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Thursday, 16 November 2017

Wentworth Resources Limited : Corporate Update

Wentworth Resources Limited    

Published: 08:00 CET 16-11-2017 /GlobeNewswire /Source: Wentworth Resources Limited / : WRL /ISIN: CA9506771042

Wentworth Resources Limited : Corporate Update

 

 

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 (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Wentworth Resources Limited, 630, 715 – 5th Avenue SW, Calgary, Alberta T2P 2X6, Canada
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