PRESS RELEASE
25 JUNE 2018
|
|
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, provides the following
corporate update.
Chief Executive
Officer
Further to the Company's
announcement dated 15 January 2018, Mr Eskil Jersing has today
joined Wentworth as Chief Executive Officer. He will be
appointed to the Board with effect from 27 June 2018 at the
Company's Annual and Special Meeting.
Redomicile of the
Company
As previously announced, in line
with the head office relocation of the Company from Calgary to
London, the re-domicile of the Company to the British Isles is
progressing on schedule. Having considered various options, the
Company is working towards a "Continuance" of the Company into
Jersey, Channel Islands (the "Continuance").
The Continuance is a legal process
whereby, following shareholder approval by way of a special
resolution, the Board of the Company will apply to:
Upon such approval:
-
The Company will cease to be a company
registered in Alberta, Canada and will be registered in Jersey,
Channel Islands;
-
Shareholders will continue to hold one share of
the Company for each Common Share currently held. The
principal attributes of the share capital of the Company will be
identical, before and after the Continuance, other than differences
in shareholders' rights under the new Articles and under Jersey law
as compared to the current articles and Albertan law;
-
The Company will adopt a new Memorandum of
Association and Articles of Association (the "Articles");
-
The Company's shares are expected to continue to
be traded on AIM and the Oslo Børs; (with an Oslo Børs delisting
application being submitted shortly thereafter); and
-
All property and rights to which the Company was
entitled immediately before the Continuance will remain the
property and rights of the Company post Continuance and the Company
will remain subject to all criminal and civil liabilities, all
contracts, debts and other obligations and all legal proceedings,
to which it was subject immediately before the Continuance.
Full details of the Continuance
process and its implications will be provided, in due course, in a
Continuance Circular.
Delisting
from Oslo Børs
The intent behind the redomicile
is to reduce costs and simplify the Company's corporate structure.
The Board believes the redomicile process will provide a positive
long-term benefit for all of its shareholders and improve the
overall liquidity and risk profile of the stock.
To further this objective, the
Company is also seeking to de-list from the Oslo Børs, which is
consistent with the Company's plan to move towards a UK based
corporate governance regime and is in line with the appointment of
a UK based management team. The Company is confident that the
AIM market provides sufficient liquidity and ease of trading for
all shareholders.
The Directors are mindful that the
Company's members include a number of non-institutional
shareholders located in Norway and it invites shareholders, in the
first instance, to engage with the Company's management should they
have any questions on the aforementioned. Email contact
details are set out at the base of this announcement.
Bob McBean,
Executive Chairman, said:
"The Company is focused on moving to a simplified corporate
structure and corporate governance regime that will increase
liquidity, reduce overheads and allow the new UK based management
team to drive the business forward. Furthermore, the benefits
of being in a similar time zone to our assets and key partner
Maurel et Prom, in addition to London providing a critical centre
for M&A and capital solutions with respect to the African Oil
and Gas industry, are well known. We believe a redomicile to Jersey
and, a delisting from the Oslo Børs will help meet these
objectives. We would welcome engagement with any shareholders
to discuss any issues arising from the proposed changes and, of
course, we will seek appropriate shareholder approval for the
proposed changes before they are implemented."
-Ends-
Enquiries:
Wentworth |
Bob
McBean,
Executive Chairman
Eskil Jersing,
Chief Executive Officer
Katherine Roe,
Chief Financial Officer |
rpm@wentworthresources.com
eskil.jersing@wentworthresources.com
+44 7717 847623
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 |
+44 (0)
20 7418 8900 |
FTI Consulting |
Investor Relations Adviser (UK)
Edward Westropp
Kim Camilleri |
wentworth@fticonsulting.com
+44 (0) 20 3727 1000 |
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, 2017, available on
Wentworth's website, for further description of the risks and
uncertainties associated with Wentworth's business.
Notes
Ib Eskil Jersing (54) holds the following
directorships:
Current Directorships |
Past Directorships |
None |
Apache
Corporation |
|
Eskoil
Ltd |
|
Sterling
Energy (International) Limited |
|
Sterling
Energy (UK) Limited |
|
Sterling
Energy Mauritania Limited |
|
Sterling
Energy Overseas Limited |
|
Sterling
Energy plc |
Mr Jersing does not hold any
ordinary shares in the Company.
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 Mr Jersing.
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.
180625 Press Release
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
Wentworth Resources (LSE:WEN)
Historical Stock Chart
From Apr 2024 to May 2024
Wentworth Resources (LSE:WEN)
Historical Stock Chart
From May 2023 to May 2024