Navitas Farm-In to JHI’s North Falklands Licence

Summary by AI ^BETAClose X

Westmount Energy Limited announced that its investee, JHI Associates Inc., has entered into a non-binding Memorandum of Understanding with Navitas Petroleum LP for a farm-in to the PL001 North Falklands Basin Licence. Under this agreement, Navitas will acquire a 65% working interest and operatorship of PL001, which covers approximately 1,126 square kilometres and contains an estimated 3.1 billion barrels of prospective recoverable resources, with two identified prospects, Tyche and Dinlas, each potentially holding 400 million barrels. This development is significant as PL001 is adjacent to the Navitas-operated Sea Lion Project, which recently achieved Final Investment Decision for Phase 1, holding over 700 million barrels of recoverable resources, suggesting potential synergies in exploration and development.

Disclaimer*

Westmount Energy Limited

13 January 2026

13^th January 2026

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Navitas to Farm-In to JHI's North Falklands Basin Licence, PL001

Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins, is pleased to report that its investee JHI Associates Inc. ("JHI") has signed a non-binding Memorandum of Understanding ("MOU")¹ with Navitas Petroleum LP ("Navitas") for a farm-in under which Navitas will acquire a 65% Working Interest ("W.I.") and operatorship of the PL001 North Falklands Basin Licence ("PL001"). JHI currently holds 100% W.I. in PL001 via a wholly owned subsidiary, JHI Falkland Inc. ("JHIF"). PL001 is located immediately to the west of PL032 containing the Navitas operated Sea Lion Project which recently achieved Final Investment Decision with respect to Phase 1 of this giant development complex with over 700 MMbbls of recoverable resources.

PL001, which covers approximately 1,126 square kilometres, is located in modest water depths (<500m), is fully covered by 3D seismic and contains significant exploration potential. JHI's internal Best Estimates indicate a prospect inventory containing an aggregate 3.1bn bbls of prospective recoverable resources with an aggregate upside of more than 10 bn bbls². So far, two oil prospects, Tyche and Dinlas, have been high-graded within the same stratigraphic interval as the Sea Lion accumulation - each containing a potential 400 MMbbls recoverable².

JHI is a private, Ontario-registered, company established in 2014 and focused on oil exploration opportunities in the emerging Guyana-Suriname and North Falklands basins. Westmount holds a total of 5,685,257 shares in JHI, representing approximately 6.24% of the issued share capital.

Gerard Walsh Chairman of Westmount Energy Ltd. commented:

"We are delighted to see this significant follow-on transaction on the back of the recent reawakening of interest in our offshore Falkland Islands and Guyanese assets. A tie-up of the North Falklands Basin PL001 Licence with the incumbent operator of the giant Sea Lion Development presents significant potential opportunity in terms of synergies re sub-surface understanding, rig sharing and production facilities in the success case."

¹https://maya.tase.co.il/he/reports/1716562

²https://www.jhiassociates.com/north-falkland-basin

For further information, please contact:

Westmount Energy Limited www.westmountenergy.com

David King, Director Tel: +44 (0) 1534 823000

Cavendish Capital Markets Limited (Nomad and Broker) Tel: +44 (0) 20 7397 8900

Neil McDonald / Pete Lynch

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END