TIDMWTE

Westmount Energy Limited

15 November 2018

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and for the avoidance of doubt this announcement is not an offer and not capable of being accepted.

15 November 2018

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Update on Colter and Wick Prospects and

Convertible Loan Notes due 2021

As announced on 12 November 2018 by Corallian Energy Limited ("Corallian Energy"), the exploration operator for Licences P1918 and P2235 which contain the Colter and Wick prospects respectively, the Offshore Petroleum Regulator for Environment and Decommissioning ("OPRED") has advised the Oil and Gas Authority ("OGA") of its in-principle agreement to the issue of the relevant consent for both projects.

Corallian Energy has also announced that the proposed wells will be drilled as a back-to-back programme using the ENSCO-72 Jack-Up rig and, subject to the approvals being in place, the programme will commence in December 2018 with the drilling of the Wick well, followed by the Colter well thereafter. The full news release, in addition to further information on Corallian Energy, can be viewed on the company's website, https://corallian.co.uk/news.

As announced on 2 October 2018, Westmount holds a 0.5% net profit interest in licence P1918 (Colter Prospect) and a 1.0% net profit interest in licence P2235 (Wick Prospect).

Update on Convertible Loan Notes

The Company also notifies that it has agreed to extend the deadline for the Subscription for 10% convertible unsecured loan notes due 2021 ("Convertible Loan Notes") to 30 November 2018. Should any additional Convertible Loan Notes be issued pursuant to the Subscription, the Company will make a further announcement on or around 30 November 2018.

Further details of the Subscription are set out in the announcement dated 24 October 2018 with .

For further information, please contact:

 
 Westmount Energy Limited                        www.westmountenergy.com 
 David King, Director                            Tel: +44 (0)1534 823133 
  Jane Vlahopoulou 
 Cenkos Securities plc Nomad and Broker              Tel: +44 (0)20 7397 
                                                                    8900 
 Nicholas Wells / Harry Hargreaves (Corporate 
  Finance)

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.

END

NRAGGGWPGUPRGMA

(END) Dow Jones Newswires

November 15, 2018 12:30 ET (17:30 GMT)

Westmount Energy (LSE:WTE)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Westmount Energy Charts.
Westmount Energy (LSE:WTE)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Westmount Energy Charts.