Wentworth Resources Plc Wentworth Resources Plc : Long Term Incentive Plan ("Ltip") Awards

 
TIDMWEN 
 
 
   PRESS RELEASE 
 
   5 December 2018 
 
   WENTWORTH RESOURCES PLC 
 
   ("Wentworth" or the "Company") 
 
   Long Term Incentive Plan ("LTIP") Awards 
 
   Wentworth, the Oslo Stock Exchange (OSE:WEN) and AIM (AIM:WEN) listed 
independent, East Africa-focused oil & gas company, is pleased to make 
the following announcement. 
 
   On 3 December 2018, the Remuneration Committee of the Company, which 
consists solely of Non-Executive Directors, made an award under the Long 
Term Incentive Plan ("LTIP") which was approved by shareholders at the 
2018 Annual General Meeting on 27 June 2018. 
 
 
 
 
                                                                Total options 
                                                                following the 
Name            Role              LTIP award   Vesting date         Grant 
                Chief Executive 
Eskil Jersing    Officer           2,670,226  2 December 2021        2,670,226 
                Chief Financial 
Katherine Roe    Officer             890,075  2 December 2021          890,075 
 
 
   The awards are subject to a three-year performance period (the 
"Performance Period") followed by a two-year holding period. The awards 
are further subject to claw back and malus provisions. 
 
   The performance condition for the awards is share price growth over the 
Performance Period, with 25% of the award vesting if the Company's share 
price at the end of the Performance Period has increased by an 8% 
compounded annual growth rate, and 100% of the award vesting if the 
share price has increased by a 16% compound annual growth rate. Should 
the share price increase between 8% and 16%, awards will vest on a 
linear sliding scale between 25% and 100%. 
 
   -Ends- 
 
 
 
 
             Bob McBean, 
              Executive Chairman                          [e-mail] 
              Eskil Jersing,                          [e-mail] 
              Chief Executive Officer                           [phone] 
Enquiries:    Katherine Roe,                          [e-mail] 
 Wentworth    Chief Financial Officer                           [phone] 
 
Stifel       AIM Nominated Adviser and Broker (UK) 
 Nicolaus     Callum Stewart 
 Europe       Ashton Clanfield 
 Limited      Simon Mensley                                           [phone] 
 
             Broker (UK) 
Peel Hunt     Richard Crichton 
 LLP          Ross Allister                                           [phone] 
 
             Investor Relations Adviser (UK) 
              Patrick d'Ancona 
Vigo          Chris McMahon                                           [phone] 
 
 
   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. 
 
   181205 Press Release: http://hugin.info/136496/R/2227885/874742.pdf 
 
   This announcement is distributed by West Corporation on behalf of West 
Corporation 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 Plc via Globenewswire 
 
 
  https://www.wentplc.com 
 

(END) Dow Jones Newswires

December 05, 2018 02:00 ET (07:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.