Wentworth Resources Ltd Wentworth Resources Limited : Corporate Update

 
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,                                                     [e-mail] 
 Wentworth     Managing Director                                                       [phone] 
              Lance Mierendorf,                                            [e-mail] 
               Chief Financial Officer                                                 [phone] 
              Katherine Roe                                                 [e-mail] 
               Vice President Corporate Development & Investor Relations               [phone] 
Stifel 
 Nicolaus     AIM Nominated Adviser and Broker (UK) 
 Europe        Callum Stewart 
 Limited       Ashton Clanfield                                                               [phone] 
              Broker (UK) 
GMP            Hugh Sanderson 
 FirstEnergy   Jonathan Wright                                                                [phone] 
              Broker (UK) 
               Richard Crichton 
Peel Hunt      Ross Allister 
 LLP           Chris Burrows                                                                  [phone] 
              Investor Relations Adviser (UK) 
FTI            Edward Westropp                                                         [e-mail] 
Consulting     Kim Camilleri                                                                  [phone] 
              Investor Relations Adviser 
Crux           (Norway) 
 Advisers      Carl Bachke                                                                          [phone] 
 
 
   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)

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