August 22, 2018 - 10:31 AM EDT
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Wentworth Resources Limited : Posting of Shareholder Materials and Proposed Director Appointments

22 August 2018

("Wentworth" or the "Company")

Posting of Shareholder Materials and Proposed Director Appointments

Wentworth, the Oslo Børs (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, announces that it has today published a Notice of Special Meeting of Shareholders, a Management Information Circular and Proxy Forms (the "Shareholder Materials") on its website ( and on NewsWeb (

The Shareholder Materials relate to resolutions for the proposed re-domiciliation of Wentworth from Alberta, Canada to Jersey (the "Continuance"), the proposed de-listing of Wentworth from the Oslo Børs (the "Delisting"), as well as certain related share authority and other resolutions. 

The Shareholder Materials further note the proposed appointment to the Board of Katherine Roe, Wentworth's Chief Financial Offer, as an executive director, and Iain McLaren and Tim Bushell as independent Non-Executive Directors of the Company (the "Proposed Directors"), immediately following, and conditional upon, the completion of the Continuance.


On 16 November 2017, the Company announced that it was undertaking a restructuring process to better align its corporate and management structures with its shareholders and asset base in Africa. At the time, Wentworth was incorporated under the laws of the Province of Alberta, Canada, with a Canada based executive management team, assets in East Africa and stock market listings in both Norway and the UK. This led to a disproportionate amount of management time, effort and cost incurred dealing with the practical consequences of a multi-jurisdictional group structure and dual-listing, compared to peer Exploration & Production companies of a similar size.

The primary rationale for the proposed Continuance and Delisting included the need for:

  • a UK based executive management team;
  • increased management efficiencies and reduction in corporate complexity;
  • reduction in certain operational and regulatory burdens and overhead / compliance costs;
  • improved access to the Company's institutional investors;
  • closer proximity and to be in the same general time zone to the Company's asset base;
  • direct access to the London M&A and A&D markets;
  • established E&P sector research coverage in London; and
  • a simpler transactional platform for both organic and inorganic growth initiatives.

The first step in addressing these transitional issues was the appointment of a UK based executive management team in Eskil Jersing as Chief Executive Officer and Katherine Roe as Chief Financial Officer to take the Company forward, which were announced on 15 January 2018 and 28 March 2018 respectively.


The Continuance is expected to provide the Company with a number of benefits, including:

  • a reduction in the time and costs associated with international travel required to hold meetings of the Board and manage the Company's assets and maintain relationships with its JV partners, as Jersey is more conveniently located in relation to the Company's operations than Canada;
  • in the event the Company were to pay dividends, Canadian withholding tax applicable to dividends paid to Shareholders outside Canada will be eliminated;
  • with no commercial connections to Canada, there is no reason for the Company to be domiciled in Canada and subject to Canadian income and capital gains taxes or for it to bear the compliance costs associated with being a Canadian company; and
  • being subject to a UK corporate governance regime and the City Code on Takeovers and Mergers is expected to make the Company more attractive to UK institutional investors.

Save for the appointment by the board of directors of the Proposed Directors whose appointment is conditional upon the completion of the Continuance, the Board, current executive management and voting controls of the Company are expected to remain unchanged.

As part of the Continuance, the Company's name will change to "Wentworth Resources Plc".

The Delisting

The Company has been listed on the Oslo Børs since 2005 and AIM since October 2011. The Board has, over time, monitored the benefits of having a dual-listing and is now of the view that the benefits of being listed on the Oslo Børs, in addition to the listing on AIM, no longer outweigh the costs and additional regulatory burdens.

At present, the Company is required to comply with both the Norwegian rules applicable to companies listed on the Oslo Børs and the AIM Rules for Companies, which differ in certain areas and accordingly impose additional regulatory burdens and increased compliance costs. These would be avoided if the Delisting were approved. The Directors conversely believe that the AIM listing has enhanced and will further enhance Shareholder value by allowing the Company and Shareholders to benefit from the presence of an established E&P research sector and improved access to UK institutional and retail investors. Additionally, the market for small cap E&P companies with international assets beyond the North Sea is significantly more developed on AIM, when compared to the Oslo Stock Exchange.

The Directors believe that given the Company's size, stage of development and strategy, it is more appropriate and beneficial for it to continue to be listed on AIM rather than on the Oslo Børs.


Immediately following the Continuance (and conditional upon the completion of the Continuance) it is intended that the Proposed Directors shall be appointed by the board of directors as described above.

Ms. Katherine Roe

Katherine has been Vice President Corporate Development & Investor Relations for the Company since 2014 and has 19 years of senior corporate and capital markets experience. Prior to joining Wentworth, Katherine spent 11 years at Panmure Gordon having moved from Morgan Stanley's investment banking division. She is currently an independent Non-Executive Director of Faroe Petroleum plc, where she will take over the role of Audit Chair in 2019.

Mr. Iain McLaren

Mr. McLaren has significant experience in the oil and gas sector with deep experience as Audit committee chair. He is currently a Non-Executive Director of Jadestone Energy Inc. and until May 2018 was Senior Independent Director and Chair of the Audit Committee for Cairn Energy plc. He is currently Chairman of F&C UK High Income Trust plc as well as the director of four investment trust Companies. He is a past President of the Institute of Chartered Accountants of Scotland and was a partner of KPMG for 28 years until 2008.  

Mr. Tim Bushell

Mr. Bushell is a qualified geologist with more than 30 years' experience in the oil and gas industry. He has worked at British Gas, Ultramar, LASMO, and Paladin Resources. Most recently Tim was Chief Executive Officer at Falkland Oil and Gas Limited and Director/co-founder of Core Energy AS. He is currently serving as a Non-Executive Director on the Board of Rockhopper Exploration PLC, Genel Energy plc and Petro Matad Limited and as a Director of Point Resources AS and Redrock Energy Limited.

The appointment of the Proposed Directors by the board of directors will add significant financial, technical and operational experience to the Board, providing a stronger platform to execute on its strategic aspirations.

Timetable of Events (UK time)

Publication of the Information Circular and accompanying Shareholder Materials

  22 August 2018
Record Date for mailing to Shareholders and to vote at the Special Meeting

  21 August 2018
Mailing of proxy-related-materials to Shareholders   22 August 2018
Latest time and date for receipt of VPS Interest Holders' completed VPS Forms of Proxy for the Special Meeting

  10.00 a.m. on 26 September 2018
Latest time and date for receipt of DI Holders' completed Forms of Direction and receipt of electronic proxy appointments via the CREST system for the Special Meeting

  10.00 a.m. on 27 September 2018
Latest time and date for receipt of Registered Shareholders' completed Forms of Proxy for the Special Meeting

  10.00 a.m. on 28 September 2018
Date and time of Special Meeting

  10.00 a.m. on  2 October 2018
Announcement of results of Special Meeting

  2 October 2018
Continuance expected to take effect   October 2018


Wentworth Eskil Jersing,
Chief Executive Officer
[email protected]
+44 7717 847 623
  Katherine Roe,
Chief Financial Officer

[email protected]
+44 7841 087 230

Stifel Nicolaus Europe Limited AIM Nominated Adviser and Broker (UK)
Callum Stewart
Ashton Clanfield

+44 (0) 20 7710 7600
Peel Hunt LLP


Broker (UK)
Richard Crichton
Ross Allister

+44 (0) 20 7418 8900

FTI Consulting Investor Relations Adviser (UK)
Sara Powell
Kim Camilleri
[email protected]
+44 (0) 20 3727 1000

About Wentworth

Wentworth is a publicly traded (OSE: WRL, AIM: WRL), 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 period ended 30 June 2018, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.


Neither the Oslo Børs 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. 

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

Source: Thomson Reuters ONE (August 22, 2018 - 10:31 AM EDT)

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