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Wentworth Resources Limited Interim Condensed Consolidated

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					                Wentworth Resources Limited
    Interim Condensed Consolidated Financial
                                 Statements
                                 December 31, 2011




                                                  
 
WENTWORTH RESOURCES LIMITED 
Unaudited Interim Condensed Consolidated Statement of Financial Position 
United States dollars $000s, unless otherwise stated 
 
                                                               December 31,       December 31,           January 1,
                                                                      2011                2010                2010
                                                      Note               $                    $                   $
                                                                                      (note 16)           (note 16)
ASSETS
Current assets
Cash and cash equivalents                                               9,073                 4,587           2,144
Cash held in trust                                                          -                     -           3,340
Trade and other receivables                                             4,280                 6,043           4,113
Prepaid expenses and deposits                                             636                   875             814
Inventories                                                               534                   366             697
                                                                       14,523                11,871          11,108
Non-current assets
Long-term receivable                                    4              20,386                17,399          19,556
Exploration and evaluation assets                       5              17,182                17,012          17,555
Property, plant and equipment                           6              36,580                36,493          36,059
                                                                       74,148                70,904          73,170
Total assets                                                           88,671                82,775          84,278

LIABILITIES
Current liabilities
Trade and other payables                                                7,785                 8,353           6,289
Current portion of long-term loan                       7               1,246                     -               -
Derivative financial liability                          8               1,298                     -               -
Convertible bonds                                                           -                     -           3,240
                                                                       10,329                 8,353           9,529
Non-current liabilities
Long-term loan                                          7                6,229                7,427           1,273
Derivative financial liability                          8                    -                5,008               -
Decommissioning provision                                                  119                  105              93
Other long-term liabilities                             9                2,828                3,574               -
                                                                         9,176               16,114           1,366
EQUITY
Share capital                                          10b            360,250            344,246           335,421
Equity reserve                                                         17,057             15,958             9,037
Warrants                                                                    -                  -             7,522
Deficit                                                              (313,826)          (308,280)         (285,851)
Equity Attributable to Shareholders                                    63,481             51,924            66,129
Non-controlling interest                               10c              5,685              6,384             7,254
Total Equity                                                           69,166             58,308            73,383
Total Liabilities and Equity                                           88,671             82,775            84,278


The accompanying notes are an integral part of these interim condensed consolidated financial statements. The interim
condensed consolidated financial statements were approved by the Board of Directors on February 21, 2012 and were
signed on its behalf by:

(Signed) “Cameron Barton”                                            (Signed) “Neil Kelly”
Director                                                             Director




                                                                                                                   1
WENTWORTH RESOURCES LIMITED 
Unaudited Interim Condensed Consolidated Statement of Comprehensive Loss 
United States dollars $000s, unless otherwise stated 
 
                                                                     3 months ended                      Year ended
                                                                       December 31,                    December 31,
                                                                  2011         2010               2011         2010
                                                   Note              $             $                 $             $
                                                                           (note 16)                       (note 16)

Total revenue                                                     1,985           1,950           7,751       5,465

Operating expenses
Production and operating                                         (1,955)         (1,555)        (5,594)      (4,915)
General and administrative                                       (5,076)         (1,805)       (12,227)     (14,786)
Share based compensation                                           (242)           (166)        (1,099)        (227)
Depreciation and depletion                           6             (271)           (908)        (1,893)      (3,965)
Loss on disposal of property, plant and              6
  equipment                                                           -               -            (72)        (147)
Impairment of property, plant and equipment                           -               -              -         (691)
Decommissioning provision                                            (3)             (3)           (14)         (12)
Other expenses                                                        -               -              -         (146)
Loss from operating activities                                   (5,562)         (2,487)       (13,148)     (19,424)

Financing costs                                                   1,037          (4,499)          2,915      (2,002)
(Loss) gain on derivative financial liability                      (312)         (2,325)          3,710      (2,325)
Redemption of bonds                                                   -               -               -         162
Net foreign exchange (loss) gain                                   (320)            298             278         290
Loss before tax                                                  (5,157)         (9,013)         (6,245)    (23,299)

Income tax expense                                                    -               -               -           -
Net loss and comprehensive loss                                  (5,157)         (9,013)         (6,245)    (23,299)

Net loss and comprehensive loss
attributable to:
Equity holders of the parent                                     (4,382)         (8,393)         (5,546)    (22,429)
Non-controlling interest                                           (775)           (620)           (699)       (870)
Net loss and comprehensive loss                                  (5,157)         (9,013)         (6,245)    (23,299)


Net loss per ordinary share (US$ cents)
Basic and diluted                                   12           (0.05)           (0.16)          (0.07)       (0.50)




The accompanying notes are an integral part of these interim condensed consolidated financial statements.



                                                                                                                    2
 WENTWORTH RESOURCES LIMITED 
 Unaudited Interim Condensed Consolidated Statement of Changes in Equity 
 United States dollars $000s, unless otherwise stated 
  
                                                                                                                                         Non-
                                                              Share           Equity                                               controlling     Total
                                                 Note        capital         reserve      Warrants           Deficit      Total       interest    equity
                                                                  $                $             $                $          $               $         $

As at January 1, 2010                                       335,421            9,037          7,522         (285,851)    66,129         7,254     73,383
Net loss and comprehensive loss                                   -                -              -          (22,429)   (22,429)         (870)   (23,299)
Share based compensation                                          -              227              -                -        227             -        227
Expiration of warrants                                            -            7,522         (7,522)               -          -             -          -
Issue of share capital under 2009                                 -             (828)             -                -       (828)            -       (828)
  retention plan
Issue of share capital                                        8,825                -               -               -     8,825              -     8,825
As at December 31, 2010                                     344,246           15,958               -        (308,280)   51,924          6,384    58,308

Net loss and comprehensive loss                                   -                -               -          (5,546)   (5,546)          (699)   (6,245)
Share based compensation                          11              -            1,099               -               -     1,099              -     1,099
Issue of share capital                            10b        17,081                -               -               -    17,081              -    17,081
Share issue costs                                 10b        (1,077)               -               -               -    (1,077)             -    (1,077)
As at December 31, 2011                                     360,250           17,057               -        (313,826)   63,481          5,685    69,166




The accompanying notes are an integral part of these interim condensed consolidated financial statements.

                                                                                                                                                    3
WENTWORTH RESOURCES LIMITED 
Unaudited Interim Condensed Consolidated Statement of Cash flows 
United States dollars $000s, unless otherwise stated 
      
                                                                               3 months ended                    Year ended
                                                                                December 31,                   December 31,
                                                                            2011         2010               2011       2010
                                                              Note             $            $                  $          $

Operating activities
Net loss for the period                                                    (5,157)        (9,013)       (6,245)     (23,299)
Adjustments for:
  Share based compensation                                     11             242            166         1,099          227
  Depreciation and depletion                                                  271            908         1,893        3,965
  Loss on sale of property, plant and equipment                                 -              -            72          147
  Impairment of property, plant and equipment                                   -              -              -         691
  Decommissioning provision                                                     3              3            14           12
  Accretion and provision                                                  (1,363)         3,631        (4,426)       3,700
  Accrued interest                                                            132              -           569            -
  Loss (gain) on derivative financial liability                               312          2,325        (3,710)       2,325
  Unrealized foreign exchange loss (gain)                                     338            (73)         (765)         606
  Loss on convertible bonds                                                     -              -              -         183
                                                                           (5,222)        (2,053)      (11,498)     (11,430)
Changes in non-cash working capital                            14           2,717             77         1,482          184
Net cash used in operating activities                                      (2,505)        (1,976)      (10,016)     (11,246)

Investing activities
Acquisition of property, plant and equipment                                 (875)        (1,729)       (2,238)      (4,761)
                                                               5,6
  and exploration and evaluation assets
Proceeds received from sale of property, plant                                   -               -            16         67
  and equipment
                                                                             (875)        (1,729)       (2,222)      (4,694)
Changes in non-cash working capital                            14           1,168            132           524         (288)
Net cash used in investing activities                                         293         (1,597)       (1,698)      (4,982)

Financing activities
Net proceed from issue of share capital                       10b               -              -        16,004        9,180
Increase in long-term loan                                     7                -            177            18        6,154
Tariff Equalization Fund liability                                            109          1,656           109        1,656
Proceeds from convertible loan                                                  -              -             -        1,500
Repayment of convertible bonds                                                  -              -             -       (2,340)
Proceeds from redemption of convertible bonds                                   -              -             -        2,340
Cash held in trust release for general use                                      -              -             -           60
Finance expense                                                                 -              -             -          121
                                                                              109          1,833        16,131       18,671
Changes in non-cash working capital                            14               -              -            69            -
Net cash generated by financing activities                                    109          1,833        16,200       18,671

Net (decrease) increase in cash and cash equivalents                      (2,103)         (1,740)           4,486     2,443
Cash and cash equivalents at beginning of period                          11,176           6,327            4,587     2,144
Cash and cash equivalents at end of period                                 9,073           4,587            9,073     4,587




The accompanying notes are an integral part of these interim condensed consolidated financial statements.


                                                                                                                     4
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




1.   Nature of business and going concern
     Wentworth Resources Limited (“Wentworth” or the “Company”) is an East African-focused oil and natural
     gas producer and explorer. Wentworth is actively involved in developing commercial opportunities for
     identified hydrocarbon resources, including Methanol, Ammonia, Urea, and pipeline gas. Wentworth is
     incorporated in Canada and is listed on the AIM market of the London Stock Exchange (ticker: WRL) and the
     Oslo Bors (ticker: WRL).

     Wentworth’s head office is located at P.O. Box 203, 2nd floor Coco plaza, 254 Toure Drive, Oyster Bay, Dar
     es Salaam city in Tanzania, East Africa. The Company’s corporate office is located at 630, 715 – 5th Avenue
     SW, Calgary, Canada.

     The Company expects to incur substantial expenditures in the future to explore, appraise and develop
     international oil and gas assets. The Company’s ability to continue as a going concern is dependent on
     obtaining additional financing necessary to develop its oil and gas assets and generate profitable operations
     from the discovery of oil and gas resources in the future.        Management continues to actively pursue
     possible sources of funding to satisfy longer term liquidity requirements including the rationalization of
     existing assets and accessing capital and debt markets (see Note 15).

2.   Summary of accounting policies
     Basis of preparation

     These consolidated interim financial statements have been prepared on a historical cost basis and have
     been prepared using the accrual basis of accounting. The comparative figures presented in the consolidated
     interim financial statements are in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) as issued
     by the International Accounting Standards Board (”IASB”). These interim consolidated financial statements
     are presented in United States (US) dollars and were prepared on a going concern basis. The same
     accounting policies, presentations and methods of computation are following in these interim condensed
     consolidated financial statements as applied in the annual disclosures and accounting policies included in
     the interim consolidated financial statements as at and for the three months ended March 31, 2011.

     Functional and presentation currency

     These interim consolidated financial statements are presented in US dollars and the parent company’s
     functional currency is Canadian dollars. The functional currencies of all of Wentworth’s subsidiaries are US
     dollars.

     Basis of consolidation

     These consolidated interim financial statements include the accounts of the Company, its wholly owned
     subsidiaries and Artumas Tanzania (Jersey) Limited (87.33 percent owned) (collectively referred to as
     “Wentworth Group of Companies” or the “Group”). Subsidiaries are all entities over which the Company has
     the power to govern the financial and operating policies generally accompanying a shareholding of more
     than one half of the voting rights. The existence and effect of potential voting rights that are currently
     exercisable or convertible are considered when assessing whether a company controls another entity.
     Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are
     deconsolidated from the date that control ceases.

     Inter-company transactions, balances and unrealized gains on transactions between subsidiary companies
     are eliminated.




                                                                                                                5
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Use of estimates and judgments

     The preparation of interim consolidated financial statements in conformity with IAS 34 requires management
     to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at
     the reporting date and the reported amounts of revenues and expenses during the reporting period.
     Although these estimates are based on management’s best knowledge of the amount, event or actions,
     actual results ultimately may differ from those estimates. Areas where estimates are significant to the interim
     consolidated financial statements are disclosed in the annual disclosures and accounting policies included in
     the interim consolidated financial statements as at and for the three months ended March 31, 2011.

     Statement of compliance

     International Financial Reporting Standards (“IFRS”) require entities that adopt IFRS to make an explicit and
     unreserved statement in their first annual IFRS financial statements of compliance with IFRS. The Company
     will make this statement when it issues its financial statements for the year ended December 31, 2011.
     These financial statements have been prepared in accordance with IAS 34 and using the accounting policies
     the Company expects to adopt in its consolidated financial statements for the year ending December 31,
     2011.

     The Company adopted IFRS in accordance with IFRS 1 First-time Adoption of International Financial
     Reporting Standards (“IFRS 1”) with a transition date to IFRS of January 1, 2010. Consequently the
     comparative figures for 2010 and the Company’s statement of financial position as at January 1, 2010 have
     been restated from accounting principles generally accepted in Canada (“Canadian GAAP”) to comply with
     IFRS.

     The preparation of these interim consolidated financial statements resulted in changes to the Company’s
     accounting policies as presented in the consolidated financial statements for the year ended December 31,
     2010 prepared under Canadian GAAP. The Company’s accounting policies have been applied consistently
     to all periods presented in these interim consolidated financial statements with the exception of certain IFRS
     1 exemptions the Company applied in its transition from Canadian GAAP to IFRS as discussed in Note 16.
     These interim consolidated financial statements included all necessary disclosures required for interim
     financial statements but do not include all of the necessary disclosures required for annual financial
     statements. Therefore, these interim consolidated financial statements should be ready in conjunction with
     the annual audited consolidated financial statements and notes thereto for the year ended December 31,
     2010 and the annual disclosures and accounting policies included in the interim consolidated financial
     statements as at and for the three months ended March 31, 2011.

     The standards that will be effective or available for voluntary early adoption in the consolidated financial
     statements for the year ending December 31, 2011 are subject to change and may be affected by additional
     interpretations. Accordingly the accounting policies will be finalized when the first annual IFRS consolidated
     financial statements are prepared for the year ending December 31, 2011. The accounting policies the
     Company expects to adopt in its consolidated financial statements as at and the year ending December 31,
     2011 are disclosed in the annual disclosures and accounting policies included in the interim consolidated
     financial statements as at and for the three months ended March 31, 2011.




                                                                                                                  6
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Recent accounting pronouncements

     Certain new standards, interpretations, amendments and improvements to existing standards were issued
     by the IASB or International Financial Reporting Interpretations Committee (“IFRIC”). The standards
     impacted that are applicable to the Company are as follows:

     Mandatorily effective for December 31, 2011 year-ends


     Amendments to Standards                                                        Effective for annual periods
                                                                                    beginning on or after

     IFRS1                        IFRS 7 Short-term Disclosure Exemption            July 1, 2010
                                  IFRS 9 Short-term exemption                       On adoption of IFRS 9
                                  Three amendments to IFRS 1 - changes in           January 1, 2011
                                  accounting policies, deemed cost exemption
                                  for event-driven fair value measurements and
                                  deemed cost (rate-regulated entities)
     IFRS 3                       Amendments to IFRS 3 (2008)                       July 1, 2010
     IFRS 7                       Amendments to IFRS 7                              January 1, 2011
     IAS 1                        Amendment to IAS 1                                January 1, 2011
     IAS 24                       Related Party Disclosures                         January 1, 2011
     IAS 27 (2008)                Amendment to IAS 27 (2008)                        July 1, 2010
     IAS 32                       Classification of Rights Issues                   February 1, 2010
     IAS 34                       Amendment to IAS 34                               January 1, 2011


     New Interpretations

     IFR1C 19                     Extinguishing financial liabilities with equity   July 1, 2010
                                  instruments

     Amended Interpretations

     IFRIC 13                     Amendment to IFRIC 13                             January 1, 2011
     IFRIC 14                     Prepayments of a Minimum Funding                  January 1, 2011
                                  Requirement




                                                                                                               7
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Recent accounting pronouncements (continued)

     The following standards, amendments and interpretations applicable to the Company are in issue but not yet
     effective and have not been early adopted in this Financial Statements. They may result in consequential
     changes to the accounting policies and other note disclosure.
        
         Available for early adoption for December 31, 2011 year-ends

         New and Amended Standards                                                  Effective for annual periods
                                                                                    beginning on or after

         IFRS 1                    Removal of Fixed Dates for First-time            July 1, 2011
                                   Adopters
                                   Severe Hyperinflation                            July 1, 2011
         IFRS 7                    Enhanced Derecognition Disclosure                July 1, 2011
                                   Requirements
         IFRS 9                    Financial Instruments: Classification and        January 2015
                                   Measurement
                                   Additions to IFRS 9 for Financial Liability      January 1, 2015
                                   Accounting
         IFRS 10                   Consolidated Financial Statements                January 1, 2013
         IFRS 11                   Joint Arrangements                               January 1, 2013
         IFRS 12                   Disclosure of Interests in Other Entities        January 1, 2013
         IAS 27 (2011)             Separate Financial Statements                    January 1, 2013
         IAS 28 (2011)             Investments in Associates and Joint Ventures     January 1, 2013
         IFRS 13                   Fair Value Measurement                           January 1, 2013
         IAS 1 (2011)              Amendments to IAS 1                              July 2012
         IAS 12                    Amendments to IAS 12                             January 1, 2012
         IAS 19                    Amendments to IAS 19                             January 1, 2013


         New Interpretation
         IFRIC 20                  Stripping Costs in the Production Phase of a     January 1, 2013
                                   surface Mine

     Management anticipates that the adoption of these standards and the interpretations in future periods will
     have no material impact on the financial statements of the Company.




      


                                                                                                                  8
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Financial instruments and risk management

     Fair values

     Financial assets and liabilities are recognized when the Company becomes a party to the contractual
     provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from
     the assets have expired or have been transferred and the Company has transferred substantially all risks
     and rewards of ownership. Financial assets and liabilities are offset and the net amount is reported on the
     statement of financial position when there is a legally enforceable right to offset the recognized amounts and
     there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

     At initial recognition, the Company classifies its financial instruments in the following categories depending
     on the purpose for which the instruments were acquired:

     (i) Financial assets and liabilities at fair value:

     A financial asset or liability is classified in this category if acquired principally for the purpose of selling or
     repurchasing in the short-term. Derivatives are also included in this category unless they are designated as
     hedges.

     The fair value of the Company’s cash and cash equivalents, trade and other receivables and trade and other
     payables approximates their carrying values due to the short-term nature of these instruments.

     (ii) Available-for-sale investments:

     Available-for-sale investments are non-derivatives that are either designated in this category or not classified
     in any of the other categories. Available-for-sale investments are recognized initially at fair value plus
     transaction costs and are subsequently carried at fair value. Gains or losses arising from changes in fair
     value are recognized in other comprehensive income.

     Available-for-sale investments are classified as non-current, unless the investment matures within twelve
     months, or management expects to dispose of them within twelve months. Interest on available-for-sale
     investments, calculated using the effective interest method, is recognized in the statement of operations as
     part of finance income. When an available-for-sale investment is sold or impaired, the accumulated gains or
     losses are moved from accumulated other comprehensive income to the statement of operations and are
     included in other gains and losses.

     The Company does not have any available-for-sale investments.
      
      
      
      
      
      
      
      
      
      




                                                                                                                      9
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Financial instruments and risk management (continued)

     (iii) Long-term receivables:

     Long-term receivables are non-derivative financial assets with fixed or determinable payments that are not
     quoted in an active market. Long-term receivables are initially recognized at fair value based on the
     discounted cash flows. The discount rate is based on the credit quality and term of the financial instrument.
     The financial instrument is subsequently valued at amortized costs by accreting the instrument over the life
     of the assets. The accretion associated with instrument valued at amortized cost is reported on the
     statement of operations each reporting period.

     The carrying value of the long-term receivable approximates its fair value.

     (iv) Long-term loans and other long-term liabilities:

     Long-term loans and other long-term liabilities are non-derivative financial assets with either fixed or
     determinable payments or no payment terms and which are not quoted in an active market. Long-term loans
     are initially recognized at fair value based on the amounts received. The carrying value approximates the
     fair value as the loan bears interest at prevailing market rates for such types of loans.

     Other long-term liabilities are initially recognized at their fair values and the carrying values approximate their
     fair values, as the fair values are not materially different than the carrying amounts.
      
     Impairment of financial assets

     At each reporting date, the Company assesses whether there is objective evidence that a financial asset is
     impaired. If such evidence exists, the Company recognizes an impairment loss, as follows:

     (i) Financial assets carried at amortized cost:

     The loss is the difference between the amortized cost of the loan or receivable and the present value of the
     estimated future cash flows, discounted using the instrument’s original effective interest rate. The carrying
     amount of the asset is reduced by this amount either directly or indirectly through the use of an allowance
     account.

     (ii) Available-for-sale financial assets:

     The impairment loss is the difference between the original cost of the asset and its fair value at the
     measurement date, less any impairment losses previously recognized in the statement of income. This
     amount represents the cumulative loss in accumulated other comprehensive income that is reclassified to
     net income. Impairment losses on financial assets carried at amortized cost are reversed in subsequent
     periods if the amount of the loss decreases and the decrease can be related objectively to an event
     occurring after the impairment was recognized.

     Impairment losses on available-for-sale equity instruments are not reversed.




                                                                                                                     10
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Financial instruments and risk management (continued)

     The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk
     (currency fluctuations, interest rates and commodity prices) The Company’s overall risk management
     program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects
     on the Company’s financial performance.

     Credit Risk
     Credit risk is the risk that the financial assets from a specific counterparty will be lost if a counterparty
     defaults on its obligations. Wentworth’ maximum credit risk is equal to the carrying value of its trade, other
     and long-term receivables and its credit risk with respect to current accounts receivable is limited due to the
     high proportion of amounts due from government departments as tax input credits for Goods and Services
     Tax (GST) in Canada and Value Added Tax (VAT) in Tanzania and Mozambique. No material amounts are
     past due and no material allowances have been made. The credit risk with respect to the long-term
     receivable is limited as it is due from the Tanzania Petroleum Development Corporation (“TPDC”) and is to
     be paid from TPDC’s share of Tanzanian gas production. Subsequent to year end, the Company entire into
     an agreement to sell its 18MW gas-fired power plant and associated assets as described in Note 15.

     All of the operating revenues of the Company are paid by Tanzania Electric Supply Company Limited
     (“TANESCO”) under an Interim Purchase Power Agreement. Any failure of TANESCO to fulfill its obligations
     under the agreement would have an adverse effect on the Company’s business, financial condition and
     results of its operations (see Note 15).

     Substantially all of the Company’s cash and cash equivalents are held at one recognized international
     financial institution in Canada and one investment bank in the United Kingdom. As a result, the Company
     was exposed to concentration of credit risk associated with these institutions. The Company manages its
     risk on investments by limiting them to guaranteed investment certificates purchased at this financial
     institution and investing for short periods of time.

     The maximum exposure to credit risk as at:
                                                                   December 31,       December 31,      January 1,
                                                                          2011               2010           2010
                                                                             $                  $                $
     Trade and other receivables                                         4,280              6,043           4,113
     Long-term receivable (Note 4)                                      20,386             17,399          19,556
     Cash held in trust                                                       -                  -          3,340
     Cash and cash equivalents                                           9,073              4,587           2,144
                                                                        33,739             28,029          29,153




                                                                                                                  11
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.       Summary of accounting policies (continued)
     Financial instruments and risk management (continued)

     Liquidity risk

     Liquidity risk is the risk that the Company will not have sufficient funds to meet its liabilities. Other than
     routine trade and other payables, incurred in the normal course of business, the Company also has a long-
     term loan.

     The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual
     undiscounted payments.
                                      Less than 1
                                             year      1 to 2 years    2 to 5 years       > 5 years             Total
     As at December 31, 2011
     Trade and other payables                7,785               -                -                 -           7,785
     Long-term loan                          1,246           1,246            4,983                 -           7,475
     Derivative financial liability          1,298               -                -                 -           1,298
                                            10,329           1,246            4,983                 -          16,558

     As at December 31, 2010
     Trade and other payables                 8,353              -                -                 -           8,353
     Long-term loan                               -          2,068            5,359                 -           7,427
     Derivative financial liability               -          5,008                -                 -           5,008
                                              6,867          8,562            5,359                 -          20,788

     As at January 1, 2010
     Trade and other payables                 6,289              -                 -               -           6,289
     Long-term loan                               -          1,273                 -               -           1,273
                                              6,289          1,273                 -               -           7,562

     Market risk
      
     Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
     changes in market prices. Market risk is comprised of foreign currency risk, interest rate risk and other price
     risk, for example, commodity price risk. The objective of market risk management is to manage and control
     market price exposures within acceptable limits, while maximizing returns.

     Commodity price risk
     Commodity price risk is the risk that the Company suffers financial loss as a result of fluctuations in crude oil
     or natural gas prices. The Company’s exposure to commodity price risk is not significant as it has not yet
     begun large-scale commercial production in the gas segment.

     Interest rate risk
     Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes
     in market interest rates. The Company’s debt, in the form of the long-term loan, is at fixed rates and
     therefore there is no interest rate risk related to these instruments. The Company’s objective is to minimize
     its interest rate risk by investing for short periods (less than 1 year) and only in term deposits.

     The risk related to interest rates is not material.



                                                                                                                       12
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Financial instruments and risk management (continued)

     Foreign exchange risk

     Foreign exchange rate risk is the risk that the Company suffers financial loss as a result of changes in the
     value of an asset or liability or in the value of future cash flows due to movements in foreign currency
     exchange rates. Wentworth operates internationally and is exposed to foreign exchange risk arising from
     various currency exposures, primarily with respect to the Tanzanian shilling and Canadian dollar against its
     functional currency of its operating entities, the US dollar. The Company’s objective is to minimize its risk by
     borrowing funds in US dollars as revenues are paid (or indexed) to the US dollar. In addition, it holds
     substantially all of its cash and cash equivalents in US dollars, and converts to other currencies only when
     cash requirements demand such conversion. The following balances are denominated in foreign currency:

                                           United States           Canadian          Tanzanian             Other
                                                  dollar              dollar           Shilling         currency
     December 31, 2011
     Cash and cash equivalents                      7,712               1,157                57               147
     Trade and other receivables                    3,288                  92               900                 -
     Trade and other payables                       4,989                 840             1,749               207
     Derivative financial liability                 1,298                   -                 -                 -
     Provisions                                     1,358               1,589                 -                 -
     Long-term loan                                     -                   -             6,229                 -

     December 31, 2010
     Cash and cash equivalents                      4,478                  24                33                52
     Trade and other receivables                    2,531                   -             1,672             1,840
     Trade and other payables                       3,564                 903             1,732             2,154
     Derivative financial liability                     -                   -                 -             5,008
     Provisions                                       105               3,574                 -                 -
     Long-term loan                                     -                   -             7,427                 -

     January 1, 2010
     Cash and cash equivalents                      1,753                 372                 -                19
     Cash held in trust                             3,340                   -                 -                 -
     Trade and other receivables                    2,474                  59               294             1,286
     Trade and other payables                       3,810               1,256                79             1,144
     Convertible bonds                              3,240                   -                 -                 -
     Provisions                                        93                   -                 -                 -
     Long-term loan                                     -                   -             1,273                 -

     A 10 percent increase/decrease of the Canadian dollar against the US dollar would result in a change in net
     loss before tax of approximately $50. In addition, a 10 percent increase/decrease of the Tanzanian shilling
     against the US dollar would result in a change in net loss before tax of approximately $142.

     Capital management

     The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a
     going concern in order to develop its oil and gas properties and maintain flexible capital structure for its
     projects for the benefit of its stakeholders. In the management of capital, the Company includes the
     components of shareholders’ equity as well as cash and long term liabilities.  



                                                                                                                  13
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




2.   Summary of accounting policies (continued)
     Capital management (continued)
      
     The Company manages the capital structure and makes adjustments to it in light of changes in economic
     conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure,
     the Company may attempt to issue new shares, enter into joint venture arrangements or acquire or dispose
     of assets. Management reviews the capital structure on a regular basis to ensure that the above-noted
     objectives are met. The Company has no external debt covenants. The Company’s overall strategy remains
     unchanged from the prior year.

3.   Segmented information
     The Company conducts its business through three major operating business segments. Gas operations
     include the exploration, development, production and transportation of natural gas and other hydrocarbons,
     and these activities are carried out in Tanzania (“Mnazi Bay Concession”) and Mozambique (“Onshore
     Rovuma Block”). The Power segment includes the production and distribution of electricity in Tanzania (see
     Note 15). Inter-segment transfers of products, which are accounted for at market value, are eliminated on
     consolidation. Corporate activities include investment income, interest expense, financing related expenses
     and general corporate expenditures.

     For the year ended December 31, 2011

                                         Tanzania       Tanzania     Mozambique
                                              Gas         Power             Gas
                                        Operations     Operations     Operations     Corporate     Consolidated
     Natural gas sales                         691              -              -             -              691
     Power sales                                 -         7,007               -             -            7,007
     Other                                      53              -              -             -               53
     Total segmented sales                     744         7,007               -             -            7,751

     Production and operating                  (773)       (4,821)             -              -          (5,594)
     General and administrative              (4,925)       (3,294)          (781)        (3,227)        (12,227)
     Depreciation and depletion                (849)       (1,095)          (140)           191          (1,893)
     Other income (expense)                   3,418            77           (256)         2,479           5,718
     Total segmented expenses                (3,129)       (9,133)        (1,177)          (557)        (13,996)

     Net loss                                (2,385)       (2,126)        (1,177)          (557)         (6,245)

     Other information:
     Long-term receivable                   20,386              -               -              -         20,386
     Additions to exploration and
      evaluation assets                           -             -            452               -            452
     Additions to property, plant
      and equipment                          1,427         1,200                -          (841)          1,786
     Exploration and evaluation
      assets                                11,057              -          6,125               -         17,182
     Property, plant and equipment
     assets                                 18,708        16,895                -           977          36,580




                                                                                                                  14
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




3.   Segmented information (continued)
     For the three months ended December 31, 2011

                                         Tanzania       Tanzania     Mozambique
                                              Gas         Power             Gas
                                        Operations     Operations     Operations    Corporate    Consolidated
     Natural gas sales                         183              -              -            -             183
     Power sales                                 -         1,802               -            -           1,802
     Total segmented sales                     183         1,802               -            -           1,985

     Production and operating                  (598)       (1,452)            95           -           (1,955)
     General and administrative              (2,310)       (2,609)          (606)        449           (5,076)
     Depreciation and depletion                (781)         (137)           (32)        679             (271)
     Other income (expense)                     691            (5)            18        (544)             160
     Total segmented expenses                (2,998)       (4,203)          (525)        584           (7,142)

     Net (loss) profit                       (2,815)       (2,401)          (525)         584          (5,157)

     Other information:
     Additions to exploration and
      evaluation assets                           -              -          452             -            452
     Additions to property, plant
      and equipment                            702             562             -        (841)            423

     For the year ended December 31, 2010

                                         Tanzania       Tanzania     Mozambique
                                              Gas         Power             Gas
                                        Operations     Operations     Operations    Corporate    Consolidated
     Natural gas sales                         601              -              -            -             601
     Power sales                                 -         4,862               -            -           4,862
     Other                                       -              -              -            2               2
     Total segmented sales                     601         4,862               -            2           5,465

     Production and operating                (1,017)       (3,898)             -            -         (4,915)
     General and administrative              (2,464)       (1,526)          (192)     (10,604)       (14,786)
     Depreciation and depletion                (120)       (1,130)          (299)      (2,429)        (3,965)
     Other income (expense)                  (1,524)         (724)            (7)      (2,830)        (5,098)
     Inter-segment expenses                      (6)           (3)             -            9              -
     Total segmented expenses                (5,131)       (7,281)          (498)     (15,854)       (28,764)

     Net loss                                (4,530)       (2,419)          (498)     (15,852)       (23,299)

     Other information:
     Long-term receivable                   17,399               -             -            -         17,399
     Additions to exploration and
      evaluation assets                           -              -          (123)           -           (123)
     Additions to property, plant
      and equipment                            310         4,574               -            -          4,884
     Exploration and evaluation
      assets                                11,057             -           5,955            -         17,012
     Property, plant and equipment          18,318        16,892               -        1,283         36,493
      assets
                                                                                                                15
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




3.   Segmented information (continued)
     For the three months ended December 31, 2010


                                         Tanzania       Tanzania     Mozambique
                                              Gas         Power             Gas
                                        Operations     Operations     Operations       Corporate     Consolidated
     Natural gas sales                         176              -              -               -              176
     Power sales                                 -         1,772               -               -            1,772
     Other                                       -              -              -               2                2
     Total segmented sales                     176         1,772               -               2            1,950

     Production and operating                  (373)       (1,182)              -               -          (1,555)
     General and administrative                (612)         (215)           (201)           (777)         (1,805)
     Depreciation and depletion                 (16)         (323)            (42)           (527)           (908)
     Other income (expense)                  (4,088)          (23)             (1)         (2,583)         (6,695)
     Inter-segment expenses                      (6)           (3)              -               9               -
     Total segmented expenses                (5,095)       (1,746)           (244)         (3,878)        (10,963)

     Net (loss) profit                       (4,919)           26            (244)         (3,876)         (9,013)

     Other information:
     Additions to exploration and
      evaluation assets                            -             -               -               -               -
     Additions to property, plant
      and equipment                             303         1,426                -               -          1,729


4.   Long-term receivable
      
     On June 30, 2009, the Company and Tanzania Petroleum Development Corporation (“TPDC”) entered into a
     Joint Operating Agreement (“JOA”) related to the Mnazi Bay gas concession (“Mnazi Bay Concession”) in
     Tanzania. Under the terms of the JOA, TPDC will participate in a 20 percent share in the Mnazi Bay
     Development Area production and will pay the Company for 20 percent of past costs incurred under the
     Mnazi Bay Concession from its share of future production. In addition, TPDC’s share of costs incurred
     subsequent to June 30, 2009 that are paid by the Company will be recovered by the Company from TPDC’s
     share of future production. The undiscounted receivable from TPDC is $32.4 million as at December 31,
     2011 ($31.2 million at December 31, 2010). The Company initially determined the fair value of this
     receivable, given the credit quality and term of the financial instrument, to be approximately $20 million. This
     long term receivable is being accreted over the expected term of the asset (2016) with the accretion included
     in financing cost in the statement of comprehensive loss.




                                                                                                                     16
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




4.   Long-term receivable (continued)
                                                                         TPDC receivable
                                                                                       $
         As at January 1, 2010                                                    20,016

         Accretion                                                                 3,335
         Retained gas revenue to offset receivable                                  (497)
         Changes in accounting estimates                                          (4,749)
         As at December 31, 2010                                                  18,105

         Accretion                                                                 3,091
         Retained gas revenue to offset receivable                                  (722)
         Current period costs paid by the Company                                    309
         Changes in accounting estimates                                             380
         As at December 31, 2011                                                  21,163
         Less: current portion included in trade and other receivables              (777)
         Long term portion                                                        20,386
      

5.   Exploration and evaluation assets (“E&E”)
                                                                             E&E assets
                                                                                      $
         Cost
         At January 1, 2010                                                       85,868
         Transfer to property, plant and equipment                                   (99)
         Impairment                                                                 (123)
         At December 31, 2010                                                     85,646
         Additions                                                                   452
         Reclassified to property, plant and equipment                            (4,801)
         At December 31, 2011                                                     81,297

         Impairment
         At January 1, 2010                                                      (68,313)
         Impairment                                                                 (321)
         At December 31, 2010                                                    (68,634)
         Reclassified to property, plant and equipment                             4,519
         At December 31, 2011                                                    (64,115)

         Net book value
         At January 1, 2010                                                       17,555
         At December 31, 2010                                                     17,012
         At December 31, 2011                                                     17,182


      
      
      



                                                                                            17
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




6.   Property, plant and equipment
                                                                       Power
                                                                 generation,
                                                               transmission             Office and
                                                 Natural gas and distribution                other
                                                  properties     facilities (i)         equipment             Total
                                                           $                 $                   $               $
     Cost
     At January 1, 2010                                88,754             16,639             8,026         113,419
     Additions                                            310              4,575                 -           4,885
     Transfer from E&E                                     99                  -                 -              99
     Disposals                                              -                (99)             (696)           (795)
     At December 31, 2010                              89,163             21,115             7,330         117,608
     Additions                                            586              1,200                 -           1,786
     Assets transfer                                      841                   -             (841)               -
     Disposals                                              -               (122)              (91)           (213)
     Reclassified from E&E                              4,801                  -                 -            4,801
     At December 31, 2011                              95,391             22,193             6,398         123,982

     Depreciation, depletion and
       impairment
     At January 1, 2010                               (70,417)            (2,414)           (4,529)        (77,360)
     Depreciation and depletion                          (429)            (1,143)           (2,072)         (3,644)
     Impairment                                             -               (691)                -            (691)
     Disposals                                              -                 25               555             580
     At December 31, 2010                             (70,846)            (4,223)           (6,046)        (81,115)
     Depreciation and depletion                          (523)            (1,123)             (247)         (1,893)
     Assets transfer                                     (795)                 -               795               -
     Disposals                                              -                 48                77             125
     Reclassified from E&E                             (4,519)                 -                 -          (4,519)
     At December 31, 2011                             (76,683)            (5,298)           (5,421)        (87,402)

     Net book value
     January 1, 2010                                   18,337             14,225             3,497          36,059
     December 31, 2010                                 18,317             16,892             1,283          36,493
     December 31, 2011                                 18,708             16,895               977          36,580

     (i)   Subsequent to year end the Company entered into an agreement to sell its power generation assets
           (see Note 15).

7.   Long-term loan
     On December 24, 2009, the Tanzania Investment Bank Limited (“TIB”) extended a Tanzanian Shilling
     denominated long-term loan of a maximum of 10 billion Tanzanian Shillings (approximately $7 million) to
     Wentworth Gas Limited (formerly AG&P Gas Limited), a subsidiary of the Company, for its operating
     requirements and the repayment of an inter-company debt ($2.4 million) to its parent company. As at
     December 31, 2011 and 2010 the loan was fully drawn. The term of the facility is eight years, which includes
     a two year grace period ending January 4, 2012 during which no interest or principal is be payable. Interest
     charges during the grace period are added to the principal at the end of the grace period, whereas interest
     charges following the grace period will be paid quarterly at a fixed rate of 9.18 percent per annum. Principal
     repayment following the grace period will be made in 24 equal quarterly installments commencing April 4,
     2012.


                                                                                                                18
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




7.       Long-term loan (continued)
     Security for the long-term loan is in the form of a debenture creating a first charge over all issued share
     capital of Wentworth Gas Limited, supported by a pledge to assign to TIB the Company’s concession rights
     over the Mnazi Bay Concession in case of default.
      
                                          December 31,           December 31,       December 31,             January 1,
                                                 2011                   2011               2010                  2010
                                                   Tsh                      $                 $                       $
     Principal                               9,996,774                 7,357              7,340                  1,273
     Accrued interest                        1,682,105                 1,080                511                       -
     FX valuation                                    -                  (962)              (424)                      -
                                            11,678,879                 7,475              7,427                  1,273

     Current portion                          (1,946,740)                 (1,246)                  -                        -


     Long-term portion                         9,732,139                   6,229            7,427                  1,273



8.   Derivative financial liability
     Warrants issued by the Company are denominated in NOK which is different from the parent company’s
     functional currency being the Canadian Dollar. As a result, warrants are considered a derivative financial
     liability under IFRS and the warrants are fair valued at each reporting date.
     A summary of the warrant transactions for the years ended December 31, 2011 and 2010 are as follows:
                                                         2011                                     2010
                                           Number of        Weighted average         Number of         Weighted average
                                            warrants        exercise price $ (i)      warrants         exercise price $ (i)

     Outstanding at January 1             14,191,888                       0.67      5,600,000                       0.65
     Issued July 26, 2010                          -                          -     14,191,888                       0.74
     Expired October 01, 2010                      -                          -     (5,600,000)                         -
     Outstanding at December 31 (ii)      14,191,888                       0.71     14,191,888                       0.67

     (i) The warrant exercise price is denominated in NOK and as a result the US dollar equivalent exercise
         prices above have been adjusted at December 31 for changes in the NOK/USD exchange rate.

     (ii) The warrants outstanding as at December 31, 2011 expire on July 25, 2012.

     The Company uses the Black-Scholes option pricing model to determine the fair value of the warrants
     issued. For the warrants issued the following weighted average assumptions were used:

                                                                                    December 31            December 31
                                                                                          2011                   2010
         Expected interest rate (%)                                                        1.19                     2.35
         Expected volatility (%)                                                             73                       74
         Expected life (in years)                                                           0.6                      1.6
         Expected dividends ($)                                                              nil                      nil
      
     As at December 31, 2011 the fair value was $1,298 (2010 - $5,008) resulting in a charge to income for the
     three and twelve month periods ending December 31, 2011 of $312 loss and $3,710 gain, respectively
     (2010 – $2,325 loss and $2,315 loss, respectively).
                                                                                                                         19
      
     WENTWORTH RESOURCES LIMITED 
     Notes to the Unaudited Interim Condensed Consolidated Financial 
     Statements 
     United States dollars $000’s, unless otherwise stated  
      




9.   Other long-term liabilities
     Other long-term liabilities includes of the following:
                                                                             December 31,         December 31,
                                                                                    2011                 2010
                                                                                       $                    $
     Office lease                                                                  1,590                2,361
     Tariff equalization fund (“TEF”) liability                                    1,169                1,169
     Rent deposit                                                                     69                   44
                                                                                   2,828                3,574

10. Share capital and reserves
      
     A)      Authorised share capital
     Unlimited number of common voting shares without nominal or par value
     Unlimited number of non-voting preferred shares to be issued in series, without nominal or par value

     B)      Issued common shares
                                                                                 Number of
                                                                                   Shares                     $
              At January 1, 2010
                                                                                 31,764,804             335,421

              Shares issued for cash                                              1,571,347                 764
              As at July 25, 2010                                                33,336,151             336,185
              Wentworth (Business combination)
              Shares issued for cash                                             28,383,789               8,061
              As at December 31, 2010                                            61,719,940             344,246

              Shares issued for cash (i)                                         15,000,000              13,526
              Share issue costs (i)                                                       -                (846)
              Shares issued for cash (ii)                                         3,750,000               3,547
              Share issue costs (ii)                                                      -                (223)
              As at December 31, 2011                                            80,469,940             360,250

          i) On February 28, 2011, the Company closed a private placement issuing 15,000,000 new common
             shares for cash consideration of $0.90 (NOK 5.15) per share for total gross proceeds of $13,526
             (NOK 77,250,000). In conjunction with the private placement, the Company incurred share issue costs
             of $846.

          ii) On April 26, 2011, the Company closed a private placement issuing 3,750,000 new common shares
              for cash consideration of $0.95 (NOK 5.15) per share for total gross proceeds of $3,547 (NOK
              19,312,500). In conjunction with the private placement, the Company incurred share issue costs of
              $223.




                                                                                                             20
     
    WENTWORTH RESOURCES LIMITED 
    Notes to the Unaudited Interim Condensed Consolidated Financial 
    Statements 
    United States dollars $000’s, unless otherwise stated  
     




10. Share capital and reserves (continued)

  C) Non-controlling interest
        Netherlands Development Financial Institution’s (“FMO’s”) non-controlling interest in Artumas Tanzania
        (Jersey) Limited (“ATJL”) which owns the Company’s Tanzanian assets was 12.67 percent, as at
        December 31, 2011 (December 31, 2010 – 12.67 percent) (see Note 15).
        Non-controlling interest is summarized as follows:

                                                                 December 31,      December 31,          January 01,
                                                                         2011              2010                2010
                                                                            $                 $                    $
    FMO investment to ATJL                                             29,835            29,835              29,835
    Share of cumulative loss                                          (23,939)          (23,451)            (22,581)
                                                                        5,896             6,384               7,254
     
11. Share based payments
    Options granted under the Company’s Share Option (the “Plan”) must be exercised no later than ten years
    from date of grant or such lesser period as determined by the Board of Directors. The exercise price of an
    option is not less than the closing price on the Oslo Bors on the last trading day preceding the grant date.
    The maximum aggregate number of Plan share options that may be reserved for issuance under the Plan is
    ten percent of the number of Common Shares outstanding on a non-dilutive basis. Generally, options vest
    over the length of service as follows: 1/3 after one year, 1/3 after two years and 1/3 after three years.

    Movements in the number of share options outstanding and their related weighted average exercise prices
    for the year ended December 31, 2011 and 2010 are summarized as follows:
                                                          2011                                   2010
                                             Number of       Weighted average           Number of    Weighted average
                                               options        exercise price $            options     exercise price $
   Outstanding at January 1                  4,750,000                   0.58               8,805              267.00
   Granted                                   1,950,000                   0.91           4,750,000                0.60
   Forfeited                                  (500,000)                  0.62              (8,805)              39.00
   Expired/cancelled                                  -                     -                   -                   -

   Outstanding at December 31                6,200,000                   0.69           4,750,000                0.60


    The following table summarizes share options outstanding and exercisable under at December 31, 2011:
                                                                  Outstanding                              Exercisable
           Exercise Price      Exercise Price             Number of       Weighted average           Number of options
              (NOK)                ($) (i)                  options     remaining life (years)
               3.15                 0.53                   1,000,000             8.76                         333,333
               3.60                 0.60                   3,250,000             8.77                       1,083,333
               5.57                 0.93                   1,600,000             9.27                                    -
               4.90                 0.82                     350,000             9.52                                    -

                                                           6,200,000             8.96                       1,146,666

        (i) The exercise prices for the share options are denominated in NOK. The US dollar equivalent amounts
            reflect the NOK/US dollar exchange rate as at December 31, 2011.
                                                                                                           21
    
   WENTWORTH RESOURCES LIMITED 
   Notes to the Unaudited Interim Condensed Consolidated Financial 
   Statements 
   United States dollars $000’s, unless otherwise stated  
    




11. Share based payments (continued)
   Share based payment charge

   Share based compensation is determined using the fair value method. The fair value of options granted is
   measured at the date of the grant and is determined using the Black-Scholes option pricing model. The
   following weighted average assumptions were used in the determination of the fair value of options granted:  

                                                            2011                                2010
                                               Option granted   Option granted     Option granted Option granted
                                                      July 11          April 06       October 04     October 01
   Expected interest rate (%)                                3.43          3.75             3.29           3.28
   Expected volatility (%)                                   72.5          73.7             73.9           73.9
   Vested life (in years)                                       3             3                3              3
   Expected forfeiture rate (%)                                 1             1                1              1
   Expected dividends ($)                                      nil           nil              nil            nil


   During the three and twelve month periods ended December 31, 2011, $242 and $1,099 in share based
   compensation was expensed with an offsetting amount charged to equity reserve (2010 - $166 and $227,
   respectively).

   The weighted average fair value of share options granted during the periods ended December 31, 2011 was
   $0.51 (2010 - $0.31) per option.   
    

12. Loss per share
   Basic and diluted loss per share

   The calculation of basic loss per share for the three months ending December 31, 2011 was based on loss of
   $4,382 (2010: loss of $8,393) and for the twelve months ending December 31, 2011 was based on loss of
   $5,546 (2010: loss of $22,429). Share options were dilutive and other equity instruments such as warrants,
   and convertible bonds were anti-dilutive for both periods.

                                                                     Weighted average               Per share
                                                                     number of shares                amount
                                                                          (thousands)                       $
   For periods ended December 31, 2011
   Three months period
   – Basic and diluted                                                             80,470                (0.05)

   Twelve months period
   – Basic and diluted                                                             77,521                (0.07)

   For periods ended December 31, 2010
   Three months period
   – Basic and diluted                                                             53,609                (0.16)

   Twelve months period
   – Basic and diluted                                                             45,233                (0.50)




                                                                                                             22
     
    WENTWORTH RESOURCES LIMITED 
    Notes to the Unaudited Interim Condensed Consolidated Financial 
    Statements 
    United States dollars $000’s, unless otherwise stated  
     




13. Related party transaction
    Balances and transactions between Wentworth and its subsidiaries, which are related parties of the
    Wentworth, have been eliminated on consolidation and are not disclosed in this note. Details of transactions
    between the Company and other related parties are disclosed below.

    (a) During the year ended December 31, 2011, legal services amounting to $nil (2010 - $328) were
        provided by a law firm in which one of the former officers of the Company is a partner. The transactions
        have been recorded at the fair value.

    (b) As at December 31, 2011, $20 (2010 – $nil) was payable to a director of the Company for directors fees
        during 2011 and is included in trade and other payables.

    (c) The Company incurred the following expenses in respect of executive officers:

                                                       Three months ended                           Year ended
                                              December 31,   December 31,       December 31,      December 31,
                                                     2011            2010              2011               2010
                                                        $               $                 $                  $
        Salaries and benefits                         215             213               893                441
        Share based compensation                      195             165               930                165
                                                      410             378             1,823                606


    (d) During the three and twelve month periods ended December 31, 2011, the Company paid directors fees
        of $360 and $100 respectively (2010 - $80 and $120 respectively).




                                                                                                             23
     
    WENTWORTH RESOURCES LIMITED 
    Notes to the Unaudited Interim Condensed Consolidated Financial 
    Statements 
    United States dollars $000’s, unless otherwise stated  
     




14. Supplemental cash flow information
    Non-cash working capital components

                                                      Three months ended                Year ended
                                                December 31, December 31, December 31, December 31,
                                                       2011          2010        2011          2010
                                                          $            $            $            $
    Net change in non-cash working capital
    related to operating activities:
     Trade and other receivables                          815         (1,397)          1,376          (1,213)
     Inventories                                           98             19            (168)            331
     Prepaid expenses and deposits                       (277)           149             223            (116)
     Trade and other payables                           2,081          1,306              52           1,182
                                                        2,717             77           1,482             184
    Net change in non-cash working capital
    related to investing activities:
     Trade and other receivables                          722           (464)            978              26
     Prepaid expenses and deposits                         24            233              16              57
     Trade and other payables                             422            363            (470)           (371)
                                                        1,168            132             524            (288)
    Net change in non-cash working capital
    related to financing activities:
     Trade and other payables                                 -             -             69                -
                                                              -             -             69                -



15. Subsequent events
     
    i) On January 4, 2012, Artumas Tanzania (Jersey) Limited (“ATJL”), an 87.33 percent owned subsidiary of
       the Company approved the issuance of164,595 class A common shares to settle an inter-company loan
       of $13,215 with Wentworth Holdings (Jersey) Limited (“WHJL”), parent company of ATJL and wholly
       owned subsidiary of the Company. FMO chose not to participate in the share offering resulting in their
       ownership in ATJL being diluted. After the share issuance, WHJL will hold 92.54 percent of ATJL with
       FMO holding the remaining 7.46 percent.

    ii) On January 27, 2012, the Company entered into a transaction whereby it will acquire Cove Energy PCL’s
        (“Cove”) 16.38 percent participation interest in the production operations (20.475 percent participation
        interest in exploration operations) in the Mnazi Bay Concession in exchange for Wentworth’s terminating
        its 4.95 percent net profits interest from Cove’s interest in the Offshore Rovuma Area 1 Concession, two
        million common shares in Wentworth Resources Limited and a contingent payment of up to $8,500
        should certain future natural gas production thresholds from the Mnazi Bay Concession be reached
        (collectively the “Swap Transaction”). Under the terms of the existing Joint Operating Agreement ("JOA")
        between Wentworth, Maurel & Prom, Cove and TPDC, both TPDC and Maurel & Prom have the right to
        acquire their proportionate share of Cove's interest in the Mnazi Bay Concession for the cash equivalent
        value of the Swap Transaction by February 29, 2012 ("Pre-emptive Rights"). On February 3, 2012, TPDC
        waived their Pre-emptive Right.



                                                                                                                24
    
   WENTWORTH RESOURCES LIMITED 
   Notes to the Unaudited Interim Condensed Consolidated Financial 
   Statements 
   United States dollars $000’s, unless otherwise stated  
    




15. Subsequent events (continued)
       On February 17, 2012 Maurel & Prom exercised their Pre-emptive Right. Subject to receipt of
       government approval of Maurel & Prom’s Pre-emptive election, Maurel & Prom will pay to Wentworth for
       their prorata share (60.075 percent) of the cash equivalent value of the Swap Transaction plus Maurel &
       Prom will assume 60.075 percent of any contingent consideration due under the Swap Transaction.
       Following completion, Participating Interest in the Mnazi Bay Concession will be as follows:

                                                       Percentage Interest      Percentage Interest
                                                            in Production            in Exploration
                    Maurel & Prom (operator)                        48.06                   60.075
                    Wentworth                                       31.94                   39.925
                    TPDC                                            20.00                         -

   iii) On February 7, 2012, Wentworth and TANESCO entered into a sale and purchase agreement (“SPA”)
        whereby the Company will sell TANESCO its 18MW power plant and associated assets located in
        Mtwara, Tanzania for the cash consideration of US$13.5 million. The SPA is expected to close on or
        before March 9, 2012. Associated with the sale of the power plant the Company assigned the rights and
        obligations arising from the Interim gas sales agreement to TANESCO.

      Financial information relating to the operations and activities of the power plant are as follows:
                                                                                        2011                2010
                                                                                            $                  $
   As at December 31
    Property, plant and equipment (net book value)                                     9,335               10,278
    Inventories                                                                           534                 366
    Trade and other receivables                                                        1,384                2,354
    Trade and other payables                                                           1,404                2,044

   For the year ended December 31
    Revenue                                                                            7,007                4,870
    Production and operating                                                           5,834                4,869
    General and administrative                                                         1,234                  404
    Property, plant and equipment additions                                              273                3,105




                                                                                                               25
     
    WENTWORTH RESOURCES LIMITED 
    Notes to the Unaudited Interim Condensed Consolidated Financial 
    Statements 
    United States dollars $000’s, unless otherwise stated  
     




16. Transition to IFRS
    The Company transitioned from Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) to
    IFRS effective January 1, 2010 (“the transition date”) and has prepared its opening IFRS consolidated
    balance sheet as at that date. The Company’s consolidated financial statements for the year ending
    December 31, 2011 will be the first annual financial statements that the Company will prepare in accordance
    with IFRS. The Company will ultimately prepare its opening IFRS consolidated balance sheet by applying
    existing IFRS with an effective date of December 31, 2011 or prior. Accordingly, the opening IFRS
    consolidated balance sheet and the December 31, 2010 comparative balance sheet presented in the
    consolidated financial statements may differ from those presented at this time.

    IFRS 1 allows first time adopters to IFRS to take advantage of a number of voluntary exemptions from the
    general principal of retrospective restatement. The Company has taken the following exemptions:

    IFRS 2 Share-Based Payment Transactions (“IFRS 2”)
    IFRS 2 encourages application of its provisions to equity instruments granted on or before November 7,
    2002, but requires the application only to equity instruments granted after November 7, 2002 that had not
    vested by the Transition Date. The Company has elected to utilize this exemption to avoid applying IFRS 2
    retrospectively and restate all share-based liabilities that were settled before the date of transition to IFRS.
    Accordingly, all unsettled liabilities arising from share-based payment transactions are in compliance with the
    principles of IFRS after the Transition Date.

    IFRS 3 Business Combinations (“IFRS 3”)
    The Company has elected to apply the exemption for retrospective application of IFRS 3 to business
    combinations that took place before the transition date.

    IFRS 6 - Exploration for and Evaluation of Mineral Resources
    The Company was not able to use the exemption from full retrospective application of IFRS 6 as its
    operating entities in Tanzania and Mozambique were issuing their financial statements in accordance with
    IFRS prior to the transition date. The allocation of the property, plant and equipment balance between the
    E&E and the distribution & power assets was based on the financial data of the these operational
    subsidiaries.

    IAS 21- Cumulative Translation Differences
    Retrospective application of IFRS would require Wentworth to determine cumulative currency translation
    differences in accordance with IAS 21, The Effects of Changes in Foreign Exchange Rates, from the date a
    subsidiary or equity method investee was formed or acquired. IFRS 1 permits cumulative translation gains
    and losses to be reset to zero at the Transition Date. The Company elected to reset all cumulative
    translation gains and losses to zero in opening deficit at its Transition Date.

    IAS 23 – Borrowing Costs
    IAS 23 has not been applied retrospectively. As at the transition date, the Company did not have any
    qualifying assets.

    IAS 37 - Provisions, Contingent Liabilities and Contingent Assets (“IAS 37”)
    The Company has elected to apply the exemption from full retrospective application of decommissioning
    liabilities as allowed under IFRS 1. As such the Company has re-measured the provisions as at January 1,
    2010 under IFRIC 1 and recognized the difference between the amount determined under IFRIC 1 and the
    carrying amount of the provisions at January 1, 2010, directly in deficit.




                                                                                                                 26
     
    WENTWORTH RESOURCES LIMITED 
    Notes to the Unaudited Interim Condensed Consolidated Financial 
    Statements 
    United States dollars $000’s, unless otherwise stated  
     




16. Transition to IFRS (continued)
    IFRIC 4 - Determining whether an Arrangement contains a Lease (“IFRIC 4”)
    This IFRIC has not been applied retrospectively. The Company made an assessment as to whether an
    arrangement, existing at the Transition Date, contains a lease on the basis of the facts and circumstances
    existing at that date. The assessment was made in accordance with the requirements IFRIC 4. The
    Company did not identify any arrangements containing a lease on the transition date.

    IFRS Mandatory Exceptions
    Derecognition of financial assets and liabilities
    A first-time adopter should apply the derecognition requirements in IAS 39 Financial Instruments:
    Recognition and Measurement, prospectively to transactions occurring on or after January 1, 2004. The
    Company has applied this mandatory exception which did not impact any of Wentworth’s previously reported
    results.

    Hedge Accounting
    Hedge accounting can only be applied prospectively from the Transition Date to transactions that satisfy the
    hedge accounting criteria in IAS 39 at that date. Hedging relationships cannot be designated retrospectively
    and the supporting documentation cannot be created retrospectively. The Company has applied this
    mandatory exception which did not impact any of the Company’s previously reported results.

    Non-controlling Interests
    A first-time adopter that applies IAS 27 Consolidated and Separate Financial Statements, should apply the
    standard retrospectively, with the exception of the following requirements which are applied prospectively
    from the Transition Date:
         o The requirement that total comprehensive loss is attributed to the owners of the parent and to the
              non-controlling interests have a deficit balance;
         o The requirements on accounting for changes in the parent’s ownership interest in a subsidiary that
              do not results in a loss of control; and
         o The requirements on accounting for a loss of control over a subsidiary, and the related requirements
              of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

    The Company has applied these mandatory exceptions which did not impact any of the Company’s
    previously reported results.




                                                                                                             27
   WENTWORTH RESOURCES LIMITED 
   Notes to the interim consolidated financial Statement 
   For the period ended September 30, 2011, US $000s, unless otherwise stated 
    




A) Reconciliation of equity as at January 1, 2010
                                                  Canadian     Expensing of      Petroleum and      Stock-based                      Loss on       IFRS
                                                     GAAP        Capitalized        natural gas    Compensation     Convertible   disposal of
                                                                       G&A           properties         (Note 3)     Debenture        assets
                                                                   (Note 1)             (Note 2)                       (Note 4)      (Note 5)
   ASSETS
   Current assets
   Cash and cash equivalents                          2,144               -                    -               -              -             -     2,144
   Cash held in trust                                 3,340               -                    -               -              -             -     3,340
   Trade and other receivables                        4,113               -                    -               -              -             -     4,113
   Prepaid expenses and deposits                        814               -                    -               -              -             -       814
   Inventories                                          697               -                    -               -              -             -       697
                                                     11,108               -                    -               -              -             -    11,108
   Non-current assets
   Long-term receivable                              19,556               -                   -                -              -             -    19,556
   Exploration and evaluation assets                      -            (577)             18,537                -              -         (405)    17,555
   Property, plant and equipment                     55,407            (168)            (18,537)               -              -         (643)    36,059
                                                     74,963            (745)                  -                -              -       (1,048)    73,170
   Total assets                                      86,071            (745)                  -                -              -       (1,048)    84,278

   LIABILITIES
   Current liabilities
   Trade and other payables                           6,289               -                    -               -             -              -      6,289
   Convertible bonds                                  2,975               -                    -               -           265              -      3,240
                                                      9,264               -                    -               -           265              -      9,529
   Non-current liabilities
   Long-term loan                                     1,273               -                    -               -              -             -      1,273
   Provisions                                            93               -                    -               -              -             -         93
                                                      1,366               -                    -               -              -             -      1,366
   EQUITY
   Share capital                                    335,421               -                    -               -             -             -     335,421
   Contributed surplus                                9,665               -                    -            (628)            -             -       9,037
   Warrants                                           7,522               -                    -               -             -             -       7,522
   Convertible bonds – equity component                 265               -                    -               -          (265)            -           -
   Retained earnings (Deficit)                     (284,783)           (648)                   -             628              -       (1,048)   (285,851)
   Equity Attributable to Shareholders               68,090            (648)                   -               -          (265)       (1,048)     66,129
   Non-controlling interest                           7,351             (97)                   -               -              -            -       7,254
                                                     75,441            (745)                   -               -          (265)       (1,048)     73,383
   Total Liabilities and Equity                      86,071            (745)                   -               -             -        (1,048)     84,278

                                                                                                                                                    28
   WENTWORTH RESOURCES LIMITED 
   Notes to the interim consolidated financial Statement 
   For the period ended September 30, 2011, US $000s, unless otherwise stated 
    




A) Reconciliation of equity as at January 1, 2010 (continued)
   The following explains the material adjustments to the consolidated statement of financial position as at January 1, 2010:

   Note 1 – Expensing of G&A capitalized
   Under Canadian GAAP, the Company followed the full cost method of accounting for petroleum and natural gas properties (Accounting Guideline 16) whereby all
   costs relating to the acquisition, exploration and development of petroleum and natural gas resources were capitalized in the Tanzanian and Mozambique cost
   centres. Certain of these costs do not meet the criteria for capitalization under IFRS and have accordingly been expensed at transition date.

   Note 2 - Petroleum and natural gas properties
   Under Canadian GAAP, the Company followed the full cost method of accounting for petroleum and natural gas properties whereby all costs relating to the
   acquisition, exploration and development of petroleum and natural gas resources are capitalized in one Canadian cost centre.

   Under IFRS, pre-exploration, exploration and evaluation and development and production expenditures are accounted for separately.

   Note 3 - Stock-based compensation
   Under Canadian GAAP, the Company’s fair value of grants of share-based awards with graded vesting is recognized on a straight-line basis over the employment
   period necessary to vest the award. The forfeitures were recognized when they occurred.
   Under IFRS, each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value. Each grant is accounted for
   on that basis. The forfeiture estimate used was 20 percent as the Company had to recognize the historical amount in the calculation. As a result, the Company
   adjusted its expense for share-based awards to reflect this difference in recognition.

   Note 4 – Convertible Debenture
   Under Canadian GAAP, the convertible debenture was classified as a compound financial instrument, whereby the instrument was bifurcated into debt and equity
   components. The equity portion was recognized at its fair value, at inception. Under IFRS, the conversion feature (the equity portion under Canadian GAAP) of
   the convertible debenture is considered a derivative liability, and is required to be fair valued at the end of each reporting period.


   Note 5 – Loss on disposal of assets
   Under Canadian GAAP, a loss on disposal of assets resulting from farm out transaction in September 2009 was not recognized. Under IFRS, the loss on disposal
   required to be recognised.




                                                                                                                                                                 29
   WENTWORTH RESOURCES LIMITED 
   Notes to the interim consolidated financial Statement 
   For the period ended September 30, 2011, US $000s, unless otherwise stated 
    




B) Reconciliations as at December 31, 2010
   Reconciliation of equity as at December 31, 2010

                                               Canadian    Expensing of      Petroleum and                       Business        Loss on          IFRS
                                                  GAAP       capitalized        natural gas    Provision for   combination    disposal of
                                                                  costs          properties     office lease     and stock        assets
                                                                                    (Note 1)        (Note 2)       options       (Note 3)
   ASSETS
   Current assets
   Cash and cash equivalents                      4,587               -                    -               -             -              -      4,587
   Trade and other receivables                    6,043               -                    -               -             -              -      6,043
   Prepaid expenses and deposits                    875               -                    -               -             -              -        875
   Inventories                                      366               -                    -               -             -              -        366
                                                 11,871               -                    -               -             -              -     11,871
   Non-current assets
   Long-term receivable                          17,399              -                    -                -             -              -     17,399
   Exploration and evaluation assets                  -           (577)              17,995                -             -          (405)     17,013
   Property, plant and equipment                 55,298           (168)             (17,995)               -             -          (643)     36,492
                                                 72,697           (745)                   -                -             -        (1,048)     70,904
   Total assets                                  84,568           (745)                   -                -             -        (1,048)     82,775
   LIABILITIES
   Current liabilities
   Trade and other payables                       8,195               -                    -            158              -              -         8,353

   Non-current liabilities
   Long-term loan                                 7,427               -                    -               -             -              -      7,427
   Derivative financial liability (warrants)          -                                                              5,008              -      5,008
   Provisions                                     1,275               -                    -          2,404              -              -      3,679
                                                  8,702               -                    -          2,404          5,008              -     16,114
   EQUITY
   Share capital                                345,215               -                    -               -          (969)              -   344,246
   Contributed surplus                           16,586               -                    -               -          (628)              -    15,958
   Warrants                                       1,714               -                    -               -        (1,714)              -         -
   Deficit                                     (302,312)          (661)                    -         (2,562)        (1,697)        (1,048)   (308,280)
   Equity Attributable to Shareholders           61,203           (661)                    -         (2,562)        (5,008)        (1,048)     51,924
   Non-controlling interest                       6,468            (84)                    -              -              -              -       6,384
                                                 67,671           (745)                    -         (2,562)        (5,008)        (1,048)     58,308
   Total Liabilities and Equity                  84,568           (745)                    -              -              -        (1,048)      82,775
                                                                                                                                             30
   WENTWORTH RESOURCES LIMITED 
   Notes to the interim consolidated financial Statement 
   For the period ended September 30, 2011, US $000s, unless otherwise stated 
    




B) Reconciliations as at December 31, 2010 (continued)
   Reconciliation of the consolidated statement of comprehensive loss for the year ended December 31, 2010:


                                            Canadian      Financing                                    IFRS
                                               GAAP         Costs &     Provision                         $
                                                   $     convertible    for office
                                                          debenture         lease      Business
                                                            (Note 1)     (Note 2)    combination

   Total revenue                               5,465                -            -             -       5,465

   Operating Expenses
   Production and operating                   (4,915)               -            -             -      (4,915)
   Depreciation and depletion                 (3,965)               -            -             -      (3,965)
   Loss on disposal of property, plant
   and equipment                                (147)               -           -              -        (147)
   General and administrative expenses       (12,224)               -      (2,562)             -     (14,786)
   Impairment of property, plant and
   equipment                                    (691)              -             -             -        (691)
   Share based payments                         (227)              -             -             -        (227)
   Assets retirement obligation                  (12)              -             -             -         (12)
   Others                                       (734)            588             -                      (146)
   Total operating expenses                  (22,915)            588       (2,562)             -     (24,889)

   Total other income (expenses)
   Financing costs                            (1,414)           (588)            -             -      (2,002)
   Redemption of convertible bonds              (103)            265             -             -         162
   Loss on derivative financial liability                                                 (2,325)     (2,325)
   Net foreign exchange gain                     290               -             -             -         290
   Total other income (expenses)              (1,227)           (323)            -        (2,325)     (3,875)


   Income (loss) and comprehensive
   income (loss)                             (18,677)            265       (2,562)        (2,325)    (23,299)



   Income (loss) attributable to:
   Owners of the Company                     (17,794)            252       (2,562)        (2,325)    (22,429)
   Non-controlling interest                     (883)             13            -              -        (870)

   Total income (loss) and
   comprehensive income (loss)               (18,677)            265       (2,562)        (2,325)    (23,299)




                                                                                                                31
     
B) Reconciliations as at December 31, 2010 (continued)
    The following explains the material adjustments as at December 31, 2010:

    Note 1 - Petroleum and natural gas properties
    Under Canadian GAAP, the Company followed the full cost method of accounting for petroleum and natural gas properties whereby all costs relating to the
    acquisition, exploration and development of petroleum and natural gas resources were capitalized in the Tanzanian and Mozambique cost centres.

    Under IFRS, pre-exploration, exploration and evaluation and development and production expenditures are accounted for separately.
    No costs were capitalized in E&E during the year ended December 31, 2010.

    Note 2 – Provision for office lease
    The Company has lease agreements for office space which it vacated in April 2010, resulting in the costs of the agreements outweighing its benefits. Under IFRS,
    the leases are considered uneconomic and accordingly a provision has been recorded in April 2010. During 2010, the change in provision is recorded as a
    reduction against general and administrative expense.


    Note 3 – Loss on disposal of assets
    Under Canadian GAAP, a loss on disposal of assets resulting from farm out transaction in September 2009 was not recognized. Under IFRS, the loss on disposal
    is required to be recognised.



 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
                                                                                                                                                                 32
  
  
  

C) Reconciliation of the consolidated statement of comprehensive loss for the three months ended December 31, 2010
(continued)
                                          Canadian    Amortisation of     Business      IFRS
                                             GAAP        office lease   Combination        $
                                                 $         provision

 Total revenue                               1,950                  -             -    1,950

 Operating expenses
 Production and operating                   (1,555)                -               -   (1,555)
 Depreciation and depletion                   (908)                -               -     (908)
 General and administrative expenses        (2,143)              338               -   (1,805)
 Share based payments                         (166)                -               -     (166)
 Assets retirement obligation                   (3)                -               -       (3)
 Total operating expenses                   (4,775)              338               -   (4,437)

 Total other income (expenses)
 Financing costs                            (4,499)                 -             -    (4,499)
 Loss on derivative financial liability          -                  -        (2,325)   (2,325)
 Net foreign exchange gain                     298                  -             -       298
 Total other income (expenses)              (4,201)                 -        (2,325)   (6,526)

 Income (loss) and comprehensive
 income (loss)                              (7,026)              338         (2,325)   (9,013)




 Income (loss) attributable to:
 Owners of the Company                      (6,406)              338         (2,325)   (8,393)
 Non-controlling interest                     (620)                -               -     (620)
 Total income (loss) and comprehensive
 income (loss)                              (7,026)              338         (2,325)   (9,013)




                                                                                                                33

				
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