Wentworth, the Oslo Stock Exchange and AIM listed independent, East Africa-focused oil & gas company, announces that it is undertaking a restructuring process to better align its corporate and management structures with its shareholders and asset base in Africa, to increase management efficiencies and reduce certain costs.
As a first step in this process, the Company is relocating its head office and executive management team to London from Calgary, Canada bringing them closer to shareholders and to the Company's core operating assets in Tanzania and Mozambique. Due to personal reasons, Managing Director Geoff Bury, is unable to relocate to London and will therefore be leaving the Company when a suitable replacement has been found. The Company has commissioned an executive search agent and is currently reviewing candidates for the role of Chief Executive Officer, although Geoff will remain in his current role for a period of time to allow a smooth transition of responsibilities.
In line with the head office relocation and given that the Company has few Canadian registered shareholders and very limited operational connection to Canada, the Directors are exploring the possibility of re-domiciling the Company from Canada to a European country in order to better service its shareholder base, reduce costs as well as corporate complexity. The Company will consult and update shareholders, when appropriate, as to the progress on the corporate reformation process.
Geoff Bury, Managing Director, said:
"I take great pride in the significant achievements since joining Wentworth in 2010, most of all positioning the Company to be a major gas producer in East Africa and securing a potentially world class appraisal asset in Mozambique that is capable of delivering significant upside to our shareholders in the near term. I strongly believe in the quality assets that Wentworth has and the growth these assets can achieve."
Bob McBean, Executive Chairman, said:
"Firstly, I would like to thank Geoff for his significant contribution to the business. When we established Wentworth through the reverse takeover of Artumas, there were substantial changes required to rationalise the asset base, significantly reduce G&A, and manage the Company through legacy issues, which would not have been possible without Geoff's clear management and direction. Under Geoff's management we have transitioned the Company to where we are now: establishing a growth platform business both in terms of production and cash flow and with upside from our potentially world class exploration and appraisal asset in Mozambique.
"As we enter this process of improving alignment of our corporate structure with our shareholder and asset base, the business is in excellent shape to take advantage of the opportunity to deliver the next phase of growth, both in Tanzania and Mozambique, and potentially beyond these jurisdictions and I look forward to working with a new CEO to achieve this."