Jabillo-1 Results

RNS Number : 0879E

Westmount Energy Limited

05 July 2021

 

The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulations (EU) No. 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. Upon the publication of this Announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

5^th July 2021

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Jabillo-1 Results

Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil and gas investing company focussed on the Guyana-Suriname Basin reports that it has received a shareholder communication from its investee company, JHI Associates Inc. ("JHI"), which confirms that the Jabillo-1 well on the Canje Block was safely drilled in 2,903 meters of water by the Stena Carron drillship to its planned target depth of 6,475 meters. The well did not encounter commercial hydrocarbons¹.

 
The focus of the ExxonMobil operated Canje drilling campaign now switches to the Sapote-1 well, which is located more than 100 kms to the southeast. This well will be drilled in a new depositional setting, linked to the Berbice canyon system, and closer to Upper Cretaceous discoveries in the Stabroek Block and Suriname's Block 58. Sapote-1 is an independent multi-layer prospect, which will evaluate several Upper Cretaceous targets, and is potentially the largest prospect drilled on the Canje block to date. Current guidance indicates that Sapote-1 will be spudded in mid-August using the Stena DrillMAX drillship with results anticipated in mid-October^1,2.

Westmount holds an indirect interest in the Canje Block as a result of its circa 7.2% interest in the issued share capital of JHI³.  Following a 2018 farm-out to Total and subsequent transactions, JHI is funded for the 2021 Canje drilling campaign, including the Sapote-1 well, and multiple additional wells.

The Canje Block is currently operated by an ExxonMobil subsidiary, Esso Exploration & Production Guyana Limited (35%), with Total (35%), JHI (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) as partners.

¹ JHI shareholder communication dated 4^th July, 2021

² JHI shareholder communication dated 28^th June, 2021

³ Based on JHI's issued share capital inferred from JHI transaction dated 28^th June 2021

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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