Acquisition of Net Profits Interests

RNS Number : 6142C

Westmount Energy Limited

02 October 2018

 

2 October 2018

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Acquisition of Net Profits Interests in three UK Petroleum Licences

The Board of Westmount is pleased to announce the acquisition of net profits interests ("NPI") in three offshore UK petroleum licences previously held by Infrastrata Plc ("Infrastrata"). The transaction has been funded from cash generated through the sale of existing investments.

The Directors believe the NPIs - being a 0.5% NPI in licence P1918 (Colter Prospect), a 0.5% NPI in licence P2222 (Oulton Discovery) and a 1.0% NPI in licence P2235 (Wick Prospect) - offer low-cost exposure to near-term exploration and appraisal drilling targets, with independent prospect risks and potential for substantial value uplift, in the success case, without requiring further investment by the Company.

This investment is consistent with Westmount's strategy of seeking opportunistic investments with potential for value creation, alongside the Company's current focus on the prolific Guyana-Suriname Basin.

For further information, please contact:

Westmount Energy Limited		www.westmountenergy.com
David King, Director Jane Vlahopoulou		Tel: [phone]
Cenkos Securities plc Nomad and Broker		Tel: [phone]
Nicholas Wells / Harry Hargreaves (Corporate Finance)

 

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