4 Nov 2021 07:00
4 November 2021
WENTWORTH RESOURCES PLC("Wentworth" or the "Company")
Appointment of Chief Operating Officer
Wentworth (AIM: WEN), the independent, Tanzania-focused natural gas production company, is pleased to announce the appointment of Mr Aaron LeBlanc as Chief Operating Officer of the Company, with immediate effect.
Mr LeBlanc is a Canadian national based in London, UK and holds a Bachelor of Science, Geology from the University of Calgary. Mr LeBlanc has 19 years' experience in the oil & gas sector during which time he has accumulated a wealth of technical and managerial experience as well as a strong track record in Tanzania.
Mr LeBlanc started his career as a Senior Geologist of NYSE-listed Devon Energy before transitioning into executive roles including Vice President of Exploration of Serinus Energy which included significant expansion of the Company's operated exploration and development assets in South East Asia, Eastern Europe and in North Africa. In Mr. LeBlanc's recent role as Chief Operating Officer of Aminex Plc, he notably led operations of the Ntorya gas field project in southern Tanzania during a critical period, which included the drilling of the Ntorya-2 well and oversaw significant increases in the reported resources of the project. Mr LeBlanc is also a Director of Innertise Ltd.
During his career he has worked internationally engaging with a broad range of stakeholders from national and regional governments, partners and contractors to employees and communities, with firsthand experience of entering new and complex jurisdictions.
Katherine Roe, CEO, commented:
"We are delighted to welcome Aaron to the team to support our ambition to be a leading, domestic natural gas producer in Tanzania.
Alongside his regional expertise, Aaron has an excellent track record in guiding companies and teams through operational growth and success. I am confident that he will be incredibly valuable to the Company as we continue to focus on the right growth opportunities within our existing asset and across Tanzania."
Aaron LeBlanc, COO, commented:
"Joining Wentworth at a time when the Company is in the most financially and operationally robust position in its corporate history is a very exciting prospect and I look forward to working with the entire team to strengthen this position even further.
I've watched Wentworth transform over the years and I'm looking forward to bringing a complementary skillset, including an in-depth knowledge of Tanzania, to the management team to help maximise the value of Mnazi Bay and to drive new growth in Tanzania."
Long Term Incentive Plan Awards
On joining, Aaron Le Blanc was granted conditional rights over 957,447 common shares with a vesting date of 4 November 2024. The award is subject to a three-year performance period which runs from 4 November 2021 to 3 November 2024 (the "Performance Period"). The award is further subject to claw back and malus provisions for an additional two years from vesting.
The performance condition for the award is that 50% of the award is subject to absolute total shareholder return ("TSR") and the remaining 50% of each award is subject to relative TSR measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXX6010"). The peer group for this award contains 43 companies taken from that Index. The percentage of the award that will vest will be equal to the TSR at the end of the performance period compared to a 16% compound annual growth rate in TSR over the Performance Period with 25% of the award vesting if the TSR at the end of the Performance Period has increased by an 8% compound annual growth rate and 100% of the award vesting if the TSR has increased by a 16% compound annual growth rate. Should the TSR increase between 8% and 16% awards will vest on a linear sliding scale between 25% and 100% and should the TSR at the end of the Performance Period be below 8% no part of the award will vest.
Ends
About Wentworth Resources Wentworth Resources plc (AIM: WEN) is a leading, domestic natural gas producer in Tanzania with a core producing asset at Mnazi Bay in the onshore Rovuma Basin in Southern Tanzania. The power demand base in-country is growing and with an ambitious universal energy access target set by the Government for 2030, Wentworth has a vital role to play in increasing access by ensuring a reliable, affordable and growing supply of natural gas into the local market. In 2019, Wentworth launched its sustainable dividend policy and remains committed to responsible growth that maintains returns for shareholders. |
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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.