Wentworth Resources Q3 net profit increases

Wentworth Resources Limited has reported that net profit and comprehensive income attributable to the equity holders of the parent for the third quarter ended September 30, 2012 was $29.7 million, or $0.36 per diluted share, compared to $1.89 million, or $0.02 per diluted share, for the same quarter ended September 30, 2011.

Total revenue for the third quarter ended September 30, 2012 was $224,000, compared to $174,000 for the same quarter ended September 30, 2011.

Net profit and comprehensive income attributable to the equity holders of the parent for the nine months ended September 30, 2012 was $28.22 million, or $0.29 per diluted share, compared to a net loss and comprehensive loss attributable to the equity holders of the parent of $1.17 million, or $0.02 loss per diluted share, for the same period ended September 30, 2011.

Total revenue for the nine months ended September 30, 2012 was $574,000, compared to $562,000 for the same period ended September 30, 2011.

Geoff Bury, Managing Director, commented: "We are pleased to report our financial results for the third quarter and nine months ended September 30, 2012. The completion of the asset swap transaction with Cove Energy and sale and purchase transaction with Maurel et Prom secured cash of approximately $19 million for the Company and at the same time increased its participation interest in the Mnazi Bay Concession.

"With the noticeable progress on the construction of the 532 kilometer pipeline and recent advancements working with the Tanzanian government on structuring a gas sales agreement, the Company is working towards monetizing its most valuable asset. In 2013, the Company will focus on implementing an active exploration and development program in Tanzania and drilling two exploration wells in the Onshore Rovuma Basin, Mozambique."