(Alliance News) - Wentworth Resources PLC on Friday left its output guidance unchanged and reported a swing to profit in 2019.
Revenue in 2019 was 15% higher at USD18.6 million from USD16.2 million. Wentworth swung to a pretax profit of USD987,000 from a USD48.4 million loss in 2018.
This was on the absence of a USD41.6 million in impairments in 2019.
Chief Executive Officer Katherine Roe said: "Debt free and with a healthy balance sheet, Wentworth has never been in a more financially and operationally robust position, especially important in these uncertain times we're experiencing due to the Covid-19 pandemic and stock market volatility. Following strong performance across the board in 2019 and a resilient 2020 outlook, further underlined by our decision to announce a second interim dividend, we are excited and confident about the future."
At Mnazi Bay gas field in Tanzania, Wentworth still expects output between 65 million and 75 million standard cubic feet per day gross.
Daily production from Mnazi Bay in 2019 averaged gross of 70.29 million standard cubic feet per day.
Wentworth declared a second interim payout of 0.9 pence per share, following a first dividend of 0.45p.
"In light of uncertainty around timing and logistics of the company's 2020 annual general meeting due to the Covid-19 pandemic, Wentworth has declared this as a second interim dividend rather than a final dividend for 2019 to avoid any delay in shareholders receiving the dividend which, if declared as a final dividend, could not be paid until after the AGM has been held," the company said.
Shares were 3.8% higher at 18.68p each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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