Wentworth Resources Plc Wentworth Resources Plc : Long Term Incentive Plan ("Ltip") Awards
December 05 2018 - 1:00AM
UK Regulatory
TIDMWEN
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.
Total options
following the
Name Role LTIP award Vesting date Grant
Chief Executive
Eskil Jersing Officer 2,670,226 2 December 2021 2,670,226
Chief Financial
Katherine Roe 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-
Bob McBean,
Executive Chairman rpm@wentworthresources.com
Eskil Jersing, eskil.jersing@wentworthresources.com
Chief Executive Officer +44 7717 847623
Enquiries: Katherine Roe, katherine.roe@wentworthresources.com
Wentworth Chief Financial Officer +44 7841 087 230
Stifel AIM Nominated Adviser and Broker (UK)
Nicolaus Callum Stewart
Europe Ashton Clanfield
Limited Simon Mensley +44 (0) 20 7710 7600
Broker (UK)
Peel Hunt Richard Crichton
LLP Ross Allister +44 (0) 20 7418 8900
Investor Relations Adviser (UK)
Patrick d'Ancona
Vigo 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.
181205 Press Release: http://hugin.info/136496/R/2227885/874742.pdf
This announcement is distributed by West Corporation on behalf of West
Corporation 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 Plc via Globenewswire
https://www.wentplc.com
(END) Dow Jones Newswires
December 05, 2018 02:00 ET (07:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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