Westmount Energy Limited Investment in JHI Associates Inc. (9351L)
January 18 2021 - 1:00AM
UK Regulatory
TIDMWTE
RNS Number : 9351L
Westmount Energy Limited
18 January 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.
18 January 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Investment in JHI Associates Inc.
The Board of Westmount is pleased to announce that it has
purchased 287,500 common shares in JHI Associates Inc. ("JHI") at
an aggregate cost of CAD$718,750. The purchase of the 287,500
common shares in JHI has completed on 15 January, 2021.
JHI is a private, Ontario-registered, company established in
2014 and focused on oil exploration opportunities in the emerging
Guyana-Suriname Basin. The company's main asset is a 17.5% carried
interest in the Canje Block covering over 4,800 square kilometres,
offshore Guyana. This block is located adjacent to and in the same
geologic basin as the Stabroek Block which has delivered eighteen
substantial oil discoveries since 2015, with reported discovered
recoverable resources of circa 9 billion oil-equivalent barrels to
date.
ExxonMobil, which is the operator of both blocks, acquired in
excess of 6,100 km(2) of 3D seismic on the Canje Block in 2016.
Subsequent processing and interpretation of this dataset has been
used to define a substantial prospect inventory on the Block with
three prospects (Bulletwood, Jabillo, and Sapote) high-graded as
potential targets for the initial drilling campaign. As a result of
a 2018 farm-out to Total, JHI is carried for the drilling of up to
four wells and is funded for the drilling of additional wells.
Drilling operations at the first well in the Canje drilling
campaign, Bulletwood-1, are ongoing since the start of the year
with completion of the well anticipated around mid to late
February. Additional Canje drilling will follow-on in the first
half of 2021.
Following the above purchase, Westmount holds a total of
5,651,270 shares in JHI, representing approximately 7.7% of the
issued common shares in JHI as of 13(th) November 2019. At 2020/21
weighted average JHI transaction costs, Westmount's holding in JHI
equates to approximately 90% of the value of Westmount's gross
assets as of 30(th) June 2020. Westmount reported a loss for the
year ended 30th June 2020 of GBP0.1 million, whereas JHI reported a
profit before tax of USD $43.3 million for the year ended 31st
December 2018.
This investment is consistent with Westmount's strategy of
seeking exposure to opportunities in the prolific Guyana-Suriname
Basin, which the Board considers to be a major emerging hydrocarbon
province. Further disclosure with respect to JHI is available
through SEDAR and their website at www.jhiassociates.com .
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 Tel: +44 (0) 20 7397 8900
Broker)
Nicholas Wells / Neil McDonald
(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.
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
MSCDKOBKNBKDPDD
(END) Dow Jones Newswires
January 18, 2021 02:00 ET (07:00 GMT)
Westmount Energy (LSE:WTE)
Historical Stock Chart
From Apr 2024 to May 2024
Westmount Energy (LSE:WTE)
Historical Stock Chart
From May 2023 to May 2024