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Wentworth Resources Limited has announced that it is relocating its head office and executive management team from Calgary, Canada, to London, UK, as part of a ‘restructuring process’.
The process aims to better align the east Africa focused oil and gas company’s ‘corporate and management structures with its shareholders and asset base in Africa, to increase management efficiencies and reduce certain costs,’ according to a Wentworth statement.
The relocation will bring the team closer to shareholders and to the company’s core operating assets in Tanzania and Mozambique, Wentworth stated in a company release.
Due to personal reasons, managing director Geoff Bury is unable to relocate to London and will, therefore, be leaving the company when a suitable replacement has been found. Wentworth is currently reviewing candidates for the role of CEO.
“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,” Bob McBean, Wentworth executive chairman, said in a company statement.(source:Rigzone)