PRESS
RELEASE
16 November 2017
WENTWORTH
RESOURCES LIMITED
("Wentworth" or the "Company")
Corporate
update
Wentworth, the Oslo Stock Exchange
(OSE: WRL) and AIM (AIM: WRL) listed independent, East
Africa-focused oil & gas company, announces that it is
undertaking a restructuring process to better align its corporate
and management structures with its shareholders and asset base in
Africa, to increase management efficiencies and reduce certain
costs.
As a first step in this process,
the Company is relocating its head office and executive management
team to London from Calgary, Canada bringing them closer to
shareholders and to the Company's core operating assets in Tanzania
and Mozambique. Due to personal reasons, Managing Director Geoff
Bury, is unable to relocate to London and will therefore be leaving
the Company when a suitable replacement has been found. The Company
has commissioned an executive search agent and is currently
reviewing candidates for the role of Chief Executive Officer,
although Geoff will remain in his current role for a period of time
to allow a smooth transition of responsibilities.
In line with the head office
relocation and given that the Company has few Canadian registered
shareholders and very limited operational connection to Canada, the
Directors are exploring the possibility of re-domiciling the
Company from Canada to a European country in order to better
service its shareholder base, reduce costs as well as corporate
complexity. The Company will consult and update shareholders, when
appropriate, as to the progress on the corporate reformation
process.
Geoff Bury,
Managing Director, said:
"I take great pride in the
significant achievements since joining Wentworth in 2010, most of
all positioning the Company to be a major gas producer in East
Africa and securing a potentially world class appraisal asset in
Mozambique that is capable of delivering significant upside to our
shareholders in the near term. I strongly believe in the quality
assets that Wentworth has and the growth these assets can
achieve."
Bob McBean,
Executive Chairman, said:
"Firstly, I would like to thank
Geoff for his significant contribution to the business. When we
established Wentworth through the reverse takeover of Artumas,
there were substantial changes required to rationalise the asset
base, significantly reduce G&A, and manage the Company through
legacy issues, which would not have been possible without Geoff's
clear management and direction. Under Geoff's management we have
transitioned the Company to where we are now: establishing a growth
platform business both in terms of production and cash flow and
with upside from our potentially world class exploration and
appraisal asset in Mozambique.
"As we enter this process of
improving alignment of our corporate structure with our shareholder
and asset base, the business is in excellent shape to take
advantage of the opportunity to deliver the next phase of growth,
both in Tanzania and Mozambique, and potentially beyond these
jurisdictions and I look forward to working with a new CEO to
achieve this."
-Ends-
Enquiries:
Wentworth |
Geoffrey
Bury,
Managing Director |
gpb@wentworthresources.com
+1 403 993 4450
|
|
Lance
Mierendorf,
Chief Financial Officer |
lance.mierendorf@wentworthresources.com
+1 403 680 8773
|
|
Katherine
Roe
Vice President Corporate Development & Investor
Relations
|
katherine.roe@wentworthresources.com
+44 7841 087 230 |
Stifel Nicolaus Europe Limited |
AIM Nominated Adviser and Broker (UK)
Callum Stewart
Ashton Clanfield |
+44 (0)
20 7710 7600 |
GMP FirstEnergy |
Broker (UK)
Hugh Sanderson
Jonathan Wright |
+44 (0)
20 7448 0200 |
Peel Hunt LLP |
Broker (UK)
Richard Crichton
Ross Allister
Chris Burrows |
+44 (0)
20 7418 8900 |
FTI Consulting |
Investor Relations Adviser (UK)
Edward Westropp
Kim Camilleri |
wentworth@fticonsulting.com
+44 (0) 20 3727 1000 |
Crux Advisers |
Investor Relations Adviser
(Norway)
Carl Bachke |
+47 909 808 48 |
About Wentworth
Resources
Wentworth Resources is a publicly
traded (OSE: WRL, AIM: WRL), independent oil & gas company
with: natural gas production; exploration and appraisal
opportunities; and large-scale gas monetisation initiatives, 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, 2016, 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.
171116 Announcement
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions 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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