Last checked at 15 Dec 2022 17:24
15th December 2022
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Proposed acquisition of North Falklands Basin PL001 by JHI
Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil and gas investing company focussed on the Guyana-Suriname Basin notes the proposed transaction announced today by Argos Resources Limited ("Argos") with respect to the acquisition by JHI Associates Inc. ("JHI") of North Falklands Basin Production Licence PL001.
JHI is a private, Ontario-registered, company established in 2014 and focused on oil exploration opportunities in the emerging Guyana-Suriname Basin. The company's main asset is a 17.5% working interest ("WI") in the Canje Block covering over 4,800 square kilometres, offshore Guyana. This block is located adjacent to and in the same geologic basin as the Stabroek Block which has delivered thirty substantial oil discoveries since 2015, with reported discovered recoverable resources of in excess of 11 billion oil-equivalent barrels to date.
The Canje Block is currently operated by an ExxonMobil subsidiary, Esso Exploration & Production Guyana Limited (35%), with TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%), and Mid-Atlantic Oil & Gas Inc. (12.5%) as partners.
Westmount holds a total of 5,651,270 shares in JHI, representing approximately 7.16% of the issued common shares in JHI as of 31st December 2021. Westmount also holds 1,000,000 shares in Argos representing approximately 0.4% of the issued common shares in Argos as of 30th June 2022.
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)