10/23/2018 | Press release | Distributed by Public on 10/23/2018 09:36
Wentworth Resources Limited : Expected Effectiveness of Re-domicile to Jersey and Suspension of Trading on AIM and the Oslo Stock Exchange
23 October 2018
Wentworth Resources Limited
("Wentworth" or the "Company")
Expected Effectiveness of Re-domicile to Jersey and Suspension of Trading on AIM and the Oslo Stock Exchange
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, announces that the re-domicile of the Company from Alberta, Canada to Jersey (the "Re-domicile") is progressing on schedule and is currently expected to become effective on or around 26 October 2018.
Once the Re-domicile becomes effective, the Company will need to apply to the London Stock Exchange to obtain a new International Securities Identification Number ("ISIN") for its shares and apply to Euroclear UK and Ireland to enable trading of the Company's shares in the CREST settlement system ("CREST").
Whilst the application for the ISIN and the CREST enablement are pending, trading in the Company's shares on AIM will be suspended. The suspension in trading will also apply to trading on the Oslo Stock Exchange.
Suspension in trading is expected to last for four (4) trading days, commencing from the date when the Re-domicile becomes effective (currently expected at close of trading on AIM on Friday 26 October 2018). If the Re-domicile becomes effective at close of trading on AIM on 26 October 2018 as currently expected, the period of suspension of the trading is expected to last from and including Monday 29 October 2018 to and including Thursday 1 November 2018.
Resumption of trading on AIM will require that the Company's shares are readmitted to trading on AIM following the Re-domicile. The Company currently expects that such readmission will take place on 2 November 2018.
The Company will keep shareholders updated as to the actual date of the Re-domicile (expected 26 October 2018) and the suspension period (expected 29 October 2018 to 1 November 2018).
The new ISIN for the Company's shares will be announced through a separate stock exchange announcement as soon as it has been obtained.
Shareholders do not need to take any action associated with the issuance of the new ISIN or the Re-domicile. Reference is made to Section 8 of the Management Information Circular dated 21 August 2018. Further information on the practicalities of trading in the Company's shares after the Re-domicile will be published at the time of the Re-domicile.
Chief Executive Officer
Chief Financial Officer
+44 7717 847623
+44 7841 087 230
|Stifel Nicolaus Europe Limited||
AIM Nominated Adviser and Broker (UK)
|+44 (0) 20 7710 7600|
|Peel Hunt LLP||
|+44 (0) 20 7418 8900|
Investor Relations Adviser (UK)
|+44 (0) 20 7830 9700|
Wentworth is a publicly traded (OSE: WRL, AIM: WRL), independent oil & gas company with: natural gas production; exploration and appraisal opportunities; all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.
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 and Mozambique. 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. See Wentworth's Management's Discussion and Analysis for the period ended 30 June 2018, available on Wentworth's website, for further description of the risks and uncertainties associated with Wentworth's business.
Neither the Oslo Børs nor the AIM Market of the London Stock Exchange has reviewed this press release and neither accepts responsibility for the adequacy or accuracy of this press release.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.