REG - Westmount Energy Ld - Investment Portfolio Update

Westmount EnergyAnnouncement

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RNS Number : 0976M  Westmount Energy Limited  10 June 2025

10 June 2025

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Investment Portfolio Update

Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing
company focussed on high impact drilling outcomes in emerging basins, is
pleased to provide an update with respect to its investment portfolio (Summary
Table below) which continues to provide exposure to substantial prospective
resources in the Guyana-Suriname, Orange and North Falkland basins.

 

Westmount also reports that it has received proceeds of circa £286,000 from
the sale of 300,000 common shares in Meren Energy Inc. (formerly Africa Oil
Corp.;"MER"; TSX: MER.TO, Nasdaq Stockholm: MER.ST), representing all of
Westmount's holding in MER.

 

 

 

In 2023, while awaiting guidance regarding future drilling activity from the
Company's Guyana focused investee companies, Westmount invested part of its
treasury into Africa Oil Corp shares, to provide shareholders with some
exposure to exploration and appraisal drilling activity around the Venus
discovery in the Orange Basin, offshore Namibia. At that time, Africa Oil
Corp. held an effective economic interest in the Venus project of circa 6.2%
via its shareholding in Impact Oil & Gas Ltd., a private company.
Subsequent to Westmount's investment, Africa Oil changed its strategy
regarding Venus/Namibian exploration and, following its recent corporate
consolidation incorporating Prime Oil, Westmount's net exposure to Venus and
the adjacent Orange basin exploration drilling has been substantially diluted.

 

The disposal of MER shares has yielded proceeds of £286,155 net of all costs.
The purchase cost of these shares, in June 2023, was £538,633 which indicates
a net loss of £224,221 has been incurred after exchange rate movements and
attributable dividends of circa £28,255 during the ownership period. The
proceeds of the share sale will be used to supplement the Company's available
working capital.

 

Westmount continues to hold a circa 6.24% interest in JHI Associates Inc.
("JHI"), a 4.13% interest in Cataleya Energy Corp. ("CEC") and a 0.47%
interest in Eco Atlantic Oil and Gas Ltd. ("ECO") - investees with direct
working interests in exploration licences immediately adjacent to the prolific
Stabroek Block, offshore Guyana. JHI retains a 17.5% interest in the Canje
Block; CEC has a 50% interest in the Kaieteur Block, containing the Tanager-1
oil discovery; ECO holds a 100% interest and operatorship of the Orinduik
block which contains the Jethro and Joe heavy oil discoveries and is
immediately adjacent to the giant Hammerhead oil field, currently under
development by the Stabroek partners. Frustratingly, Westmount still awaits
guidance with respect to future exploration activity on these Guyanese blocks,
in spite of clear visibility to the drilling of at least five exploration
wells, under less benign fiscal terms, in the Suriname sector during 2025.

JHI also holds a 100% working interest and operatorship in the North Falklands
Basin Production Licence PL001, which was acquired in September 2023 from the
then AIM listed Argos Resources Ltd.. PL001 is immediately adjacent to the
Navitas Petroleum/Rockhopper Sea Lion development, where FID is expected later
this year - an event that is likely to reawaken exploration interest in the
neighbouring licences. PL001 is located in modest water depths (<500m) and
is fully covered by 3D seismic. So far, two oil prospects, Tyche and Dinlas,
have been highgraded within the same stratigraphic interval as the Sea Lion
discovery - each containing a potential 400 MMbbls recoverable(1). Upon
receipt of the outstanding JHI shares (distribution pending since completion
of the Argos Resources Ltd. transaction) Westmount's shareholding in JHI will
equate to an effective 6.24% economic interest in these prospects and the
PL001 licence.

In spite of the potential of this portfolio, for some time, Westmount has been
valued by the London AIM market as an investment shell, with little or no
value being attributed to the private holdings in JHI and CEC. Westmount has
no debt and sufficient cash resources to fund the minimum (irreducible)
corporate overhead into H2 2026, with liquid investments available, if
necessary, to increase this runway.

In the interim, the board of Westmount continues to actively explore
opportunities and strategies to deliver improved shareholder value.

Further announcements will be made in due course, as appropriate.

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

 

 

 

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)

 

Cavendish Capital Markets Limited

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

Neil McDonald/Peter Lynch (Corporate Finance)

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