RCS - Westmount Energy Ld - Acquisition of Net Profits Interests

Westmount EnergyAnnouncement

02/10/2018 07:05

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: +44 (0)1534 823133




 


 




Cenkos Securities plc Nomad and Broker


Tel: +44 (0)20 7397 8900




Nicholas Wells / Harry Hargreaves (Corporate Finance)


 




 


 




 
 




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