REG - Westmount Energy Ld - Bulletwood-1 Results

Westmount EnergyAnnouncement

04/03/2021 07:01

RNS Number : 1065R
  
Westmount Energy Limited
  
04 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 (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.
 
4th March 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Bulletwood-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, further to its announcement on 2 March 2021, it has received a shareholder communication from its investee company, JHI Associates Inc. ("JHI"), which confirms that the first well on the Canje Block, Bulletwood-1, was safely drilled in 2,846 meters of water by the Stena Carron drillship to its planned target depth of 6,690 meters. The well encountered quality reservoirs but non-commercial hydrocarbons1,2. 
 

Data collection at Bulletwood-1 confirms the presence of the Guyana-Suriname Basin petroleum system and the potential prospectivity of the Canje Block. Bulletwood-1 is the first of three wells scheduled to be drilled on the block in 2021 with drilling of the independent prospects Jabillo-1 and Sapote-1 to follow over the coming months1.


Westmount holds an indirect interest in the Canje Block as a result of its circa 7.7% interest in the issued share capital of JHI3.  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.
 
 
1JHI shareholder communication dated 3rd March, 2021
2ExxonMobil's 2021 Investor Day Presentation
3Based on JHI's issued share capital as at 30th August 2019
 
 
For further information, please contact:
 
Westmount Energy Limited                                www.westmountenergy.com
David King, Director                                              Tel: +44 (0) 1534 823059
Anita Weaver                                         
 
Cenkos Securities plc (Nomad and Broker)       Tel: +44 (0) 20 7397 8900
Nicholas Wells/Neil McDonald (Corporate Finance)
 
 
 

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