REG - Westmount Energy Ld - Eco-Orinduik & New Corporate Presentation

Westmount EnergyAnnouncement

10/08/2023 16:15

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RNS Number : 9869I  Westmount Energy Limited  10 August 2023

10(th) August 2023

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Proposed acquisition of additional 60% operated interest in Orinduik Block, by
Eco

and

New Corporate Presentation

Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil
and gas investing company focussed on high impact drilling outcomes in
emerging basins, notes the proposed transaction announced today by Eco
(Atlantic) Oil and Gas Ltd. ("Eco") with respect to the acquisition of a 60%
Operated Interest in the Orinduik Block, offshore Guyana, through the
acquisition of Tullow Guyana B.V. ("TGBV"), a wholly owned subsidiary of
Tullow Oil Plc. ("Tullow") in exchange for a combination of upfront cash and
contingent consideration.

 

The Orinduik Block is located adjacent to and in the same geologic basin as
the Stabroek Block which has delivered more than thirty substantial oil
discoveries since 2015, with reported discovered recoverable resources of in
excess of 11 billion oil-equivalent barrels and average gross daily production
of circa 366,000 BOPD(1) during the second quarter of 2023. Two, currently
non-commercial, discoveries were made on the Orinduik block in 2019 and as of
31 December 2022, the gross 2C resource attributable to the Orinduik 60%
operated interest amounted to 47.7mmbls.

 

Upon completion of the proposed transaction Eco will hold a 75% participating
interest and will become operator of the block. TOQAP Guyana B.V will continue
to hold a 25% participating interest.

 

Westmount holds 1,500,000 shares in Eco representing approximately 0.4% of the
issued common shares in Eco as of 2(nd) August 2023.

 

New Corporate Presentation

In addition, Westmount is pleased to announce that the Company's new corporate
presentation can be viewed on its website at
westmountenergy.com/presentations/
(http://www.westmountenergy.com/presentations/)

(1)Hess Corporation Earnings Release Second Quarter 2023

For further information, please contact:

 

Westmount Energy
Limited
www.westmountenergy.com (http://www.westmountenergy.com)

David King, Director
     Tel: +44 (0) 1534 823000

 
                        email:
westmountenergy@stonehagefleming.com
(../../../../DATA%20STORAGE%20DC/160505_Dermot%20Backup/DErmot/Westmount%20Project/Namibia/Africa%20Oil%20Corp/westmountenergy@stonehagefleming.com)

 

Cenkos Securities plc (Nomad and Broker)       Tel: +44 (0) 20 7397 8900

Neil McDonald/Peter Lynch (Corporate Finance)

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