StockMarketWire.com - East Africa-focused oil and gas company Wentworth Resources swung to a first-half loss, amid rising costs and falling revenue.

The company also declared a maiden dividend, of 45p per share.

Pre-tax losses amounted to $0.73m, compared to a profit of $2.3m on-year.

Average gross daily gas production fell to 66.17 MMscf/d, down from 78.6 MMscf/d, due to heavier rainy season.

'Wentworth has been through a period of significant change corporately and financially,' chief executive Eskil Jersing said.

'The first half of 2019 has seen us successfully complete our simplification mandate and prepare for a sustainable capital returns policy.'

'We have continued to produce gas and receive associated revenues to reduce our debt and build a cash balance of around $14.2 million at the end of August.'

At 10:07am: [LON:WEN] share price was +0.75p at 20.25p



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