Westmount Engy. Regulatory News (WTE)

The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

30th August 2019

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Additional Investment in Cataleya Energy Corporation

Further to the Susbcription announcement dated 23rd August 2019, the Board of Westmount is pleased to announce that it has entered into unconditional agreements to acquire an additional 313,500 common shares in Cateleya Energy Corporation ("CEC") at a price of USD $10 per share, for total consideration of US$3,135,000 million (equivalent to GBP £2,582,372) including transaction costs.

CEC is a private, Canadian-registered, company established in 2015 and focused on oil exploration opportunities in the emerging Guyana-Suriname Basin. CEC's main asset is a 25% participating interest in the Kaieteur Block, which it holds through its wholly-owned subsidiary Cataleya Energy Limited ("CEL"). The 13,500 km2 Kaieteur Block is located outboard of, and adjacent to, the Ranger Oil Discovery which is located on the Stabroek Block, offshore Guyana.

The Kaieteur Block was awarded in early 2015 to CEL (formerly Ratio Energy Limited) and Ratio Guyana Limited, a subsidiary of Ratio Petroleum Energy Limited Partnership ("Ratio Petroleum"). Subsequent to the Upper Cretaceous play-opening Liza-1 discovery in May 2015, a farm-in agreement ("ExxonMobil FIA") executed with ExxonMobil and various other arrangements, the effective date of the Kaieteur Petroleum Agreement was amended to February 2017. The Kaieteur Block is currently operated by an ExxonMobil subsidiary, Esso Production & Exploration Guyana Limited (35%), with CEL (25%), Ratio Guyana Limited (25%) and a subsidiary of Hess Corporation (15%) as partners.

A Competent Person's Report ("CPR") on the Kaieteur Block, which has been carried out by Netherland, Sewell & Associates Inc. ("NSAI") and published by Ratio Petroleum on 14 May 2019, provides estimates of the unrisked prospective oil resources in 9 prospects located on the 5,750 km2 3D seismic survey acquired in the southern part of the Kaieteur Block in 2017. This 3D survey covers circa 42% of the total area of the Kaieteur Block. 'Best Estimate' of Unrisked Gross Prospective Oil Resources for individual prospects ranges from 76.1 MMBBLs (Towa-Towa Prospect) to 702.7 MMBBLs (Toucan Prospect). Aggregate 'Best Estimate' Gross Unrisked Prospective Resources for these 9 prospects is 2.1 BnBBLs (Aggregate Low to High Estimates 694 MMBBLs to 5.85 BnBBLs) implying Aggregate Net Best Estimate 525 MMBBLs (Aggregate Net Low to High Estimate 174 MMbbls to 1.46 BnBBLs) to CEC (25%) across the area of the Kaieteur 3D seismic survey. The CPR can be viewed on, or downloaded from, the Tel Aviv Stock Exchange website here.

On 14th May 2019, Ratio Petroleum also announced that ExxonMobil and partners are planning to spud the first well in the Kaieteur Block on the Tanager Prospect in the first half of 2020 - subject to the standard permitting and regulatory approvals. The NSAI report describes the Tanager Prospect as a stacked reservoir prospect (Maastrichtian to Turonian reservoir intervals) and assigns a 'Best Estimate' Unrisked Gross (100%) Prospective Oil Resource of 256.2 MMBBLs to the prospect (Low to High Estimates 135.6 MMBBLs to 451.6 MMBBLs), with an aggregate Probability of Geologic Success (POSg) of 72%.

The investment has been funded from Westmount's existing cash resources, including the net proceeds of the Subscription announced by the Company on 23rd August 2019. At cost, Westmount's holding in CEC equates to approximately 109% of the value of Westmount's gross assets as of 31st December 2018. Westmount reported a profit for the interim period ended 31st December 2018 of £0.259 million (unaudited), whereas CEC reported a net loss of USD $44,481 (draft, unaudited) for the year ended 31st December 2018. As a result of this share purchase, Westmount's holds a total of 567,185 common shares in CEC, representing approximately 5.4% of the fully diluted share capital of CEC as of 29th August 2019.

Westmount's strategy continues to be to seek exposure to opportunities in the prolific Guyana-Suriname Basin, a major emerging hydrocarbon province where, since 2015, ExxonMobil and its Stabroek Block partners have reported discovered recoverable resources in excess of 6 billion oil-equivalent barrels and 13 successes out of 15 exploration wells. Through the Company's existing portfolio of investments in this basin, the Board believes that the Company will have exposure to between four and seven funded wells during 2019-2020, including the recently announced Jethro-1 Oil Discovery well, the currently drilling Joe-1 well (both located on the Orinduik Block) and the Tanager-1 well (located on the Kaieteur block) which is scheduled to be spudded in the first half of 2020.

Gerard Walsh, Chairman of Westmount Energy Ltd. commented:

"Our investment in CEC is consistent with Westmount's strategy of seeking exposure to opportunities in the prolific Guyana-Suriname Basin and it compliments Westmount's existing portfolio of investments which, in the view of the Board, offers shareholders exposure to up to 7 fully funded wells during 2019-2020.

The recent announcement, by the Orinduik partners, of the Jethro-1 Oil Discovery, the first well in Westmount's drilling portfolio, confirms the potential for additional substantial discoveries outside of the Stabroek Block and we look forwards to the outcome of the other potentially 6 wells in Westmount's drilling portfolio over the coming months, including the Tanager-1 well in 2020."

For further information, please contact:

Westmount Energy Limited www.westmountenergy.com

David King, Director Tel: +44 (0) 1534 823133

Jane Vlahopoulou

Cenkos Securities plc (Nomad and Broker) Tel: +44 (0) 20 7397 8900

Nicholas Wells/Harry Hargreaves (Corporate Finance)