Westmount Energy Limited Jabillo-1 Results (0879E)
05 Julio 2021 - 1:00AM
UK Regulatory
TIDMWTE
RNS Number : 0879E
Westmount Energy Limited
05 July 2021
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
information as stipulated under the UK version of the Market Abuse
Regulations (EU) No. 596/2014 which is part of English law by
virtue of the European (Withdrawal) Act 2018, as amended. Upon the
publication of this Announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
5(th) July 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Jabillo-1 Results
Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the
AIM-quoted oil and gas investing company focussed on the
Guyana-Suriname Basin reports that it has received a shareholder
communication from its investee company, JHI Associates Inc.
("JHI"), which confirms that the Jabillo-1 well on the Canje Block
was safely drilled in 2,903 meters of water by the Stena Carron
drillship to its planned target depth of 6,475 meters. The well did
not encounter commercial hydrocarbons(1) .
The focus of the ExxonMobil operated Canje drilling campaign now
switches to the Sapote-1 well, which is located more than 100 kms
to the southeast. This well will be drilled in a new depositional
setting, linked to the Berbice canyon system, and closer to Upper
Cretaceous discoveries in the Stabroek Block and Suriname's Block
58. Sapote-1 is an independent multi-layer prospect, which will
evaluate several Upper Cretaceous targets, and is potentially the
largest prospect drilled on the Canje block to date. Current
guidance indicates that Sapote-1 will be spudded in mid-August
using the Stena DrillMAX drillship with results anticipated in
mid-October(1,2) .
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(3) . Following a 2018 farm-out to Total and subsequent
transactions, JHI is funded for the 2021 Canje drilling campaign,
including the Sapote-1 well, and multiple additional wells.
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.
(1) JHI shareholder communication dated 4(th) July, 2021
(2) JHI shareholder communication dated 28(th) June, 2021
(3) Based on JHI's issued share capital inferred from JHI
transaction dated 28(th) June 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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END
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