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: Bob McBean, rpm@wentworthresources.com
Wentworth Executive Chairman
Eskil Jersing,
Chief Executive eskil.jersing@wentworthresources.com
Officer +44 7717 847623
Katherine Roe, katherine.roe@wentworthresources.com
Chief Financial +44 7841 087 230
Officer
Stifel Nicolaus AIM Nominated +44 (0) 20 7710 7600
Europe Limited Adviser and Broker
(UK)
Callum Stewart
Ashton Clanfield
Simon Mensley
Peel Hunt LLP Broker (UK) +44 (0) 20 7418 8900
Richard Crichton
Ross Allister
Vigo Investor Relations +44 (0) 20 7930 0230
Adviser (UK)
Patrick d'Ancona
Chris McMahon
Notes
Katherine Louise Margiad Ward Roe (40), Chief Financial Officer
Ms. Roe holds the following directorships:
Current Directorships Past Directorships
Faroe Petroleum plc IDE Group Holdings plc
Roe Resources Limited
Timothy Paul Bushell (59), Deputy Chairman
Mr. Bushell, holds the following directorships:
Current Directorships Past 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 Directorships Past 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.