| PRESS RELEASE | 12 June 2019 |
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Long Term Incentive Plan ("LTIP") Awards
Wentworth, the (AIM: WEN) listed independent, East Africa-focused oil & gas company, is pleased to make the following announcement.
On 10 June 2019 an award under the Long-Term Incentive Plan ("LTIP") was made to Richard Tainton as set out below.
| Name | Role | LTIP award | Vesting date | Total options following the Grant |
| Richard Tainton | Country Manager | 495,422 | 13 March 2022 | 1,195,422 |
The awards are subject to a three-year performance period which runs from 14 March 2019 to 13 March 2022 (the "Performance 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 | Eskil Jersing, Chief Executive Officer Katherine Roe, Chief Financial Officer | 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 (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.
