TIDMWTE

RNS Number : 4964T

Westmount Energy Limited

14 November 2019

14 November 2019

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Portfolio Update

The Board of Westmount is pleased to provide an update on the Company's offshore Guyana investment portfolio, which is composed of four investee companies as summarised in the table below.

The focus of the Company's current portfolio is JHI Associates Inc. and Cataleya Energy Corporation, both of which are unquoted, private companies and which together constitute approximately 78% of the Company's portfolio based on financial values as reported by the Company as at 30 June 2019(2) .

The Westmount Board estimates that this portfolio provides shareholders with exposure to a range of independent, Upper Cretaceous prospects in the Liza play fairway, and at least three ExxonMobil operated, high impact, wells between now and the end of 2020. The Company's full portfolio has the potential to provide exposure to up to seven wells over the next 12 months, with scope for a transformational value uplift in the success case.

As at 14 November 2019, Westmount's investments with exposure to offshore Guyana are as follows:

 
 Company             Quotation      Westmount      Percentage        Main         Percentage 
                                     Holding        of issued        Asset        of Westmount 
                                                     shares                       Portfolio(2) 
 
                                    2,213,770 
 JHI Associates                       common      3.0% issued     17.5% Canje 
  Inc.               Unquoted         shares        shares(1)        Block           29.0% 
                                     567,185 
 Cataleya Energy                      common      5.4% issued    25% Kaieteur 
  Corporation        Unquoted         shares         shares          Block           48.5% 
                                    1,500,000 
 Eco Atlantic Oil                     common      0.8% issued    15% Orinduik 
  & Gas Ltd.         Quoted           shares         shares          Block           11.4% 
 Ratio Petroleum                    1,200,000     0.7% issued    25% Kaieteur 
  LP                 Quoted        share units       shares          Block           11.0%

(1) Figure assumes that JHI Associates Inc is unchanged from the figure as at 21st December 2018

(2) Percentage of current Guyana Portfolio NAV using financial values reported on Balance Sheet date 30th June 2019 (with post balance sheet purchases referenced to that date)

For further information, please contact:

   Westmount Energy Limited                             www.westmountenergy.com 
   David King, Director                                            Tel: +44 (0) 1534 823133

Jane Vlahopoulou

   Cenkos Securities plc (Nomad and Broker)        Tel: +44 (0) 20 7397 8900

Nicholas Wells / Harry Hargreaves (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.

END

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November 14, 2019 12:56 ET (17:56 GMT)

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