Wentworth Resources PLC Appointment of Chief Operating Officer (2597R)
04 November 2021 - 5:59PM
UK Regulatory
TIDMWEN
RNS Number : 2597R
Wentworth Resources PLC
04 November 2021
4 November 2021
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Appointment of Chief Operating Officer
Wentworth (AIM: WEN), the independent, Tanzania-focused natural
gas production company , is pleased to announce the appointment of
Mr Aaron LeBlanc as Chief Operating Officer of the Company, with
immediate effect.
Mr LeBlanc is a Canadian national based in London, UK and holds
a Bachelor of Science, Geology from the University of Calgary. Mr
LeBlanc has 19 years' experience in the oil & gas sector during
which time he has accumulated a wealth of technical and managerial
experience as well as a strong track record in Tanzania.
Mr LeBlanc started his career as a Senior Geologist of
NYSE-listed Devon Energy before transitioning into executive roles
including Vice President of Exploration of Serinus Energy which
included significant expansion of the Company's operated
exploration and development assets in South East Asia, Eastern
Europe and in North Africa. In Mr. LeBlanc's recent role as Chief
Operating Officer of Aminex Plc, he notably led operations of the
Ntorya gas field project in southern Tanzania during a critical
period, which included the drilling of the Ntorya-2 well and
oversaw significant increases in the reported resources of the
project. Mr LeBlanc is also a Director of Innertise Ltd.
During his career he has worked internationally engaging with a
broad range of stakeholders from national and regional governments,
partners and contractors to employees and communities, with
firsthand experience of entering new and complex jurisdictions.
Katherine Roe, CEO, commented:
"We are delighted to welcome Aaron to the team to support our
ambition to be a leading, domestic natural gas producer in Tanzania
.
Alongside his regional expertise, Aaron has an excellent track
record in guiding companies and teams through operational growth
and success. I am confident that he will be incredibly valuable to
the Company as we continue
to focus on the right growth opportunities within our existing asset and across Tanzania."
Aaron LeBlanc, COO, commented:
"Joining Wentworth at a time when the Company is in the most
financially and operationally robust position in its corporate
history is a very exciting prospect and I look forward to working
with the entire team to strengthen this position even further.
I've watched Wentworth transform over the years and I'm looking
forward to bringing a complementary skillset, including an in-depth
knowledge of Tanzania, to the management team to help maximise the
value of Mnazi Bay and to drive new growth in Tanzania."
Long Term Incentive Plan Awards
On joining, Aaron Le Blanc was granted conditional rights over
957,447 common shares with a vesting date of 4 November 2024. The
award is subject to a three-year performance period which runs from
4 November 2021 to 3 November 2024 (the "Performance Period"). The
award is further subject to claw back and malus provisions for an
additional two years from vesting.
The performance condition for the award is that 50% of the award
is subject to absolute total shareholder return ("TSR") and the
remaining 50% of each award is subject to relative TSR measured
against a selection of constituent companies of the FTSE AIM
All-Share Energy Index ("AXX6010"). The peer group for this award
contains 43 companies taken from that Index. The percentage of the
award that will vest will be equal to the TSR at the end of the
performance period compared to a 16% compound annual growth rate in
TSR over the Performance Period with 25% of the award vesting if
the TSR at the end of the Performance Period has increased by an 8%
compound annual growth rate and 100% of the award vesting if the
TSR has increased by a 16% compound annual growth rate. Should the
TSR increase between 8% and 16% awards will vest on a linear
sliding scale between 25% and 100% and should the TSR at the end of
the Performance Period be below 8% no part of the award will
vest.
Ends
Enquiries:
Wentworth Resources Katherine Roe, katherine.roe@wentplc.com
Chief Executive Officer +44 (0) 7841 087 230
AIM Nominated Advisor and
Joint Broker
Callum Stewart
Stifel Nicolaus Europe Ashton Clanfield
Limited Simon Mensley +44 (0) 20 7710 7600
Joint Broker
Richard Crichton
Peel Hunt LLP Alexander Allen +44 (0) 20 7418 8900
Communications Advisor
Sara Powell
FTI Consulting Ben Brewerton +44 (0) 20 3727 1000
About Wentworth Resources
Wentworth Resources plc (AIM: WEN) is a leading, domestic natural
gas producer in Tanzania with a core producing asset at Mnazi
Bay in the onshore Rovuma Basin in Southern Tanzania. The power
demand base in-country is growing and with an ambitious universal
energy access target set by the Government for 2030, Wentworth
has a vital role to play in increasing access by ensuring a
reliable, affordable and growing supply of natural gas into
the local market. In 2019, Wentworth launched its sustainable
dividend policy and remains committed to responsible growth
that maintains returns for shareholders.
Inside Information
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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
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