Westmount Energy Limited Tanager-1 Results (5550F)
17 Noviembre 2020 - 1:48AM
UK Regulatory
TIDMWTE
RNS Number : 5550F
Westmount Energy Limited
17 November 2020
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
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No. 596/2014. Upon the publication of this Announcement via
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17 November 2020
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Tanager-1 Results
Westmount, the AIM-quoted energy investing company focussed on
the Guyana-Suriname Basin, announces, further to the announcement
by Ratio Petroleum Energy Limited Partnership dated today, that the
Tanager-1 well, offshore Guyana, has been reported as an oil
discovery which is currently considered to be non-commercial as a
stand-alone development.
The Tanager-1 exploration well is the deepest well drilled in
the Guyana-Suriname Basin to date. It was spudded on the 11(th)
August 2020, using the Stena Carron drillship, and reached a total
depth of 7,633 metres in recent days. Evaluation of LWD, wireline
logging and sampling data confirm 16 metres of net oil pay in
high-quality sandstone reservoirs of Maastrichtian age. Preliminary
evaluation of the fluid samples from the Maastrichtian reservoir
indicates heavier oil than is reported from the Liza Phase I
producing field crude assays and these samples will be the subject
of further detailed laboratory analysis over the coming months.
Although high quality reservoirs were also encountered at the
deeper Santonian and Turonian intervals, interpretation of the
reservoir fluids is reported to be equivocal at this stage and
requires further analysis. It is anticipated that the well will now
be plugged and abandoned in the coming days.
The Tanager-1 results confirm the continuance of a Cretaceous
petroleum system and the Liza play fairway onto the Kaieteur Block,
down dip from the prolific discoveries on the neighbouring
ExxonMobil operated Stabroek Block. It is anticipated that the
Kaieteur Block partners will now conduct a detailed evaluation of
the data collected at Tanager-1 with a view to understanding the
well result, re-calibrating the seismic model for this part of the
basin and high grading the next potential drilling targets on the
Kaieteur Block. A substantial prospect inventory has already been
mapped across the 5,750 km(2) 3D seismic survey, which was acquired
in the southern part of the Kaieteur Block in 2017.
The Kaieteur Block is currently operated by an ExxonMobil
subsidiary, Esso Production & Exploration Guyana Limited (35%),
with Cataleya Energy Limited ("CEL") (25%), Ratio Guyana Limited
("RGL") (25%) and a subsidiary of Hess Corporation (15%) as
partners. Westmount holds approximately 5.4% of the issued share
capital of Cataleya Energy Corporation(1) the parent company of CEL
and circa 0.7% of the issued share capital of Ratio Petroleum
Energy Limited Partnership the ultimate holding entity with respect
to RGL.
(1) Based upon number of shares in issue at 30(th) August
2019
Gerard Walsh, Executive Chairman of Westmount, commented:
"The outcome of the Tanager-1 exploration well has proved to be
a mixed bag - confirming the extension of the Liza play fairway
onto the Kaieteur Block but apparently coming up short at the
deeper stratigraphic levels. As Tanager is a stacked pay prospect,
success at a number of stratigraphic levels is required to achieve
stand-alone commercial discovery volume thresholds. However, these
deeper results must be viewed in the context of the very limited
number of penetrations of these deeper plays to date - indicating
that exploration of these deeper plays, offshore Guyana, is at an
early part of the learning curve.
"Furthermore, Westmount shareholders can look forwards to the
near-term drilling of the next prospects in the portfolio which are
independent of the outcome of the Tanager-1 well - including the
Bulletwood-1 well, on the Canje Block, which we anticipate will be
spudded in late December 2020 or early 2021. Bulletwood-1 will
target a circa 500 MMbbl 'Liza look-alike' confined channel complex
of Maastrichtian-Campanian age.(2)
"The Kaieteur and Canje blocks are adjacent to the Stabroek
Block which has delivered eighteen substantial oil discoveries
since 2015, with reported discovered recoverable resources of circa
9 billion oil-equivalent barrels to date. We remain hopeful that
our strategy of a portfolio approach in this prolific hydrocarbon
province - with large Upper Cretaceous prospects, independent
geological risks and scheduled drilling - can deliver for our
shareholders."
(2) www.jhiassociates.com
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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