Wentworth set with new funds

Breeding ground: flamingoes at Lake Natron in Tanzania

Set up: Like the flamingoes at Lake Natron in Tanzania, Wentworth Resources is sitting pretty.

Incoming funds mean UK-listed Wentworth Resources is sitting pretty for 2012, it said in a statement to the London Stock Exchange.

In its end of year statement, Wentworth said it had a cash balance of $9.1 million and working capital of $4.2 million at 31 December 2011.

Since then, the company had received almost all of the $13.5 million it was owed for the sale of its 18MW gas-fired power plant to Tanzania Electric Supply Company.

Furthermore, Wentworth is owed about $19 million after France’s Maurel & Prom exercised a pre-emptive right to increase its stake in the Mnazi Bay concession.

M&P exercised the right after Wentworth acquired Cove Energy’s 16.4% stake in Mnazi…

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