REG - Westmount Energy Ld - Proposed cashless acquisition of JHI by Eco

Westmount EnergyAnnouncement

14/03/2022 18:00

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RNS Number : 7406E  Westmount Energy Limited  14 March 2022

 

 

14 March 2022

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Proposed cashless acquisition of JHI by Eco

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 'cashless transaction' announced today by Eco (Atlantic) Oil and Gas
Ltd. ("Eco") with respect to the acquisition of JHI Associates Inc. ("JHI").

 

 

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 more than twenty substantial oil discoveries since 2015, with
reported discovered recoverable resources of in excess of 10 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 1,500,000 shares in Eco representing approximately 0.74% of the
issued common shares in Eco as of 19(th) January 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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