Stena Carron Drillship movement from Bulletwood-1

RNS Number : 9295Q

Westmount Energy Limited

02 March 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 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.

2^nd March 2021

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Stena Carron Drillship movement from Bulletwood-1 location

Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil and gas investing company focussed on the Guyana-Suriname Basin, observes the  Notice to Mariners No. 030 (2021) published today by the Guyanese Maritime Administration Department indicating that the Stena Carron drillship is moving from the Bulletwood-1 location on the Canje block, offshore Guyana, to a new drilling location on the Stabroek block.

Westmount is not a direct participant in the Canje Joint Venture ("Canje JV") and is therefore not aware of the outcome of the Bulletwood-1 well. The Company awaits confirmation and disclosure of the Bulletwood-1 drilling results by the operator or other Canje JV partners. It is the Company's intention to update the market as soon as these drilling results are publicly available.  

In the meantime, Westmount looks forward to the planned drilling of the 2^nd and 3^rd wells on the Canje block (Jabillo-1 and Sapote-1) over the coming months¹.

The Bulletwood-1 exploration well is the first well on the Canje block. It was spudded on the 31^st December  2020, using the Stena Carron drillship, in a reported water depth of 2,846m. The primary reservoir target was a confined channel complex of Late Cretaceous, Campanian age.  

Westmount holds an indirect interest in the Canje Block as a result of its circa 7.7% interest in the issued share capital of JHI Associates Inc. ("JHI")².  Following a 2018 farm-out to Total, JHI is carried for the drilling of up to four wells, including Bulletwood-1, and is funded for the drilling of 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's Website www.jhiassociates.com

² Based on JHI's issued share capital as at 30^th August 2019

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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