(Alliance News) - Wentworth Resources PLC said Wednesday that it will be paying its first-ever dividend and the amount will be subject to the company's free cash flow generation.
The east Africa-focused oil and gas company said it will announce the amount of the payment on September 3, with its interim half-year results statement for the period ended June 30.
Wentworth said it will initially release an interim dividend for the financial year ending December 31 before paying a final amount after the end of the year, the amount will be determined by the board and will be declared with its full year results.
Chief Executive Eskil Jersing said: "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."
Shares in the company were up 5.4% at 19.50 pence each in London on Wednesday afternoon.