Petroleum Africa
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Monday, November 20, 2017
Wentworth Resources is undertaking a restructuring process to better align its corporate and management structures with its shareholders and asset base in Africa, to increase management efficiencies and reduce certain costs.
Its first step in this process is relocating its head office and executive management team from Canada to the UK. The move is aimed at bringing the management team closer to shareholders and to its core operating in base in the East African countries of Mozambique and Tanzania.
Wentworth revealed that due to personal reasons, Managing Director Geoff Bury, would be unable to relocate to London and therefore will be leaving the company when a suitable replacement has been found. The company has commissioned an executive search agent and is currently reviewing candidates for the role of CEO, although Bury will remain in his current role for a period of time to allow a smooth transition of responsibilities.
In line with the head office relocation and given that Wentworth has few Canadian registered shareholders and very limited operational connection to Canada, the directors are exploring the possibility of re-domiciling the company from Canada to a European country in order to better service its shareholder base, reduce costs as well as corporate complexity. It plans to consult and update shareholders, when appropriate, as to the progress on the corporate reformation process.
Geoff Bury, Managing Director, said “I take great pride in the significant achievements since joining Wentworth in 2010, most of all positioning the company to be a major gas producer in East Africa and securing a potentially world class appraisal asset in Mozambique that is capable of delivering significant upside to our shareholders in the near term. I strongly believe in the quality assets that Wentworth has and the growth these assets can achieve.”
Bob McBean, Executive Chairman, said “Firstly, I would like to thank Geoff for his significant contribution to the business. When we established Wentworth through the reverse takeover of Artumas, there were substantial changes required to rationalize the asset base, significantly reduce G&A, and manage the company through legacy issues, which would not have been possible without Geoff’s clear management and direction. Under Geoff’s management we have transitioned the company to where we are now: establishing a growth platform business both in terms of production and cash flow and with upside from our potentially world class exploration and appraisal asset in Mozambique.
“As we enter this process of improving alignment of our corporate structure with our shareholder and asset base, the business is in excellent shape to take advantage of the opportunity to deliver the next phase of growth, both in Tanzania and Mozambique, and potentially beyond these jurisdictions and I look forward to working with a new CEO to achieve this.”
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