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Wentworth Resources Ltd (WEN)

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Friday 02 November, 2018

Wentworth Resources Ltd

Wentworth Resources Plc : Board Changes

Wentworth Resources Plc : Board Changes

PRESS RELEASE
2 November 2018

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

Board Changes

Wentworth, the Oslo Stock Exchange (OSE: WEN) and AIM (AIM: WEN) listed independent, East Africa-focused oil & gas company, announces the following changes to its Board of Directors (the "Board") following the successful completion of the Company's re-domicile to Jersey ("Re-Domicile") announced on 29 October 2018, and the appointment of three new members of the Board as announced earlier today 2018.

In order to ensure its structure is appropriate for a Company of its size and stage of development in line with the recommendations of the QCA Corporate Governance Code, which the Company intends to adopt following delisting from the Oslo Bors, if successful, and to align the Board with the Company's strategic objectives following the Re-Domicile:

  • Bob McBean will move from Executive Chairman to Non-Executive Chairman, effective 1 January 2019;
     
  • Cameron Barton has chosen to resign to enable further efficiency within the company following a transitional handover period as a result of the Re-Domicile, effective 31 March 2018;
     
  • Neil Kelly has resigned from the Board with immediate effect;
     
  • Tim Bushell will be appointed Chair of the Remuneration Committee with immediate effect;
     
  • Iain McLaren will be appointed as Chair of the Audit committee with immediate effect; and
     
  • John Bentley to remain as Senior Independent Director of the Company.

Bob McBean, Chairman, commented:

"On behalf of the Board, I would specifically like to thank Cam and Neil for their longstanding service and major contributions to the Company to date. I am also hugely appreciative of Cam's continued support and assistance through this transition period for the Company.

"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
Rockhopper Exploration plc Falkland Oil and Gas Limited
Redrock Energy Limited FOGL Finance Limited
Petro Matad Limited Red Kite Energy Limited
Point Resources AS Core Energy AS
  Desire Petroleum Limited

Iain Archibald McLaren (68) - 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  
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 Plc via Globenewswire


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