Wentworth Resources PLC Dividend Policy (0101F)
10 Julio 2019 - 1:00AM
UK Regulatory
TIDMWEN
RNS Number : 0101F
Wentworth Resources PLC
10 July 2019
PRESS RELEASE 10 July 2019
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Dividend Policy
Wentworth (AIM: WEN), the AIM listed independent, East
Africa-focused oil & gas company announces the implementation
of a dividend policy.
The Company confirms a dividend policy to shareholders and plans
to pay an ordinary dividend based on the Company's free cash flow
generation, whilst ensuring an appropriate balance between
investment in its business and operating within its debt and
banking facilities.
It is expected that a maiden dividend will be declared with the
interim results to 30 June 2019, expected to be released on 3
September 2019, and will be payable semi-annually going forward,
split between the interim and final dividend (1/3 : 2/3). A final
dividend for the year ended 31 December 2019 will be determined by
the Board and is expected to be declared with the full year
results, subject to shareholder approval.
Eskil Jersing, CEO, commented:
"The confidence we have in the long-term performance of our
Mnazi Bay asset in Tanzania, with sustained revenues and regular
payments since June 2017, supports the introduction of an ordinary
dividend based on the Company's free cash flow generation, to
return capital to shareholders. We continue to look at M&A led
growth opportunities for the Company and the financial strength of
our cash generative, rapidly deleveraging business ensures we can
maintain an ordinary dividend going forward."
Enquiries: Eskil Jersing, eskil.jersing@wentplc.com
Wentworth Chief Executive Officer +44 (0)118 2065427
Katherine Roe, katherine.roe@wentplc.com
Chief Financial Officer +44 (0)118 2065428
AIM Nominated Adviser and Joint Broker
Callum Stewart
Ashton Clanfield
Stifel Nicolaus Europe Limited Simon Mensley +44 (0) 20 7710 7600
Joint Broker
Richard Crichton
Peel Hunt LLP James Bavister +44 (0) 20 7418 8900
Investor Relations Adviser
Patrick d'Ancona
Vigo Chris McMahon +44 (0) 20 7390 0230
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.
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.
-Ends-
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END
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