Westmount Energy Limited Investment in JHI Associates Inc.

Fecha : 12/05/2020 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Westmount Energy Limited (WTE)
Cotización : 13.0  0.0 (0.00%) @ 02:00
Westmount Energy Cotización de acciones Gráfica

Westmount Energy Limited Investment in JHI Associates Inc.

Westmount Energy (LSE:WTE)
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RNS Number : 5622M

Westmount Energy Limited

12 May 2020

The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

12 May 2020

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Investment in JHI Associates Inc.

The Board of Westmount is pleased to announce that it has purchased 1,350,000 common shares in JHI Associates Inc. ("JHI"), completing on 11(th) May 2020, by way of the issue of 15,930,000 new ordinary shares of no par value in Westmount ("New Ordinary Shares"), which will represent approximately 12.7% of Westmount's enlarged issued share capital. The transaction prices the New Ordinary Shares in Westmount at 14.745 pence per share.

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% carried interest 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 sixteen substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 8 billion oil-equivalent barrels to date.

ExxonMobil, which is the operator of both blocks, acquired in excess of 6,100 km(2) of 3D seismic on the Canje Block in 2016. Subsequent processing and interpretation of this dataset has been used to define a substantial prospect inventory on the Block with three prospects (Bulletwood, Jabillo, and Sapote) high-graded as potential targets for the initial drilling campaign. As a result of a 2018 farm-out to Total, JHI is carried for the drilling of up to four wells and is funded for the drilling of additional wells. Subject to Guyanese government approvals, drillship availability and the impact of the COVID-19 pandemic, it is anticipated that the first well on the Canje Block, Bulletwood-1, will be spudded in H2 2020, with the possibility of additional drilling by the end of the year.

Following the above purchase, Westmount holds a total of 3,563,770 shares in JHI, representing approximately 4.8% of the issued common shares in JHI as of 13(th) November 2019. At cost, Westmount's holding in JHI equates to approximately 38.1% of the value of Westmount's gross assets as of 31(st) December 2019. Westmount reported a profit for the year ended 30th June 2019 of GBP2.0 million, whereas JHI reported a profit before tax of USD $43.3 million for the year ended 31st December 2018.

This investment is consistent with Westmount's strategy of seeking exposure to opportunities in the prolific Guyana-Suriname Basin, which the Board considers to be a major emerging hydrocarbon province. Further disclosure with respect to JHI is available through SEDAR and their website at www.jhiassociates.com .

Total Voting Rights

Pending receipt of the physical certificates for the 1,350,000 common shares in JHI, application will be made for admission of the New Ordinary Shares to trading on AIM, which is expected to occur on or around 28th May 2020. Following admission, the Company's issued share capital will comprise 125,761,486 ordinary shares, which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 
 
 

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/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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