Wentworth Resources PLC Dividend Policy (0101F)

TIDMWEN

RNS Number : 0101F

Wentworth Resources PLC

10 July 2019

PRESS RELEASE 10 July 2019

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Dividend Policy

Wentworth (AIM: WEN), the AIM listed independent, East Africa-focused oil & gas company announces the implementation of a dividend policy.

The Company confirms a dividend policy to shareholders and plans to pay an ordinary dividend based on the Company's free cash flow generation, whilst ensuring an appropriate balance between investment in its business and operating within its debt and banking facilities.

It is expected that a maiden dividend will be declared with the interim results to 30 June 2019, expected to be released on 3 September 2019, and will be payable semi-annually going forward, split between the interim and final dividend (1/3 : 2/3). A final dividend for the year ended 31 December 2019 will be determined by the Board and is expected to be declared with the full year results, subject to shareholder approval.

Eskil Jersing, CEO, commented:

"The confidence we have in the long-term performance of our Mnazi Bay asset in Tanzania, with sustained revenues and regular payments since June 2017, supports the introduction of an ordinary dividend based on the Company's free cash flow generation, to return capital to shareholders. We continue to look at M&A led growth opportunities for the Company and the financial strength of our cash generative, rapidly deleveraging business ensures we can maintain an ordinary dividend going forward."

 
Enquiries:                         Eskil Jersing,                             [e-mail] 
 Wentworth                          Chief Executive Officer                    [phone] 
 
 
                                    Katherine Roe,                             [e-mail] 
                                    Chief Financial Officer                    [phone] 
 
 
                                     AIM Nominated Adviser and Joint Broker 
                                     Callum Stewart 
                                     Ashton Clanfield 
  Stifel Nicolaus Europe Limited     Simon Mensley                              [phone] 
 
                                   Joint Broker 
                                    Richard Crichton 
 Peel Hunt LLP                      James Bavister                             [phone] 
 
                                     Investor Relations Adviser 
                                     Patrick d'Ancona 
  Vigo                               Chris McMahon                              [phone] 
 

The payment of any dividend is subject to compliance with applicable laws and regulations, including the laws of Jersey and the Company's Articles of Association. The Board will continually review the dividend policy from time to time and there can be no assurance that dividends will be paid in any particular amount for any given period.

About Wentworth Resources

Wentworth Resources is a publicly traded (AIM: WEN), independent oil & gas company with natural gas production, exploration and appraisal opportunities in the Rovuma Delta Basin of coastal southern Tanzania.

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. 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.

-Ends-

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July 10, 2019 02:00 ET (06:00 GMT)