151)               -      (242) 
 Net profit and 
  comprehensive 
  profit                                                    -                 -           -           6,172      6,172 
 Share based compensation       15                          -                 -         472               -        472 
-------------------------  -------  -------------------------  ----------------  ----------  --------------  --------- 
 Balance at 30 June 2022 
  (unaudited)                                     180,182,567           414,828      27,016       (331,387)    110,457 
-------------------------  -------  -------------------------  ----------------  ----------  --------------  --------- 
 
 

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

 
                                                                      Six months ended 
                                                                               30 June 
                                                                   2022           2021 
                                                            (unaudited)    (unaudited) 
                                                   Note            $000           $000 
----------------------------------------------  ------- 
 
 Operating activities 
 Net profit for the year                                          6,172          3,360 
 Adjustments for: 
   Depreciation and depletion                      10             3,994          3,325 
   Net finance costs                               6                220            560 
    Income tax expense                                            (618)          (641) 
   Share based compensation                        15               472            167 
                                                                 10,240          6,771 
 Change in non-cash working capital: 
   Trade and other receivables                                  (3,794)        (2,041) 
   Trade and other payables                                     (1,019)            545 
----------------------------------------------  ------- 
 Cash generated from operating activities                         5,427          5,275 
 
 Current tax paid                                                 (223)          (118) 
 Withholding tax paid                                                 -          (440) 
 Net cash generated from operating activities                     5,204          4,717 
----------------------------------------------  -------  --------------  ------------- 
 
 Investing activities 
 Additions to property, plant and equipment        10             (402)           (29) 
 Interest income                                                     36             19 
 Proceeds from disposal                                               9              - 
 Net cash used in investing activities                            (357)           (10) 
 
 Financing activities 
 Repurchase of own shares                          16             (242)              - 
 Lease payment                                     14              (28)              - 
 Bank charges                                      6               (15)           (11) 
 Net cash used in financing activities                            (285)           (11) 
----------------------------------------------  -------  --------------  ------------- 
 
 
 Net change in cash and cash equivalents                          4,562          4,696 
 
 Cash and cash equivalents, beginning 
  of the period                                                  22,820         17,787 
 
 Cash and cash equivalents, end of the 
  period                                                         27,382         22,483 
----------------------------------------------  -------  --------------  ------------- 
 
 
   1.   Incorporation and basis of preparation 

Wentworth Resources plc ("Wentworth" or the "Company") is a domestic natural gas producer in Tanzania. These unaudited condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries (collectively referred to as the "Wentworth Group" or simply the "Group"). Wentworth is a gas exploration, development and production company incorporated in Jersey and listed on the AIM Market of the London Stock Exchange (ticker: WEN).

The Company's principal place of business is located at 4th Floor, St Paul's Gate, 22-24 New Street, St Hellier, Jersey JE1 4TR.

The Company maintains offices in Dar es Salaam in the United Republic of Tanzania and Jersey.

   2.   Summary of significant accounting policies 

Use of judgements and estimates

In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the 2021 annual report and financial statements.

Going concern

Directors and senior management continue to allocate considerable resources to ensuring that Wentworth is well placed to continue to safely produce gas from Mnazi Bay alongside the Operator, Maurel et Prom. Given the essential nature of services provided and the forecasted impact of recent world events to both international capital markets and production operations in the United Republic of Tanzania, the Group notes that an interruption to production is remote. The Directors however are mindful of the speed with which circumstances may change, both for the better or for the worse, and all modelling is based on the most current information available.

The Group has a long established and collaborative relationship with the Government of the United Republic of Tanzania, having operated in-country for many years, however the Directors do recognise that the Group is dependent upon the continued collection of gas sales invoices and ongoing operational support of the Government as its sole gas sales customer through its operating agencies Tanzania Petroleum Development Corporation ("TPDC") and Tanzania Electric Supply Company Limited ("TANESCO").

The Directors have, therefore, judged that on a risk-weighted basis, which takes into consideration both the probability of occurrence and an estimate of the financial impact, the continued timely settlement of gas-sales invoices by the Government of the United Republic of Tanzania to be the most significant risk currently faced by the Group. To this end, should no settlement of future gas sales invoices be received from the date of approval of these financial statements, we have assessed that the Group would be able to continue to operate for a period of up to 23 months without the need for a further injection of working capital.

Further to this, based on the application of reasonable and foreseeable sensitivities, which include potential changes in demand, capital spend and operating costs, the Directors believe that the Group is well placed to manage its financial exposures. The Directors have judged that owing to the stability of this relationship, the Group has sufficient cash resources for its working capital needs, committed capital and operational expenditure programmes for at least the next 23 months based on the Directors worst case scenario of no settlement of future gas sales as noted above.

Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Basis of presentation and statement of compliance

These unaudited condensed consolidated interim financial statements have been prepared by management in accordance with International Accounting Standard 34, "Interim Financial Reporting". The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

These unaudited condensed consolidated interim financial statements have been prepared following the same accounting policies as the annual audited consolidated financial statements for the year ended 31 December 2021 and should be read in conjunction with the annual audited consolidated financial statements and the notes thereto. These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on 31 August 2022. The disclosures provided below are incremental to those included in the 2021 annual consolidated financial statements.

The information for the year ended 31 December 2021 included in the report was derived from the statutory accounts for that year which were prepared in accordance with Jersey Company Law. Under that law the Directors have elected to prepare the Group financial statement in accordance with UK-adopted international accounting standards, in conformity with the requirements of the Companies (Jersey) Law 1991. The auditor's opinion in relation to those accounts was unqualified, did not draw attention to any matters by way of emphasis or any other matters as may be required under The Companies (Jersey) Law 1991.

Functional and presentation currency

These consolidated financial statements are presented in US dollars which is the functional currency of the Group.

Basis of consolidation

These unaudited condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities that the Company controls. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its authority over the investee. The existence and effect of potential voting rights are considered when assessing whether a company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

The legal entities within the Wentworth Group are noted in note 11 of this report.

Changes in accounting policies.

The following accounting standards, amendments and interpretations, which had no significant impact on these financial statements, became effective in the current reporting period on adoption in the United Kingdom of Great Britain through the newly established UK Endorsement Board ("UKEB"):

IAS 37 (amendments) 'Onerous Contracts - Cost of Fulfilling a Contract': The IASB effective date is 1 January 2022 and the UKEB adopted the amendment on 12 April 2022. The amendments specify that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). This amendment is not expected to have impact on the Group's consolidated financial statements.

IAS 16 (amendments) 'Property, Plant and Equipment - Proceeds before Intended Use': The IASB effective date is 1 January 2022 and the UKEB adopted the amendment on 12 April 2022 . The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. This amendment is not expected to have impact on the Group's consolidated financial statements.

Future accounting pronouncements

At the date of these interim financial statements the standards and interpretations listed below were issued but not yet effective. The adoption of these standards may result in future changes to existing accounting policies and disclosures. The Company is currently evaluating the impact that these standards will have on results of operations and financial position:

 
 Standard              Description              IASB Issue     IASB Effective   Secretary 
                                                 Date           Date             of State 
                                                                                 Adoption 
                                                                                 Date 
 IAS 1 (amendments)    Classification           23 January     1 January 2023   Endorsed 
                        of Liabilities           2020 
                        as Current or 
                        Non-current. 
                      -----------------------  -------------  ---------------  ---------- 
 IFRS 17               Insurance contracts.     25 June 2020   1 January 2023   Endorsed 
                      -----------------------  -------------  ---------------  ---------- 
 IAS 12 (Amendments)   Deferred tax             7 May 2021     1 January 2023   Endorsed 
                        related to assets 
                        and liabilities 
                        arising from 
                        a single transaction. 
                      -----------------------  -------------  ---------------  ---------- 
 IAS 8 (amendments)    Definition of            12 February    1 January 2023   Endorsed 
                        accounting estimates.    2021 
                      -----------------------  -------------  ---------------  ---------- 
 IAS 1 and             Disclosure of            12 February    1 January 2023   Endorsed 
  IFRS Practice         accounting policies.     2021 
  Statement 
  2 (amendments) 
                      -----------------------  -------------  ---------------  ---------- 
 
   3.   Segment information 

Net income/(loss) for the six months ended 30 June 2022

 
                                   Tanzania Operations 
                                           (unaudited)          Corporate    Consolidated 
                                                  $000        (unaudited)     (unaudited) 
                                                                     $000            $000 
--------------------------------  --------------------  -----------------  -------------- 
 
 Total revenue                                  15,447                  -          15,447 
 
 Production and operating 
  costs                                        (1,922)                  -         (1,922) 
 Depletion                                     (3,945)                  -         (3,945) 
--------------------------------  --------------------  -----------------  -------------- 
 Total cost of sales                           (5,867)                  -         (5,867) 
 
 Gross profit                                    9,580                  -           9,580 
 
 Recurring administrative 
  costs                                        (1,968)            (1,060)         (3,028) 
 New venture and pre - 
  licence costs                                      -              (232)           (232) 
 Share-based payment charges                      (77)              (395)           (472) 
 Depreciation                                     (49)                  -            (49) 
 Total costs                                   (2,094)            (1,687)         (3,781) 
 
 Profit/(loss) from operations                   7,486            (1,687)           5,799 
 
 Net finance costs                               (104)              (141)           (245) 
--------------------------------  --------------------  -----------------  -------------- 
 Profit/(loss) before 
  tax                                            7,382            (1,828)           5,554 
 
 Current tax expense                             (223)                  -           (223) 
 Deferred tax expense                              841                  -             841 
--------------------------------  --------------------  -----------------  -------------- 
 
   Net and comprehensive 
   Profit/(loss) from continued 
   operations                                    8,000            (1,828)           6,172 
--------------------------------  --------------------  -----------------  -------------- 
 

Net income/(loss) for the six months ended 30 June 2021

 
                                   Tanzania Operations 
                                           (unaudited)          Corporate    Consolidated 
                                                  $000        (unaudited)     (unaudited) 
                                                                     $000            $000 
--------------------------------  --------------------  -----------------  -------------- 
 
 Total revenue                                  11,663                  -          11,663 
 
 Production and operating 
  costs                                        (1,655)                  -         (1,655) 
 Depletion                                     (3,324)                  -         (3,324) 
--------------------------------  --------------------  -----------------  -------------- 
 Total cost of sales                           (4,979)                  -         (4,979) 
 
 Gross profit                                    6,684                  -           6,684 
 
 Recurring administrative 
  costs                                          (767)            (2,207)         (2,974) 
 New venture and pre - 
  licence costs                                      -              (263)           (263) 
 Share-based payment charges                      (36)              (131)           (167) 
 Depreciation                                      (1)                  -             (1) 
 Total costs                                     (804)            (2,601)         (3,405) 
 
 Profit/(loss) from operations                   5,880            (2,601)           3,279 
 
 Net finance costs                                (44)              (516)           (560) 
--------------------------------  --------------------  -----------------  -------------- 
 Profit/(loss) before 
  tax                                            5,836            (3,117)           2,719 
 
 Current tax expense                             (118)                  -           (118) 
 Deferred tax expense                              759                  -             759 
--------------------------------  --------------------  -----------------  -------------- 
 
   Net and comprehensive 
   Profit/(loss) from continued 
   operations                                    6,477            (3,117)           3,360 
--------------------------------  --------------------  -----------------  -------------- 
 

Selected balances as at 30 June 2022

 
 
                                                      Mozambique 
                                                      Operations 
                                      Tanzania    (Discontinued) 
                                    Operations 
                                   (unaudited)       (unaudited)       Corporate      Consolidated 
                                          $000              $000     (unaudited)       (unaudited) 
                                                                            $000              $000 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 Current assets                         18,831               101          17,795            36,727 
 Exploration and evaluation 
  assets                                 8,129                 -               -             8,129 
 Property, plant and 
  equipment                             62,884                 -               -            62,884 
 Deferred tax asset                      9,080                 -               -             9,080 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 
   Total assets                         98,924               101          17,795           116,820 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 
 Current liabilities                     1,160                 -           3,180             4,340 
 Non-current liabilities                 2,023                 -               -             2,023 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 
   Total Liabilities                     3,183                 -           3,180             6,363 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 

Capital additions for the six months ended 30 June 2022

 
 
 Additions to property, 
  plant 
  and equipment                413     -       -     413 
------------------------  --------  ----  ------  ------ 
 

Selected balances as at 30 June 2021

 
 
                                                      Mozambique 
                                                      Operations 
                                      Tanzania    (Discontinued) 
                                    Operations 
                                   (unaudited)       (unaudited)       Corporate      Consolidated 
                                          $000              $000     (unaudited)       (unaudited) 
                                                                            $000              $000 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 Current assets                         19,764               101           8,505            28,370 
 Exploration and evaluation 
  assets                                 8,129                 -               -             8,129 
 Property, plant and 
  equipment                             66,464                 -               1            66,465 
 Deferred tax asset                      8,239                 -               -             8,239 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 
   Total assets                        102,596               101           8,506           111,203 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 
 Current liabilities                     1,704                 -             799             2,503 
 Non-current liabilities                 1,965                 -               -             1,965 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 
   Total Liabilities                     3,669                 -             799             4,468 
----------------------------  ----------------  ----------------  --------------  ---------------- 
 

Capital additions for the six months ended 30 June 2021

 
 
 Additions to property, 
  plant 
  and equipment                        29   -     -   29 
------------------------  ---------------      ----  --- 
 
   4.   Revenue 
 
                                       Six months ended 30 June 
                                 ------------------------------ 
                                           2022            2021 
                                    (unaudited)     (unaudited) 
                                           $000            $000 
                                 --------------  -------------- 
 Revenue from gas sales                  15,224          11,530 
 Revenue from condensate sales                -              12 
 Other revenue                              223             121 
                                         15,447          11,663 
                                 --------------  -------------- 
 

Other revenue represents the recovery of corporate income taxes incurred through adjustments to TPDC gas sales entitlements.

   5.   General and administrative costs 
 
                                                Six months ended 30 June 
                                                    2022            2021 
                                             (unaudited)     (unaudited) 
                                                    $000            $000 
                                          --------------  -------------- 
 Employee salaries and benefits                    1,096           1,054 
 Contractors and consultants                         536             476 
 Travel and accommodation                            157              58 
 Professional, legal and advisory                    325             326 
 Office and administration                           211             225 
 Corporate and public company costs                  703             835 
                                          --------------  -------------- 
 Total general and administrative costs            3,028           2,974 
 
   6.   Finance income and finance costs 
 
                                                                  Six months ended 30 June 
                                                                      2022            2021 
                                                               (unaudited)     (unaudited) 
                                                                      $000            $000 
                                                            --------------  -------------- 
 Finance income 
 Interest income                                                        36              19 
 Gain on disposal of office and other equipment (note 10)                9               - 
 Reversal of credit losses on TANESCO receivable                         -              11 
 
                                                                        45              30 
                                                            --------------  -------------- 
 
 Finance costs 
 Foreign exchange loss                                               (167)            (76) 
 Accretion - decommissioning provision                                (80)            (63) 
 Intercompany loan withholding tax costs                              (25)               - 
 Bank Fees & Service Charge                                           (15)            (11) 
 Lease interest expenses (note 14)                                     (3)               - 
 Dividend withholding tax costs                                          -           (440) 
 
                                                                     (290)           (590) 
                                                            --------------  -------------- 
 
 Net finance costs                                                   (245)           (560) 
                                                            --------------  -------------- 
 
   7.   Trade and other receivables 
 
                                       Balance at           Balance at 
                                     30 June 2022     31 December 2021 
                                      (unaudited)            (audited) 
 
 Receivable from the Operator               3,976                1,087 
 Trade receivables from TPDC                2,471                1,917 
 Trade receivables from TANESCO               898                  351 
 Other receivables from TPDC                  136                  378 
 Other receivables                          1,864                1,817 
                                  ---------------  ------------------- 
 
                                            9,345                5,550 
                                  ---------------  ------------------- 
 

Receivable from the Operator: At 30 June 2022, $4.0 million was receivable from the Operator, Maurel et Prom, which includes amounts received from TPDC of $3.9 million (December 2021: $1.0 million) and TANESCO of $108k (December 2021: $62k) on behalf of Wentworth. With the mutual consent of both parties, these amounts were retained by the Operator pending the clarification of repatriation terms with the Government of Tanzania. This clarification was received in August 2022, at which point all previously retained amounts were paid to Wentworth.

Receivable from TPDC: Comprise trade receivables of $2.5 million (December 2021: $1.9 million) were due from TPDC, representing one-month of gas sales. This was settled in full in July 2022.

Receivable from TANESCO: Comprise trade receivables of $898k (December 2021: $351k) were due from TANESCO, representing seven-months of gas sales (December 2021: three months). Subsequent to 30 June 2022, TANESCO have paid two of these invoices, totalling $193k.

Other receivables from TPDC : Comprise income tax of $136k (December 2021: $378k) paid by WGL, a wholly owned subsidiary of the Company. The income tax is anticipated to be recovered from TPDC's share of profit gas within the next 12-months under the terms of the Mnazi Bay PSA, which provides such a mechanism for the recovery of all corporate taxes.

Other receivables: Comprise VAT recoverable of $969k (December 2021: $886k), gas condensate sales of $80k (December 2021: $80k), corporate tax prepayments of $508k (December 2021: $483k), prepaid insurance $79k (December 2021: $88k) and other prepayments of $228k (December 2021: $280). In accordance with IFRS 9, the Company notes no material expected credit losses. Tanzania Government receivables.

   8.   Government of Tanzania receivables 

The Group has an agreement with the Government of the United Republic of Tanzania (TANESCO, TPDC and the Ministry of Energy and Minerals) to be reimbursed for all the project development costs associated with Umoja transmission and distribution expenditures at cost, which was divested on 7 February 2012.

The Government is conducting an ongoing review and due to the age and uncertainty surrounding the receivable and its recoverability, the Group made a provision in-full during 2018 against the carrying amount without prejudice to the ongoing commercial discussions with the Government, the Group has reviewed this at the year-end and continues to feel the provision is appropriate.

   9.   Exploration and evaluation assets 
 
                                           $000 
                                         ------ 
 
 Balance at 31 December 2021 (audited) 
  and 30 June 2022 (unaudited)            8,129 
                                         ------ 
 

Exploration costs comprise the acquisition and interpretation of 3D Seismic 225 Km(2) and 2D High Resolution Seismic 281 Km(2) at Mnazi Bay.

There have been no indicators of impairment during the period and as such no full impairment review has been undertaken.

   10.          Property, plant and equipment 
 
                                  Natural gas properties           Office and other equipment   Right of use 
                                                                                                                 Total 
                                                    $000                                 $000           $000      $000 
                                 -----------------------  -----------------------------------  -------------  -------- 
 Cost 
 Balance at 31 December 2021 
  (audited)                                      104,717                                  630            124   105,471 
 
 Additions                                           219                                  183             11       413 
 Disposals                                             -                                (183)              -     (183) 
 Balance at 30 June 2022 
  (unaudited)                                    104,936                                  630            135   105,701 
                                 -----------------------  -----------------------------------  -------------  -------- 
 
 
 Accumulated depreciation and depletion 
 
 Balance at 31 December 2021 (audited)    (38,364)   (597)     (45)   (39,006) 
 
 Depletion and depreciation                (3,945)    (23)     (26)    (3,994) 
 Disposals                                       -     183        -        183 
 
 Balance at 30 June 2022 (unaudited)      (42,309)   (437)     (71)   (42,817) 
                                         ---------  ------  -------  --------- 
 
 
 Carrying amounts 
 31 December 2021 (audited)    66,353    33   79   66,465 
 30 June 2022 (unaudited)      62,627   193   64   62,884 
 

There have been no indicators of impairment during the period and as such no full impairment review has been undertaken.

During the six months, the Group made cash additions to PPE totaling $402k (2021: $29k). Right of use asset addition of $11k (2020: nil) relates to office space leased in Tanzania.

During the period the Group sold a number of motor vehicles which were carried at a cost of $183k and were fully depreciated at the date of disposal. A gain on disposal of $9k was recognised within finance income (note 6).

   11.          Subsidiary undertakings 

The principal subsidiary undertakings as at 30 June 2022 are:

 
 Name of Company             Country             Class        Types           Percentage   Nature 
                              of incorporation    of shares    of ownership    holding      of business 
                                                  held 
--------------------------  ------------------  -----------  --------------  -----------  ------------- 
 Wentworth Resources         United Kingdom       Ordinary       Direct          100%        Investment 
  (UK) Limited                                                                                  holding 
                                                                                                company 
 Wentworth Holdings          Jersey               Ordinary       Direct          100%        Investment 
  (Jersey) Limited                                                                              holding 
                                                                                                company 
 Wentworth Tanzania          Jersey               Ordinary      Indirect         100%        Investment 
  (Jersey) Limited                                                                              holding 
                                                                                                company 
 Wentworth Gas (Jersey)      Jersey               Ordinary      Indirect         100%        Investment 
  Limited                                                                                       holding 
                                                                                                company 
 Wentworth Gas Limited       Tanzania             Ordinary      Indirect         100%       Exploration 
                                                                                             production 
                                                                                                company 
 Cyprus Mnazi Bay            Cyprus               Ordinary      Indirect       39.925%      Exploration 
  Limited                                                                                    production 
                                                                                                company 
 Wentworth Mozambique        Mauritius            Ordinary      Indirect         100%        Investment 
  (Mauritius) Limited                                                                           holding 
                                                                                                company 
 Wentworth Moçambique   Mozambique           Ordinary      Indirect         100%       Exploration 
  Petroleos, Limitada                                                                           company 
  (1) 
 

(1) Wentworth Moçambique Petroleos, Limitada is in the process of liquidation after relinquishment of the Tembo Block Appraisal Licence

   12.          Trade and other payables 
 
                                            Balance at           Balance at 
                                          30 June 2022     31 December 2021 
                                           (unaudited)            (audited) 
                                                  $000                 $000 
 Payable to Mnazi Bay Operator                     894                1,222 
 Trade payables                                    404                  250 
 Other payables and accrued expenses               362                1,031 
 
                                                 1,660                2,503 
                                       ---------------  ------------------- 
 

The payable to Mnazi Bay Operator represents the accrued cash call for the second quarter of 2022 for field costs between 1 April and 30 June 2021 totaling $894k (December 2022: 1.2 million). The cash call was settled in July 2022.

Other payables and accrued expenses include audit fees accrual $248k (December 2021: $320k), Other third-party services of $39k (December 2021: $59K), payroll taxes $21k (December 2021: nil) and current lease liability $54k (December 2021: $46k).

   13.          Decommissioning and Abandonment provision 

A reconciliation of the decommissioning obligations is provided below:

 
                                           Balance at      Balance at 
                                         30 June 2022     31 December 
                                                                 2021 
                                          (unaudited)       (audited) 
                                                 $000            $000 
                                      ---------------  -------------- 
 Balance at 1 January                           1,929           1,514 
 Change in accounting estimates                     -             289 
 Accretion                                         80             126 
 Balance at 30 June and 31 December             2,009           1,929 
                                      ---------------  -------------- 
 
   14.          Lease liability 

The Group recognised a lease liability of $68k (December 2021: $82k), $54k of which is current (December 2021: $46k) and is presented in trade and other payables:

 
                              Balance at     Balance at 
                            30 June 2022    31 December 
                                                   2021 
                             (unaudited)      (audited) 
                                    $000           $000 
                          --------------  ------------- 
Balance at 1 January                  82              - 
Additions                             11            124 
Lease interest expenses                3              8 
Lease payment                       (28)           (50) 
Balance at 31 December                68             82 
                          --------------  ------------- 
 
Current                               54             46 
Non-current                           14             36 
                          --------------  ------------- 
 
   15.          Share-based payments 
 
                                                                                     Six months ended 30 June 
                                                                                           2022          2021 
                                                                                    (unaudited)     (audited) 
                                                                                           $000          $000 
------------------------------------------------------------------------------  --------------- 
 
 Share based compensation recognized in the statement of Comprehensive income               472           167 
------------------------------------------------------------------------------  ---------------  ------------ 
 

Movement in the total number of share options outstanding and their related weighted average exercise prices are summarized as follows:

 
                                    Number of   Weighted average exercise price (US$)) 
                                      options 
                                 ------------  --------------------------------------- 
 
 Outstanding at 1 January 2022     10,749,451                                     0.17 
 
   Granted                          4,031,020                                        - 
 Lapsed                             (495,422)                                        - 
 Outstanding at 30 June 2022       14,285,049                                     0.13 
                                 ------------  --------------------------------------- 
 

The following table summarizes share options outstanding and exercisable at 30 June 2022:

 
                                                 Outstanding             Exercisable 
   Exercise        Exercise       Number of options   Weighted average     Number of 
  price (NOK)    price (US$)(1)                        remaining life        options 
                                                           (years) 
-------------  ----------------  ------------------  -----------------  ------------ 
 
      -                -                  1,016,430          10                    - 
      -                -                  3,014,590         9.8                    - 
      -                -                    957,447         9.4                    - 
      -                -                  3,368,368         9.0                    - 
      -                -                    942,593         8.1                    - 
      -                -                  2,485,621         7.5                    - 
     3.85            0.39                   750,000         3.5              750,000 
     5.18            0.53                 1,500,000         1.9            1,500,000 
     4.08            0.41                   250,000         0.8              250,000 
                                         14,285,049                        2,500,000 
                                 ------------------  -----------------  ------------ 
 

(1) The US Dollar to Norwegian Kroner exchange rate used for determining the exercise price at 30 June 2022 is 0.10149

   16.          Repurchase of own shares 
 
                                                2022      2021 
                                           unaudited   audited 
                                                $000      $000 
----------------------------------------  ----------  -------- 
 
Settlement of 866,572 ordinary shares            242         - 
 at total cost GBP184k 
Settlement of 7,500,000 ordinary shares 
 at total cost GBP1.5 million                      -     1,982 
                                                 242     1,982 
----------------------------------------  ----------  -------- 
 

During the six months, the Company incurred $242k to repurchase 866,572 ordinary shares, 330,078 repurchased at cost of $91k were cancelled and removed from the register during the period, the balance of 536,494 repurchased at cost of $151k were cancelled and removed from the register in July 2022. At 30 June 2022, the Company held 3,536,494 shares in treasury (2021: nil).

On 17 December 2021, the Company incurred $2.0 million to repurchase 7,500,000 ordinary shares of which 4,500,000 ordinary shares were cancelled and removed from the share register on 30 December 2021 and 3,000,000 ordinary shares were held in treasury and recognised within equity reserves to satisfy upcoming obligations in respect of an employee share plan.

   17.          Share capital 
 
 Authorised, called up, allotted 
  and fully paid                                         2022                      2021 
------------------------------------- 
                                                   Balance at                Balance at 
                                                 30 June 2022          31 December 2021 
                                                  (unaudited) 
                                                                              (audited) 
-------------------------------------  ----------------------  ------------------------ 
                                           Ordinary                  Ordinary 
                                             shares      $000          shares      $000 
-------------------------------------  ------------  --------  --------------  -------- 
 Balance at 1 January                   181,049,139   414,919     186,488,465   416,426 
-------------------------------------  ------------  --------  --------------  -------- 
 Repurchase of own shares: Cancelled 
  and removed from share registrar                                  ( 939,326 
  on 3 February 2021                              -         -               )     (318) 
-------------------------------------  ------------  --------  --------------  -------- 
 Repurchase of own shares: Cancelled 
  and removed from share registrar                                ( 4,500,000     ( 1 , 
  on 30 December 2021                             -         -               )     189 ) 
-------------------------------------  ------------  --------  --------------  -------- 
 Repurchase of own shares: Cancelled 
  and removed from share registrar 
  during the six months of 2022.          (330,078)      (91)               -         - 
------------------------------------- 
 Balance at 30 June and 31 December     180,719,061   414,828     181,049,139   414,919 
-------------------------------------  ------------  --------  --------------  -------- 
 

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

   18.          Earnings per share 

Basic and diluted EPS

 
                                                                             2022          2021 
                                                                      (unaudited)     (audited) 
                                                                             $000          $000 
                                                                   --------------  ------------ 
 
 Net profit for the period                                                  6,172         3,360 
                                                                   --------------  ------------ 
 
 Weighted average number of ordinary shares outstanding               180,842,175   185,720,397 
 Dilutive weighted average number of ordinary shares outstanding      192,627,224   185,720,397 
                                                                   --------------  ------------ 
 Net profit per ordinary share                                               0.03         0.018 
                                                                   --------------  ------------ 
 
   19.          Dividends 

The following dividends were declared (2021: declared and paid) by the Company during the year.

 
                                                       2022          2021 
                                                (unaudited)     (audited) 
                                                       $000          $000 
-------------------------------------------  --------------  ------------ 
 1.16 pence (2021: 1.0 pence) per ordinary 
  share                                               2,680         2,600 
-------------------------------------------  --------------  ------------ 
 

On 23 July 2021, the Company paid shareholders who hold shares on the UK Register the final year 2020 dividend of 1.0 pence per ordinary share and on 6 August 2021, the Company paid shareholders who hold shares on the VPS Register the final year 2020 dividend of 1.0 pence per ordinary share. The total final dividend distribution was $2.6 million.

On 8 October 2021, the Company paid an interim dividend of 0.52 pence per ordinary share ; The total interim dividend distribution being $1.3 million.

On 6 April 2022, the Company declared a final dividend of 1.16 pence per ordinary share which was paid on 29 July 2022, being a total dividend distribution of $2.7 million. The declared and paid final dividend bring distributions to shareholders with regard to the financial year ended 31 December 2021 to $4.0 million.

   20.         Subsequent events 

Potential Exercise of Ruvuma Pre-Emption Rights

In June 2022, the Company reached agreement with Scirocco Energy plc ("Scirocco") to acquire its 25% non-operated working interest in the Ruvuma Production Sharing Agreement ("Ruvuma Asset") in Tanzania.

On 12 July 2022, the Company announced that, Scirocco was informed by its partner ARA Petroleum Tanzania Ltd of its intention to exercise its pre-emption rights in relation to the Proposed Acquisition under the terms of the Joint Operating Agreement. This pre-emption would be subject to approval by the Government of Tanzania.

In addition, Scirocco confirmed that TPDC had indicated that it was considering exercising its statutory right of first refusal in relation to the Proposed Acquisition pursuant to Section 86(5) of the Petroleum Act 2015. On 19 August 2022, Scirocco released an update that TPDC had confirmed they would not be exercising this right. On 31 August 2022, Scirocco announced it had entered into binding agreements with APT with a view to completing the disposal by 31 December 2022.

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END

IR FLFVDTTILVIF

(END) Dow Jones Newswires

September 01, 2022 02:02 ET (06:02 GMT)

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