REG - Westmount Energy Ld - Farm-In to JHI’s North Falklands Basin Licence

Westmount EnergyAnnouncement

02/03/2026 17:15

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RNS Number : 0021V  Westmount Energy Limited  02 March 2026

 

 

2 March 2026

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Navitas executes Farm-In to JHI's North Falklands Basin Licence, PL001

Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing
company focussed on high impact drilling outcomes in emerging basins, notes
the announcements today by Navitas Petroleum LP ("Navitas")(1) and Westmount
investees JHI Associates Inc. ("JHI") (2) and Eco (Atlantic) Oil & Gas
Ltd. ("Eco")(3) pertaining to the execution of a farm-in agreement by Navitas
and JHI under which Navitas will acquire a 65% Working Interest ("W.I.") and
operatorship of PL001 North Falklands Basin Licence ("PL001"). JHI will retain
a 35% W.I. which continues to be held via its wholly owned subsidiary JHI
Falkland Inc. ("JHIF"). As consideration, in addition to payment of its share
of JHIF's past costs in connection with the Licence, Navitas will fund JHI's
35% W.I. share of the costs associated with potential future activities,
including an exploration well and potential appraisal well, up to an aggregate
cap of USD$14M. This funding will be provided via a loan-carry arrangement
repayable from 85% of JHIF's free cash flow from production under the PL001
License.

 

PL001 is located immediately to the west of PL032 containing the Navitas
operated Sea Lion Project which recently achieved Final Investment Decision
with respect to Phase 1 of this giant development complex with over 700 MMbbls
of recoverable resources.

 

PL001, which covers approximately 1,126 square kilometres, is located in
modest water depths (<500m), is fully covered by 3D seismic and contains
significant exploration potential. JHI's internal Best Estimates indicate a
prospect inventory containing an aggregate 3.1bn bbls of prospective
recoverable resources with an aggregate upside of more than 10 bn bbls(2). So
far, two oil prospects, Tyche and Dinlas, have been high-graded within the
same stratigraphic interval as the Sea Lion accumulation - each containing a
potential 400 MMbbls recoverable(2).

 

Westmount holds 1,500,000 shares in Eco. In addition, Westmount holds a total
of 5,685,257 shares in JHI, representing approximately 6.24% of the issued
share capital.

 

 

(1)https://maya.tase.co.il/he/reports/companies/1725338
(https://maya.tase.co.il/he/reports/companies/1725338)

(2)https://www.jhiassociates.com/north-falkland-basin
(https://www.jhiassociates.com/north-falkland-basin)

(3)https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xe478nw
(https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xe478nw)

For further information, please contact:

 

Westmount Energy
Limited
www.westmountenergy.com

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

 

 

Cavendish Capital Markets Limited (Nomad and Broker)           Tel:
+44 (0) 20 7397 8900

Neil McDonald / Pete Lynch

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