Eskil Jersing has today joined Wentworth as Chief Executive Officer and is expected to be appointed to the Board with effect from 27 June 2018 at the Company’s Annual and Special Meeting.
Eskil joins the Calgary based company as it plans to redomicile to London to the British Isles awaiting a special resolution by shareholders. After the resolution the Board of the Company will apply to seek from the Registrar of Corporations in Alberta a certificate of discontinuance; and seek from the Jersey Financial Services Commission for their approval of the Continuance.
The intent behind the redomicile is to reduce costs and simplify the Company’s corporate structure. The Board believes the redomicile process will provide a positive long-term benefit for all of its shareholders and improve the overall liquidity and risk profile of the stock.
Further the company is planning the delisting from the Oslo bors as it plans to move towards a UK based corporate governance regime and is in line with the appointment of a UK based management team. Wentworth says it is confident that the AIM market provides sufficient liquidity and ease of trading for all shareholders.
Bob McBean, Executive Chairman, said: “The Company is focused on moving to a simplified corporate structure and corporate governance regime that will increase liquidity, reduce overheads and allow the new UK based management team to drive the business forward. Furthermore, the benefits of being in a similar time zone to our assets and key partner Maurel et Prom, in addition to London providing a critical centre for M&A and capital solutions with respect to the African Oil and Gas industry, are well known. We believe a redomicile to Jersey and, a delisting from the Oslo Børs will help meet these objectives. We would welcome engagement with any shareholders to discuss any issues arising from the proposed changes and, of course, we will seek appropriate shareholder approval for the proposed changes before they are implemented.”
Wentworth Resources is a publicly traded independent oil & gas company with: natural gas production; exploration and appraisal opportunities; and large-scale gas monetisation initiatives, all in the Rovuma Delta Basin of coastal southern Tanzania and northern Mozambique.