Westmount Energy Limited Investment in JHI Associates Inc. (4419J)
22 Diciembre 2020 - 1:00AM
UK Regulatory
TIDMWTE
RNS Number : 4419J
Westmount Energy Limited
22 December 2020
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"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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now considered to be in the public domain.
22(nd) December 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 250,000 common shares in JHI Associates Inc. ("JHI") at
an aggregate cost of USD$400,000. The purchase of the 250,000
common shares in JHI has completed on 21st December, 2020.
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 eighteen
substantial oil discoveries since 2015, with reported discovered
recoverable resources of circa 9 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. It
is anticipated that the first well in the Canje drilling campaign,
Bulletwood-1, will be spudded before the end of the year or soon
thereafter, with additional wells to follow-on in the first half of
2021.
Following the above purchase, Westmount holds a total of
5,363,770 shares in JHI, representing approximately 7.2% of the
issued common shares in JHI as of 13(th) November 2019. At 2020
weighted average JHI transaction costs, Westmount's holding in JHI
equates to approximately 67% of the value of Westmount's gross
assets as of 30(th) June 2020. Westmount reported a loss for the
year ended 30th June 2020 of GBP0.1 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 .
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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