Westmount Energy Limited Investment in JHI Associates Inc. (5457Y)
10 Septiembre 2020 - 1:00AM
UK Regulatory
TIDMWTE
RNS Number : 5457Y
Westmount Energy Limited
10 September 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.
10 September 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 1,550,000 common shares in JHI Associates Inc. ("JHI") by
way of the issue of 18,290,000 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 purchase of 750,000 common shares in JHI has completed on 9
September, 2020 and it is anticipated that the completion of the
purchase of the remaining 800,000 shares in JHI will occur within 7
days.
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 Q4
2020, with the possibility of additional drilling by the end of the
year.
Following the above purchase, Westmount holds a total of
5,113,770 shares in JHI, representing approximately 6.9% of the
issued common shares in JHI as of 13(th) November 2019. At cost,
Westmount's holding in JHI equates to approximately 61.8% 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 1,550,000
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 25th September 2020. Following admission, the
Company's issued share capital will comprise 144,051,486 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)
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