ECORA RESOURCES PLC

Director's Dealing • Apr 12, 2022

National Storage Mechanism | Additional information

RNS Number : 0335I

Wentworth Resources PLC

12 April 2022

PRESS RELEASE                                                                                                                                

12 April 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 announces, further to its 11 March 2022 announcement, that Katherine Roe, CEO, has been awarded an option over 3,014,590 shares under the Company's Long-Term Incentive Plan ("LTIP"). Following this award Katherine will have options over a total of 9,328,899 shares in Wentworth.

The award is subject to a three-year performance period, which runs from 12 April 2022 to 11 April 2025 (the "Performance Period") and the Vesting Date will be 12 April 2025. The award is also 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 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, Chief Executive Officer	katherine.roe@wentplc.com +44 (0) 7841 087 230
Stifel Nicolaus Europe Limited	AIM Nominated Adviser and Joint Broker  Callum Stewart Ashton Clanfield Simon Mensley	+44 (0) 20 7710 7600
Peel Hunt LLP	Joint Broker  Richard Crichton Alexander Allen	+44 (0) 20 7418 8900
FTI Consulting	Communications Adviser  Sara Powell                                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.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	KATHERINE ROE
2	Reason for the notification
a)	Position/status	CHIEF EXECUTIVE
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	WENTWORTH RESOURCES PLC
b)	LEI	213800L172PPXRPJZM82
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	CONDITIONAL RIGHTS OVER ORDINARY SHARES
	Identification code	JE00BGT34J81
b)	Nature of the transaction	GRANT OF CONDITIONAL RIGHTS OVER ORDINARY SHARES
c)	Price(s) and volumes(s)	Price(s)	Volume(s)
		£0.217	3,014,590
d)	Aggregated information
	Aggregated volume	3,014,590
	Price	£0.217
e)	Date of the transaction	12 April 2022
f)	Place of the transaction	XOFF

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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