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Wentworth Resources Ltd (WRL)

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Friday 02 November, 2018

Wentworth Resources Ltd

Wentworth Resources : Director Appointments

Wentworth Resources : Director Appointments

PRESS RELEASE

2 November 2018

WENTWORTH RESOURCES PLC 
("Wentworth" or the "Company")

Director Appointments

Wentworth, the Oslo Stock Exchange (OSE: WEN) and AIM (AIM: WEN) listed independent, East Africa-focused oil & gas company, further to its announcement on 22 August 2018, is pleased to announce that Ms. Katherine Roe, Mr. Tim Bushell, and Mr. Iain McLaren, have been appointed as members of the Board of Directors (the "Board") with immediate effect. These appointments follow the successful completion of the Company's re-domicile to Jersey ("Re-Domicile"), announced on 29 October 2018, as part of its restructuring process to better align corporate and management structures with its shareholders and asset base in Africa.  

The Board believes that the appointment of these Directors will add significant financial, technical and operational experience to the Board, providing a stronger platform to execute on the strategic aspirations of the Company following its Re-Domicile.

Ms. Katherine Roe - Chief Financial Officer

Katherine, Chief Financial Officer since 1 April 2018, was Vice President Corporate Development & Investor Relations for the Company since 2014 and has 19 years of senior corporate and capital markets experience. Prior to joining Wentworth, Katherine spent 11 years at Panmure Gordon & Co, having moved from Morgan Stanley's investment banking division. She is currently an independent Non-Executive Director of Faroe Petroleum plc, where she will take over the role of Audit Chair in 2019.

Mr. Tim Bushell - Deputy Chairman and Independent Non-Executive Director

Tim is a qualified geologist with more than 30 years' experience in the oil and gas industry. He has worked at British Gas, Ultramar, LASMO, and Paladin Resources. Most recently Tim was Chief Executive Officer at Falkland Oil and Gas Limited and Director/co-founder of Core Energy AS. He is currently serving as a Non-Executive Director on the Board of Rockhopper Exploration PLC, Genel Energy plc and Petro Matad Limited, and as a Director of Point Resources AS and Redrock Energy Limited.

Mr. Iain McLaren - Independent Non-Executive Director

Iain has significant experience in the oil and gas sector with deep experience as Audit committee chair. He is currently a Non-Executive Director and Chair of the Audit Committee of Jadestone Energy Inc. and until May 2018 was Senior Independent Director and Chair of the Audit Committee for Cairn Energy plc. He is currently Chairman of F&C UK High Income Trust plc as well as a director of three other investment companies. He is a past President of the Institute of Chartered Accountants of Scotland and was a partner of KPMG for 28 years until 2008.  

Bob McBean, Chairman, commented:

"We are delighted to welcome Katherine, Tim and Iain to the Board.   They collectively bring substantive technical, commercial and financial upstream E&P experience, joining the Board at a pivotal moment, as the Company has completed its Re-Domicile from Canada to Jersey.

 "We have an ambitious domestic gas-led East African focused strategy to deliver material shareholder value, organically from our core gas producing asset, Mnazi Bay, and inorganically through an M&A led growth mandate. The new Board members bring the requisite skills and expertise to contribute significantly to our aspiration of becoming a mid-tier African focused E&P Company."

-Ends-

Enquiries: 
Wentworth
Bob McBean,
Executive Chairman

 

Eskil Jersing,
Chief Executive Officer

 

Katherine Roe,
Chief Financial Officer
[email protected]



[email protected]
+44 7717 847623

 

[email protected]
+44 7841 087 230
Stifel Nicolaus Europe LimitedAIM Nominated Adviser and Broker (UK)
Callum Stewart
Ashton Clanfield
Simon Mensley


+44 (0) 20 7710 7600
Peel Hunt LLPBroker (UK)
Richard Crichton
Ross Allister


+44 (0) 20 7418 8900
VigoInvestor Relations Adviser (UK)
Patrick d'Ancona
Chris McMahon
+44 (0) 20 7930 0230

Notes

Katherine Louise Margiad Ward Roe (40), Chief Financial Officer

Ms. Roe  holds the following directorships:

Current DirectorshipsPast Directorships
Faroe Petroleum plc IDE Group Holdings plc
Roe Resources Limited  

Timothy Paul Bushell (59), Deputy Chairman

Mr. Bushell, holds the following directorships:

Current DirectorshipsPast Directorships
   
   
Petro Matad Limited Core Energy AS
Point Resources AS Desire Petroleum Limited
Redrock Energy Limited Falkland Oil and Gas Limited
Rockhopper Exploration plc FOGL Finance Limited

Red Kite Energy Limited

Iain Archibald McLaren (67) - Non-Executive Director

Mr. McLaren, holds the following directorships:

Current DirectorshipsPast Directorships
Baillie Gifford Shin Nippon plc Afren plc
Ecofin Global Utilities Cairn Energy plc
Edinburgh Dragon Trust plc Scotbeef Limited
F&C UK High Income Trust plc  
Infrastructure Trust plc  
Jadestone Energy Inc  

Mr. McLaren holds 100,000 ordinary shares in the Company.

Iain McLaren was formerly a director of Afren plc, a company formerly listed on the London Stock Exchange. Afren plc was placed in administration within one year of Mr. McLaren ceasing to be a director.

Save for the above, there is no further information required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules for Companies, with respect to the appointment of Ms. Roe, Mr. Bushell, and Mr. McLaren.

About Wentworth Resources

Wentworth Resources is a publicly traded (OSE: WEN, AIM: WEN), independent oil & gas company with natural gas production; exploration and appraisal opportunities, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.

Inside Information

The information contained within this announcement is deemed by Wentworth to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Cautionary note regarding forward-looking statements

This press release may contain certain forward-looking information. The words "expect", "anticipate", believe", "estimate", "may", "will", "should", "intend", "forecast", "plan", and similar expressions are used to identify forward looking information.

The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Wentworth is currently active and other factors management believes are appropriate in the circumstances. Wentworth undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable law.

Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Wentworth's control. These assumptions and risks include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in exploration, development and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the imprecision of resource and reserve estimates, assumptions regarding the timing and costs relating to production and development as well as the availability and price of labour and equipment, volatility of and assumptions regarding commodity prices and exchange rates, marketing and transportation risks, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in applicable law. Additionally, there are economic, political, social and other risks inherent in carrying on business in Tanzania and Mozambique. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Wentworth's Management's Discussion and Analysis for the year ended December 31, 2017, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.

Notice 

Neither the Oslo Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed this press release and neither accepts responsibility for the adequacy or accuracy of this press release.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.




This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wentworth Resources Limited via Globenewswire


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