Wentworth Resources Ltd Wentworth Resources Limited : Corporate Update
November 16 2017 - 2:00AM
UK Regulatory
TIDMWRL
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: Geoffrey Bury, gpb@wentworthresources.com
Wentworth Managing Director +1 403 993 4450
Lance Mierendorf, lance.mierendorf@wentworthresources.com
Chief Financial Officer +1 403 680 8773
Katherine Roe katherine.roe@wentworthresources.com
Vice President Corporate Development & Investor Relations +44 7841 087 230
Stifel
Nicolaus AIM Nominated Adviser and Broker (UK)
Europe Callum Stewart
Limited Ashton Clanfield +44 (0) 20 7710 7600
Broker (UK)
GMP Hugh Sanderson
FirstEnergy Jonathan Wright +44 (0) 20 7448 0200
Broker (UK)
Richard Crichton
Peel Hunt Ross Allister
LLP Chris Burrows +44 (0) 20 7418 8900
Investor Relations Adviser (UK)
FTI Edward Westropp wentworth@fticonsulting.com
Consulting Kim Camilleri +44 (0) 20 3727 1000
Investor Relations Adviser
Crux (Norway)
Advisers 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: http://hugin.info/136496/R/2150148/825286.pdf
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
http://www.wentworthresources.com/
(END) Dow Jones Newswires
November 16, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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