Portfolio Update

RNS Number : 4964T

Westmount Energy Limited

14 November 2019

 

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: [phone]

Jane Vlahopoulou                                              

Cenkos Securities plc (Nomad and Broker)        Tel: [phone]

Nicholas Wells / Harry Hargreaves (Corporate Finance)

 

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