Westmount Energy Limited Commencement of drilling operations at Bulletwood (5241K)
05 Enero 2021 - 01:00AM
UK Regulatory
TIDMWTE
RNS Number : 5241K
Westmount Energy Limited
05 January 2021
5(th) January 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Commencement of drilling operations at Bulletwood-1, Canje
Block, offshore Guyana
Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF) is
pleased to note the announcement by the Maritime Administration
Department, Guyana, dated 1(st) January 2021, that the Stena Carron
drillship has arrived on location at the Bulletwood-1 wellsite on
the Canje Block, offshore Guyana and has commenced drilling
operations.
As previously announced, Westmount holds an indirect interest in
the Canje Block as a result of its circa 7.2% interest in the
issued share capital of JHI Associates Inc. ("JHI")(1) . The Canje
Block is currently operated by an ExxonMobil subsidiary, Esso
Exploration & Production Guyana Limited (35%), with Total
(35%), JHI (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) as
partners.
Previously published information by JHI indicates that
Bulletwood-1 is a 500 MMbbl oil prospect targeting a Liza
look-alike, confined channel complex, of Late Cretaceous,
Campanian, age. Based upon the announcement by the Maritime
Administration Department drilling operations are scheduled to be
completed at Bulletwood-1 on or before the 23(rd) February
2021.
As a result of a 2018 farm-out to Total, JHI is carried for the
drilling of up to four wells, including Bulletwood-1, and is funded
for the drilling of additional wells.
Further information with respect to Bulletwood-1 and the Canje
Block is available on JHI's website www.jhiassociates.com and at
https://www.westmountenergy.com/investor-relations/presentations/
(1) Based on JHI's issued share capital as at 30(th) August,
2019.
Gerard Walsh, Chairman of Westmount Energy Ltd. commented:
"Bulletwood-1 is the first well in a multi-well, fully funded,
drilling campaign being operated by ExxonMobil on the Canje Block
over the next 6 months or so. This campaign will evaluate high
impact Upper Cretaceous prospects in the proven Liza play fairway
with, in some cases, additional deeper reservoir targets. It also
provides Westmount shareholders exposure to a portfolio of drilling
outcomes over a compressed timeframe. Success from some of the
wells in this portfolio could result in transformational value
changes for Westmount."
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 Tel: +44 (0) 20 7397 8900
Broker)
Nicholas Wells / Neil McDonald
(Corporate Finance)
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END
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