RCS - Westmount Energy Ld - Update on NPIs & Convertible Loan Notes

Westmount EnergyAnnouncement

15/11/2018 17:30

RNS Number : 5448H
Westmount Energy Limited
15 November 2018
 


This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and for the avoidance of doubt this announcement is not an offer and not capable of being accepted.
 
 
15 November 2018
 
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Update on Colter and Wick Prospects and
Convertible Loan Notes due 2021
 
As announced on 12 November 2018 by Corallian Energy Limited ("Corallian Energy"), the exploration operator for Licences P1918 and P2235 which contain the Colter and Wick prospects respectively, the Offshore Petroleum Regulator for Environment and Decommissioning ("OPRED") has advised the Oil and Gas Authority ("OGA") of its in-principle agreement to the issue of the relevant consent for both projects.
 
Corallian Energy has also announced that the proposed wells will be drilled as a back-to-back programme using the ENSCO-72 Jack-Up rig and, subject to the approvals being in place, the programme will commence in December 2018 with the drilling of the Wick well, followed by the Colter well thereafter. The full news release, in addition to further information on Corallian Energy, can be viewed on the company's website, https://corallian.co.uk/news.
 
As announced on 2 October 2018, Westmount holds a 0.5% net profit interest in licence P1918 (Colter Prospect) and a 1.0% net profit interest in licence P2235 (Wick Prospect).
 
Update on Convertible Loan Notes
The Company also notifies that it has agreed to extend the deadline for the Subscription for 10% convertible unsecured loan notes due 2021 ("Convertible Loan Notes") to 30 November 2018. Should any additional Convertible Loan Notes be issued pursuant to the Subscription, the Company will make a further announcement on or around 30 November 2018.
 
Further details of the Subscription are set out in the announcement dated 24 October 2018 with RNS Number 0598F, and capitalised terms used above but not defined have the same meaning as set out in that announcement.
 
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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