RNS Number : 7406E

Westmount Energy Limited

14 March 2022

14 March 2022


("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 
   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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(END) Dow Jones Newswires

March 14, 2022 13:55 ET (17:55 GMT)

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