Declaration of maiden dividend

RNS Number : 9763K

Wentworth Resources PLC

03 September 2019

 

PRESS RELEASE                                                                                                                                  3 September 2019

WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")

Declaration of maiden dividend

Wentworth (AIM: WEN), the AIM listed independent, East Africa-focused oil & gas company is pleased to announce the declaration of the Company's maiden interim dividend.  

Following the Company's previous announcement setting out plans to pay an ordinary dividend based on the Group's free cash flow generation, the Board has approved a maiden interim dividend of 0.45 pence per share, being a total interim distribution of US$1.0 million.

A final dividend for the year ending 31 December 2019 will be determined by the Board and is expected to be approximately $2 million.  The amount will be declared with the full year results and will be subject to shareholder approval.  Assuming a final dividend is declared this would equate to a total distribution of $3 million (1/3 : 2/3 split between the interim and final dividend), which represents a dividend of 1.34 pence per share, a yield of approximately 6.7% at the current share price.

Shareholders who hold their shares on the VPS Register on the Record Date shall receive the dividend in NOK.  The exchange rate shall be determined on the UK Payment Date and the Company shall inform VPS Shareholders as soon as practicable thereafter on the NOK sum per share they will receive which shall be settled on the VPS Payment Date.

Interim Dividend Payment Timetable

·    Ex-dividend date: 12 September 2019

·    Record Date: 13 September 2019

·    UK Payment Date (for shareholders who hold shares on the UK Register): 11 October 2019

·    VPS Payment Date (for shareholders who hold shares on the VPS Register): 22 October 2019

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Enquiries:  Wentworth	Eskil Jersing, Chief Executive Officer   Katherine Roe, Chief Financial Officer	[e-mail] [phone]   [e-mail] [phone]
Stifel Nicolaus Europe Limited	AIM Nominated Adviser and Joint Broker  Callum Stewart Ashton Clanfield Simon Mensley	[phone]
Peel Hunt LLP	Joint Broker  Richard Crichton James Bavister	[phone]
Vigo	Investor Relations Adviser  Patrick d'Ancona Chris McMahon	[phone]

 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.

The payment of any dividend is subject to compliance with applicable laws and regulations, including the laws of Jersey and the Company's Articles of Association.  The Board will continually review the dividend policy from time to time and there can be no assurance that dividends will be paid in any particular amount for any given period.

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