Westmount Energy Limited Kaieteur Block - 5% Farm-down (5085Z)
24 Mayo 2021 - 1:00AM
UK Regulatory
TIDMWTE
RNS Number : 5085Z
Westmount Energy Limited
24 May 2021
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.
24(th) May 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Kaieteur Block - Cataleya Energy Ltd. 5% Farm-down to Hess
Corporation
Westmount Energy Limited (UK AIM: WTE.L , USA OTCQB: WMELF ), is
pleased to note the announcement by Ratio Petroleum Energy Limited
Partnership ("Ratio Petroleum") yesterday, that Hess Corporation
("Hess") has increased its working interest ("WI") in the Kaieteur
Block, offshore Guyana, from 15% to 20%. This increase in Hess
Corporation's Kaieteur Block WI has occurred on the back of the
Tanager-1 oil discovery, announced in November 2020, and via the
farm-down of a 5% WI by Cataleya Energy Limited ("CEL") to
Hess.
Tanager-1, the first well drilled on the Kaieteur block,
encountered 16 metres of net oil pay (20(o) API oil) in
high-quality sandstone reservoirs of Maastrichtian age and
confirmed the extension of the Cretaceous petroleum system and the
Liza play fairway outboard from the prolific discoveries on the
neighbouring ExxonMobil operated Stabroek Block. The well was
reported as an oil discovery which is currently considered to be
non-commercial as a standalone development. High quality reservoirs
were also encountered in Tanager-1 at the deeper Santonian and
Turonian intervals though interpretation of the reservoir fluids
was reported to be equivocal and require further analysis.
A post-well Netherland, Sewell & Associates Inc. ("NSAI")
published CPR(1) indicates that the Tanager-1 Maastrichtian
discovery contains a 'Best Estimate' Unrisked Gross (2C) Contingent
Oil Resource of 65.3 MMBBLs (Low to High Estimates 17.7 MMBBLs to
131 MMBBLs) - with a 'Best Estimate' Unrisked Net (2C) Contingent
Oil Resource attributable to the Kaieteur Block of 42.7 MMBBLs (Low
to High Estimates 11.3 MMBBLs to 86 MMBBLs).
In addition to the Tanager-1 oil discovery a substantial
Cretaceous prospect inventory has been mapped across the 5,750
km(2) 3D seismic survey, located in the southern part of the block,
where the Kaieteur JV partners are currently high grading the next
potential drilling targets.
Post the CEL farm-down the Kaieteur JV is composed of the
following holdings:
Esso Exploration and Production 35% (operator)
Guyana Limited
Ratio Guyana Limited 25%
Cataleya Energy Limited 20%
Hess Guyana (Block B) Exploration
Limited 20%
Westmount holds approximately 5.3% of the issued share capital
of Cataleya Energy Corporation(2) the parent company of CEL and
circa 0.04% of the issued share capital of Ratio Petroleum the
ultimate holding entity with respect to Ratio Guyana Limited.
Gerard Walsh, Executive Chairman of Westmount, commented:
"We are very encouraged to see Hess, one of the Stabroek Block
(18 discoveries; 9 billion oil-equivalent barrels discovered to
date) partners and a leading player in the Guyana-Suriname Basin,
increase its WI in the Kaieteur Block on the back of the 2020
Tanager-1 oil discovery."
"This move is consistent with the Stabroek partners' assessment
that the total basin potential of the Guyana-Suriname Basin is now
more than twice the discovered resource to date(3) - indicating a
potential yet-to-find resource in excess of 10 billion
oil-equivalent barrels across the basin. It is also consistent with
the view that considerable hydrocarbon resource potential may be
present in the newly emerging deeper plays, such as the Lower
Campanian/Upper Santonian play, where the 3D seismic data suggests
that the channel systems are at least as extensive in area as they
are in the shallower Maastrichtian/Upper Campanian Liza play
fairway."(4)
"We believe this farm-in transaction reflects confidence in the
prospective resource potential of the Kaieteur Block and augurs
well for the continuing exploration of the area."
(1) CPR by Netherland, Sewell & Associates Inc. ("NSAI") 14
February 2021- published by Ratio Petroleum
(2) Based upon number of shares in issue at 10(th) August
2020
(3) ExxonMobil 2021 Investor Day Presentation
(4) Hess Corporation - Citi 2021 Global Energy & Utilities
Virtual Conference 11(th) May, 2021
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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