Last checked at 10 Aug 2020 07:00
10th August 2020
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Portfolio Update
New Corporate Presentation
Westmount Energy Limited (WTE.L), the AIM-quoted investing company with a focus on companies in the energy sector, is pleased to announce that the Company's new corporate presentation can be viewed on or downloaded from its website at http://www.westmountenergy.com/presentations/.
Westmount's investment portfolio in the Guyana-Suriname Basin is composed of four investee companies as summarised in the table below. These investee companies offer exposure to drilling outcomes with respect to four blocks in the basin - the Kaieteur, Canje and Orinduik Blocks, offshore Guyana and Block 47, offshore Suriname. The current focus of this portfolio is the three investee companies (Cataleya Energy Corporation, Ratio Petroleum Energy Limited Partnership and JHI Associates Inc.) which offer exposure to the imminent, ExxonMobil operated, drilling campaign on the Kaieteur and Canje Blocks. Together, these three companies constitute approximately 92%3 of the Company's portfolio based on the Company's latest published balance sheet as at 31st December 2019.
This portfolio provides the Company's shareholders with exposure to a range of independent, Upper Cretaceous, prospects in the Liza play fairway and multiple ExxonMobil-operated, high-impact wells. The Westmount Board expects outcomes from these wells to be seen over the next 6-12 months.
As at the 31st July 2020, Westmount's share investments with exposure to the Guyana-Suriname Basin are as follows:
Company | Quotation | Westmount Holding | Approx. Percentage of Issued Shares | Main Asset |
JHI Associates Inc. | Unquoted | 3,563,770 | 4.8%1 | 17.5% Canje Block |
Cataleya Energy Corporation | Unquoted | 567,185 | 5.2%2 | 25% Kaietur Block |
Ratio Petroleum Energy LP | Quoted | 1,200,000 | 0.7% | 25% Kaietur Block |
ECO Atlantic Oil and Gas Ltd. | Quoted | 1,500,000 | 0.8% | 15% Orindiuk Block |
1 Based on JHI Associates Inc.'s issued share capital as at 13th November, 2019.
2 Based on Cataleya Energy Corporation issued share capital as at 30th August, 2019.
3Percentage of current Guyana-Suriname portfolio NAV using financial values reported on Balance Sheet dated 31st December 2019 (with post balance sheet share purchases referenced to that date).
Furthermore, as of 31st July 2020, the company has approximately £2.3M in cash and is well positioned to participate in other investment opportunities which may arise in this prolific, emerging, basin.
Gerard Walsh, Executive Chairman of Westmount, commented:
"After 4 years of portfolio building in the Guyana-Suriname Basin, we are now approaching the 'moment of truth' with respect to this exploration project, as our investee companies are about to embark on the initial drilling campaign with respect to the ExxonMobil-operated Kaieteur and Canje Blocks, in offshore Guyana. As a result, Westmount shareholders will now have exposure to a portfolio of drilling outcomes over a compressed time frame - which the Board expects to be 6-12 months - in this prolific, emerging, hydrocarbon province.
The Kaieteur and Canje blocks are adjacent to the Stabroek Block which has delivered sixteen substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 8 billion oil-equivalent barrels to date. The new corporate presentation provides a summary of Westmount's indirect interests in the Guyana-Suriname Basin and the location of some of the expected drilling activity there in the near term."
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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/Harry Hargreaves (Corporate Finance)