Eco-JHI Transaction & New Corporate Presentation

RNS Number : 8727O

Westmount Energy Limited

14 June 2022

 

14 June 2022

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

 Termination of Eco-JHI 'All Paper' Transaction

and

New Corporate Presentation

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 termination of the proposed 'all paper' acquisition of JHI Associates Inc. ("JHI") by Eco (Atlantic) Oil and Gas Ltd. ("Eco") announced today.

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 twenty six substantial oil discoveries since 2015, with reported discovered recoverable resources of approximately 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 31^st December 2021. Westmount also holds 1,500,000 shares in Eco representing approximately 0.49% of the issued common shares in Eco as of 11^th May 2022.

New Corporate Presentation

In addition, Westmout is pleased to announce that the Company's new corporate presentation can be viewed on its website at http://www.westmountenergy.com/presentations/

For further information, please contact:

Westmount Energy Limited	www.westmountenergy.com
David King, Director	Tel: [phone]
Anita Weaver
Cenkos Securities plc (Nomad and Broker)	Tel: [phone]
Nicholas Wells / Neil McDonald (Corporate Finance)

 

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