TIDMWEN

RNS Number : 3518Q

Wentworth Resources PLC

27 June 2022

PRESS RELEASE

27 June 2022

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Long Term Incentive Plan Awards

Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company is pleased to make the following announcement.

On 24 June 2022 an award was made under the Long-Term Incentive Plan ("LTIP") to Richard Tainton as set out below:

 
 Name               Role               LTIP Award   Vesting Date   Total options 
                                                                    following 
                                                                    the Grant 
 Richard Tainton    Country Manager     1,016,430   23 June 2025       2,498,703 
                   -----------------  -----------  -------------  -------------- 
 

The award is subject to a three-year performance period which runs from 24 June 2022 to 23 June 2025 (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 50% of the award is subject to absolute Total Shareholder Return ("TSR") and the remaining 50% of the award is subject to relative TSR measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG"). 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% compounded 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

 
 Enquiries: 
   Wentworth Resources            Katherine Roe,                 katherine.roe@wentplc.com 
                                  Chief Executive Officer        +44 (0) 7841 087 230 
 
                                  AIM Nominated Adviser and 
                                  Joint Broker 
                                  Callum Stewart 
   Stifel Nicolaus Europe         Ashton Clanfield 
   Limited                        Simon Mensley                  +44 (0) 20 7710 7600 
 
 
                                  Joint Broker 
                                  Richard Crichton 
   Peel Hunt LLP                  Alexander Allen                +44 (0) 20 7418 8900 
 
                                  Communications Adviser 
                                  Sara Powell 
   FTI Consulting                 Ben Brewerton                  +44 (0) 20 3727 1000 
  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. 
 
   Inside Information 
 
   This announcement does not contain inside information. 
 

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END

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(END) Dow Jones Newswires

June 27, 2022 11:32 ET (15:32 GMT)

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