REG - Westmount Energy Ld - Namibia - Africa Oil Corp Update

Westmount EnergyAnnouncement

28/09/2023 14:45

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RNS Number : 0439O  Westmount Energy Limited  28 September 2023

28(th) September 2023

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Namibia exploration and appraisal program - Africa Oil Corp update

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 update provided this morning by Africa Oil Corp.
("AOC"; TSX: AOI.TO, Nasdaq Stockholm: AOI.ST) with respect to exploration and
appraisal activities on Blocks 2913B and 2912, in the Orange Basin, offshore
Namibia. The update heralds a major milestone in the appraisal of the giant
Venus light oil discovery with the successful re-entry, sidetracking and drill
stem testing ("DST") of the Venus-1X discovery well, which should contribute
to the progression of development studies supporting the first commercial
development in Block 2913B.

The update also confirms the successful drilling, coring and logging of the
first appraisal well, Venus-1A, which was drilled, using the Tungsten Explorer
drillship, approximately 13km north of the Venus-1X discovery well. Venus-1A
will now be re-entered in the coming days and undergo a DST program using the
Deepsea Mira rig.

 

Following the completion of operations at the non-commercial Nara-1X
exploration well on Block 2912 the Tungsten Explorer drillship will now
mobilize to drill the substantial Mangetti-1X prospect, located on Block
2913B, immediately to the north of the giant Venus light oil accumulation(1).

 

AOC is a publicly listed Independent E&P company with producing and
development assets in deep-water Nigeria and a portfolio of exploration and
appraisal assets, located offshore west and south Africa as well as offshore
Guyana. AOC holds its interests through direct ownership interests in
concessions and through its shareholdings in private and publicly listed
investee companies, including: Prime Oil & Gas Coöperatief U.A.; Impact
Oil & Gas Ltd.; Africa Energy Corp.; and Eco (Atlantic) Oil and Gas Ltd.
Up to date detailed disclosure with respect to AOC's overall strategy,
portfolio of assets, production guidance, dividend and shareholder return
policies is available via its 'Report to Shareholders for the Period Ended
March 31, 2023'
https://africaoilcorp.com/site/assets/files/1842/africa_oil_corp_-_2023_june_30_-report_to_shareholders.pdf.
Other more recent and historical disclosures are available on its website
www.africaoilcorp.com (http://www.africaoilcorp.com) .

 

AOC has an effective interest of 6.2% in Block 2913B and an effective interest
of 5.9% in Block 2912 as a result of its 31% shareholding in Impact Oil &
Gas Limited. Westmount's holding of 300,000 shares in AOC, represents
approximately 0.065% of the issued common shares in AOC as of 28(th) August
2023. This investment provides liquid exposure to the ongoing testing program
of the significant Venus light oil discovery on Block 2913B in addition to
the  evaluation of other giant targets on the block, including the imminent
drilling of the Mangetti-1x exploration well.

 

Gerard Walsh, Chairman of Westmount Energy Ltd. commented:

"Today's positive update by our investee AOC confirms our view that the Orange
basin is a major emerging, prolific, hydrocarbon province which offers
Westmount shareholders continuing exposure to high impact drilling outcomes,
including the imminent Magnetti-1 exploration well. We also note the
commentary provided yesterday at the TotalEnergies Investor Day presentations,
with the operator of the giant Venus Discovery sufficiently confident, after
the initial testing program of the Venus-1X discovery well, to declare that
there will be an oil field development at Venus, thereby underpinning the
forward appraisal and exploration program on Block 2913B. So an exciting
program of testing and drilling lies ahead and we look forward to further
newsflow in this regard."

 

 

(1)https://totalenergies.com/sites/g/files/nytnzq121/files/documents/2023-09/TotalEnergies_2023_Strategy_Outlook_presentation.pdf
(https://totalenergies.com/sites/g/files/nytnzq121/files/documents/2023-09/TotalEnergies_2023_Strategy_Outlook_presentation.pdf)

 

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

Neil McDonald/Peter Lynch (Corporate Finance)

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