Wentworth Resources PLC Long Term Incentive Plan Awards (4205E)

TIDMWEN

RNS Number : 4205E

Wentworth Resources PLC

11 March 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 announce that the Remuneration Committee has approved an award of options under the Company's Long-Term Incentive Plan ("LTIP") to its Chief Executive Officer, Katherine Roe.

The award will be granted after the announcement of the Company's annual results, currently planned for the week commencing 4 April 2022. At that time, the exact number of shares to be awarded under the LTIP will be determined in accordance with the LTIP scheme rules, with reference to the market value of the Company's shares at the date of grant.

The award will be at the upper limit of the LTIP scheme rules which, as previously reported to shareholders as part of the Company's remuneration policy, is capped in value at 200% of the CEO's annual base salary.

The award will be subject to a three-year performance period from the date of grant (the "Performance Period"). The award is further subject to claw back and malus provisions for an additional two years from vesting.

The performance conditions for the award, in accordance with the Company's remuneration policy, will be that 50% of each award is subject to meeting absolute Total Shareholder Return ("TSR") metrics and the remaining 50% of each award is subject to meeting relative TSR, measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG").

In relation to the proportion of the award subject to absolute TSR performance, the percentage of the award that will vest will be based on the TSR at the end of 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 this proportion of the award will vest.

- Ends -

 
 Enquiries:                      Katherine Roe,                 katherine.roe@wentplc.com 
   Wentworth Resources             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 Advisor 
                                   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

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") (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

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March 11, 2022 02:00 ET (07:00 GMT)

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