Westmount Energy Limited Sapote-1 Results (8183Q)
01 Novembro 2021 - 4:00AM
UK Regulatory
TIDMWTE
RNS Number : 8183Q
Westmount Energy Limited
01 November 2021
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
information as stipulated under the UK version of the Market Abuse
Regulations (EU) No. 596/2014 which is part of english law by
virtue of the European (Withdrawal) Act 2018, as amended. Upon the
publication of this Announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
1(st) November 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Sapote-1 Results
Westmount Energy Limited ( UK AIM: WTE.L, USA OTCQB: WMELF ),
the AIM-quoted oil and gas investing company focussed on the
Guyana-Suriname Basin reports that it has received a shareholder
communication from its investee company, JHI Associates Inc.
("JHI"), which confirms that the Sapote-1 well on the Canje Block
was safely drilled in 2,549 meters of water by the Stena DrillMAX
drillship to a total depth of 6,758 meters. The well encountered
non-commercial hydrocarbons in one of the deeper exploration
targets(1) .
Westmount holds an indirect interest in the Canje Block as a
result of its circa 7.2% interest in the issued share capital of
JHI(2) . Following a 2018 farm-out to Total and subsequent
transactions, JHI is funded for additional drilling post the
Sapote-1 well.
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.
Gerard Walsh, Executive Chairman of Westmount, commented:
"Sapote-1 is the sixth well, offshore Guyana, that Westmount has
participated in via our investee companies, since 2019. This
portfolio of drilling outcomes has yielded 3 oil discoveries, but
no standalone commercial success to date. While this outcome from
the Westmount portfolio is below expectations the results to date
provide encouragement and must be viewed in the context of initial
'large step-out' wells, in a frontier setting, evaluating giant
stratigraphic prospects while seeking to establish the perimeter of
the multiple play fairways both to the northeast and southwest of
the prolific Stabroek Block."
"The immediate focus of the Canje Joint Venture group now
switches to synthesis, analysis and regional integration and
modelling of the extensive multi-play data suite acquired during
the 2021 drilling campaign with a view to highgrading and selection
of the potential follow-on drilling targets on the block. In this
regard, we note that the operator of the Canje Block, has already
submitted, to the Guyanese Environmental Protection Agency (EPA),
an application for environmental authorisation with respect to a
new 12 well drilling program on the block from 2022.(3)
(1) JHI shareholder communication dated 29(th) October, 2021
(2) Based on JHI's issued share capital inferred from JHI
transaction dated 28(th) June 2021
(3)
https://www.epaguyana.org/epa/project-summary2/summary/5-project-summary/770-canje-12-well-project-summary
For further information, please contact:
Westmount Energy Limited 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)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBFLLXFBLFFBL
(END) Dow Jones Newswires
November 01, 2021 03:00 ET (07:00 GMT)
Westmount Energy (LSE:WTE)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Westmount Energy (LSE:WTE)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024