Last checked at 14 Nov 2019 17:56
14 November 2019
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Portfolio Update
The Board of Westmount is pleased to provide an update on the Company's offshore Guyana investment portfolio, which is composed of four investee companies as summarised in the table below.
The focus of the Company's current portfolio is JHI Associates Inc. and Cataleya Energy Corporation, both of which are unquoted, private companies and which together constitute approximately 78% of the Company's portfolio based on financial values as reported by the Company as at 30 June 20192.
The Westmount Board estimates that this portfolio provides shareholders with exposure to a range of independent, Upper Cretaceous prospects in the Liza play fairway, and at least three ExxonMobil operated, high impact, wells between now and the end of 2020. The Company's full portfolio has the potential to provide exposure to up to seven wells over the next 12 months, with scope for a transformational value uplift in the success case.
As at 14 November 2019, Westmount's investments with exposure to offshore Guyana are as follows:
Company | Quotation | Westmount Holding | Percentage of issued shares | Main Asset | Percentage of Westmount Portfolio2 |
JHI Associates Inc. | Unquoted | 2,213,770 common shares | 3.0% issued shares1 | 17.5% Canje Block | 29.0% |
Cataleya Energy Corporation | Unquoted | 567,185 common shares | 5.4% issued shares | 25% Kaieteur Block | 48.5% |
Eco Atlantic Oil & Gas Ltd. | Quoted | 1,500,000 common shares | 0.8% issued shares | 15% Orinduik Block | 11.4% |
Ratio Petroleum LP | Quoted | 1,200,000 share units | 0.7% issued shares | 25% Kaieteur Block | 11.0% |
1 Figure assumes that JHI Associates Inc is unchanged from the figure as at 21st December 2018
2 Percentage of current Guyana Portfolio NAV using financial values reported on Balance Sheet date 30th June 2019 (with post balance sheet purchases referenced to that date)
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)