REG - Westmount Energy Ld - Update re: acquisition of JHI by Eco

Westmount EnergyAnnouncement

19/05/2026 07:00

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RNS Number : 8063E  Westmount Energy Limited  19 May 2026

 

 

19(th) May 2026

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Acquisition of JHI by Eco - JHI shareholder approval and Final Court Order
Received

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 note the update provided by its investees(1,2), further to the
Company's announcement on the 5(th) May 2026 regarding the proposed
acquisition of JHI Associates Inc. ("JHI") by Eco (Atlantic) Oil and Gas Ltd.
("Eco") by way of a court-approved plan of arrangement (the "Arrangement").
This update confirms that (1) at JHI's annual and special meeting of
shareholders held on May 12, 2026, 100% of the votes cast were in favour of
the plan of Arrangement with Eco and (2) JHI has successfully obtained on May
15, 2026 the final order approval (the "Final Order") from the Ontario
Superior Court of Justice (Commercial List) (the "Court"), approving the
Arrangement as proposed.

 

These steps represent significant progress towards completion of the
Arrangement. Remaining conditions for completion of the Arrangement
("Closing") include receipt of Falkland Islands Government ("FIG") five-year
licence extension of the PL001 licence and Navitas Petroleum LP's (via its
subsidiary) operatorship; JHI to have a cash balance of US$1.0 million on
completion of the Arrangement; and required TSX-V and AIM approvals. Eco
expects the transaction to close as soon as the requisite government approvals
are received, subject to the satisfaction of customary closing conditions
under the Arrangement agreement.

 

On completion of the Arrangement, Eco will hold 100% of the outstanding JHI
shares and, in turn, a 35% participating interest in PL001, offshore Falkland
Islands, operated by Navitas Petroleum LP (via its subsidiary - holding the
remaining 65% interest) and a potential extension of JHI's 17.5% WI in the
Canje Block offshore Guyana subject to ongoing government negotiations and
approval. Completion of this Arrangement will boost the emergence of a new,
Atlantic Margin, oil and gas exploration powerhouse with a diversified
portfolio of assets offshore Guyana, Falkland Islands, Namibia and South
Africa and partnerships with industry leading operators such as TotalEnergies,
BP and Navitas Petroleum LP.

 

Subject to Closing and the completion of the additional transaction referenced
in the Company's announcement of the 5(th) May 2026, Westmount will hold a
total of 9,527,432 common shares in Eco which includes 4,000,000 Eco shares
which are subject to lock-up provisions, plus Westmount's existing holding in
Eco of 1,500,000 common shares.

 

(1)https://www.investegate.co.uk/announcement/rns/eco-atlantic-oil-gas-npv-di---eco/jhi-acquisition-final-court-order-obtained/9572058
(https://www.investegate.co.uk/announcement/rns/eco-atlantic-oil-gas-npv-di---eco/jhi-acquisition-final-court-order-obtained/9572058)

(2)www.jhiassociates.com (http://www.jhiassociates.com)

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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