Commencement of drilling operations at Sapote-1

RNS Number : 8130J

Westmount Energy Limited

26 August 2021

 

26^th August 2021

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Commencement of drilling operations at Sapote-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 25th August 2021, that the Stena DrillMAX drillship will commence drilling operations at the Sapote-1 wellsite on the Canje Block, offshore Guyana, on 28^th August 2021.

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 TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) as partners.

Sapote-1 is located in the southeast of the Canje Block, approximately 60kms north of the Campanian and Santonian Maka Central-1 stacked pay discovery, in a new depositional setting linked to the Berbice canyon system. 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. Drilling of Sapote-1 is anticipated to take 60 days, with results anticipated in late October.

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.

¹ 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: [phone]

Anita Weaver 

Cenkos Securities plc ( Nomad and Broker)  Tel: [phone]

Nicholas Wells/Neil McDonald (Corporate Finance)

 

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