Wentworth Resources

Website: wentplc.com
Primary ticker: AIM:WEN
Stage of development: Exploration, Production
Project types: Oil – conventional onshore, Gas – conventional onshore
Project to promote: Mnazi Bay and M&A

Live financials

Wentworth Resources plc is a London AIM (WEN) listed, full cycle Exploration and Production Company with Gas production and material exploration running room in the onshore Rovuma Basin of Southern Tanzania.

We have an ambitious, domestic gas-led, African focused strategy to deliver material shareholder value from our core Tanzanian Mnazi Bay producing gas asset and inorganically through an M&A led growth mandate.

Our aim is to become a mid-tier, East African focused, full cycle E&P Company delivering a balance of accretive growth potential and capital returns to our shareholders.

View Peel Hunt Report View Stifel Report

Management Profile

Eskil Jersing – CEO

Over 30 years’ experience across E&P in Africa, UK North Sea, Gulf of Mexico, DW Brazil, SE Asia and Australasia, Upstream and New Business focus. Technical / Senior Management roles with Enterprise Oil, Shell International, Marathon Oil & Apache Corporation. Head of New Ventures and Co-Head of M&A at Petrobras Oil & Gas BV. CEO of AIM listed Sterling Energy plc from 2015-18. BSc. Geophysics Cardiff University, MSc. Petroleum Geology Imperial College, London.

Katherine Roe – CFO

Extensive O&G advisory and transactional experience for a range of international companies. Most recently non-executive Director of Faroe Petroleum plc. 14 years’ experience in the City of London including with Morgan Stanley and former Director of Investment Banking at Panmure Gordon, heading up the Natural Resources franchise. Previously VP Corporate Development & IR since 2014. B.Sc. Economics & Politics University of Bristol, England.

What is your rationale for attending 121 Oil & Gas Investment?

We are seeking to broaden our investor base and networks by meeting new potential equity investors who are interested in on-market purchases of WEN stock, or wish to secure interest (through future equity raises) with respect to near-mid term M&A initiatives in E.Africa & the Tanzanian domestic gas market

What recent news would you like to highlight to investors attending?

3 Sept-19 Declaration of maiden and sustainable dividend of GBP 0.45 pence yielding c.6.7%
3 Sept-19 H1 2019 Interims
3 Sept-19 Return to plateau production of c.85-90 mmscfd post heavy rainy season
27 Jun-19 2019 H2 Production guidance and Operational update

What are your key goals for the next 3, 6 and 12 months?

3 Months:

Secure Commercial Operations Date to commence a full GSA on core Mnazi Bay asset ( allows fuller cash collateralisation of asset)
Continued due diligence on focus M&A projects

6 Months:

Sustained production of 90 mmscfd and accompanying revenues
Further reduction in pipeline inlet pressure
Fully deleveraged balance sheet, debt free in Q1 2020 (completion of term loan)
Continue to close Mcap/NAV gap
Continued due diligence on focus M&A projects

12 Months:

Secure extension to Mnazi Bay asset to ensure addition capital allocation to lift production from current 90 mmscfd to GSA agreed 130 mmscfd through existing national pipeline infrastructure with ullage, to address major demand growth assumptions in country in next 2-10 years

Executed on material M&A transaction(s) to grow and diversify the portfolio to reach critical mass on the journey to being a regional E.African gas champion

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Primarily around lack of control / pace of growth on asset- overcome through robust relationships with Operator Maurel et Prom. Strongly aligned to deliver in a demand led growing domestic gas landscape.

In a sentence, what do you think makes your company such a compelling investment?

Mnazi Bay supplies c.50% of country’s Gas to Power needs for electricy/power generation in a demand led landscape ahead of 1st LNG production scheduled for 2030+, all infrastructure in place. WEN now has a refreshed platform, rapidly deleveraging balance sheet, a supportive shareholder roster, critical in country connections with key stakeholders/parastatals and limited competition, uniquely placing WEN to succeed and grow as Regional Gas champion in the next decade.