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.
| Name | Role | LTIP award | Vesting date | Total options following the Grant |
| Eskil Jersing | Chief Executive Officer | 2,670,226 | 2 December 2021 | 2,670,226 |
| Katherine Roe | Chief Financial 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-
| 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 Simon Mensley | +44 (0) 20 7710 7600 |
| Peel Hunt LLP | Broker (UK) Richard Crichton Ross Allister | +44 (0) 20 7418 8900 |
| Vigo | Investor Relations Adviser (UK) Patrick d'Ancona Chris McMahon | +44 (0) 20 7930 0230 |
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.
