Wentworth Resources has announced the successful completion of the Private Placement that raised approximately approximately US$5.1 million in net proceeds.
According to the Norwegian explorer the net proceeds of the Private Placement will be used in order to advance the Tembo appraisal program in Mozambique as well as provide general working capital in Tanzania where there is a potential step-up in gas demand.
According to Executive Chairman of Wentworth Bob McBean the oversubscribed private placement will help fund the ongoing Tembo well appraisal programme.
“We are very pleased with the successful outcome of this raise which was oversubscribed and provides the Company with working capital flexibility ahead of the potential step up of gas demand in Tanzania, whilst supporting the Company’s ongoing Tembo appraisal programme in Mozambique,” said McBean.
The company says it is currently identifying an industry partner to join in the drilling of an appraisal well in 2018 with the extensive technical review and evaluation of the Tembo gas discovery now complete.