REG - Westmount Energy Ld - Proposed acquisition of PL001 by JHI

Westmount EnergyAnnouncement

15/12/2022 17:30

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RNS Number : 9091J  Westmount Energy Limited  15 December 2022

 

 

15(th) December 2022

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Proposed  acquisition of North Falklands Basin PL001 by JHI

Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil
and gas investing company focussed on the Guyana-Suriname Basin notes the
proposed transaction announced today by Argos Resources Limited ("Argos")
 with respect to the acquisition by JHI Associates Inc. ("JHI") of North
Falklands Basin Production Licence PL001.

 

JHI is a private, Ontario-registered, company established in 2014 and focused
on oil exploration opportunities in the emerging Guyana-Suriname Basin. The
company's main asset is a 17.5% working interest ("WI") in the Canje Block
covering over 4,800 square kilometres, offshore Guyana. This block is located
adjacent to and in the same geologic basin as the Stabroek Block which has
delivered thirty substantial oil discoveries since 2015, with reported
discovered recoverable resources of in excess of 11 billion oil-equivalent
barrels to date.

 

The Canje Block is currently operated by an ExxonMobil subsidiary, Esso
Exploration & Production Guyana Limited (35%), with TotalEnergies E&P
Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%), and Mid-Atlantic Oil
& Gas Inc. (12.5%) as partners.

 

Westmount holds a total of 5,651,270 shares in JHI, representing approximately
7.16% of the issued common shares in JHI as of 31(st) December 2021. Westmount
also holds 1,000,000 shares in Argos representing approximately 0.4% of the
issued common shares in Argos as of 30(th) June 2022.

For further information, please contact:

 

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