Last checked at 5 Jul 2021 07:00
The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulations (EU) No. 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. Upon the publication of this Announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
5th July 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Jabillo-1 Results
Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil and gas investing company focussed on the Guyana-Suriname Basin reports that it has received a shareholder communication from its investee company, JHI Associates Inc. ("JHI"), which confirms that the Jabillo-1 well on the Canje Block was safely drilled in 2,903 meters of water by the Stena Carron drillship to its planned target depth of 6,475 meters. The well did not encounter commercial hydrocarbons1.
The focus of the ExxonMobil operated Canje drilling campaign now switches to the Sapote-1 well, which is located more than 100 kms to the southeast. This well will be drilled in a new depositional setting, linked to the Berbice canyon system, and closer to Upper Cretaceous discoveries in the Stabroek Block and Suriname's Block 58. Sapote-1 is an independent multi-layer prospect, which will evaluate several Upper Cretaceous targets, and is potentially the largest prospect drilled on the Canje block to date. Current guidance indicates that Sapote-1 will be spudded in mid-August using the Stena DrillMAX drillship with results anticipated in mid-October1,2.
Westmount holds an indirect interest in the Canje Block as a result of its circa 7.2% interest in the issued share capital of JHI3. Following a 2018 farm-out to Total and subsequent transactions, JHI is funded for the 2021 Canje drilling campaign, including the Sapote-1 well, and multiple additional wells.
The Canje Block is currently operated by an ExxonMobil subsidiary, Esso Exploration & Production Guyana Limited (35%), with Total (35%), JHI (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) as partners.
1JHI shareholder communication dated 4th July, 2021
2JHI shareholder communication dated 28th June, 2021
3Based on JHI's issued share capital inferred from JHI transaction dated 28th June 2021
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0) 1534 823059
Anita Weaver
Cenkos Securities plc (Nomad and Broker) Tel: +44 (0) 20 7397 8900
Nicholas Wells/Neil McDonald (Corporate Finance)