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Westmount Energy Limited announced on 26th August 2021 that drilling operations at the Sapote-1 wellsite on the Canje Block, offshore Guyana, will commence on 28th August 2021 using the Stena DrillMAX drillship. Westmount holds a circa 7.2% interest in JHI Associates Inc., which is a 17.5% partner in the Canje Block via JHI Associates (BVI) Inc., alongside Esso Exploration & Production Guyana Limited (35%), TotalEnergies E&P Guyana B.V. (35%), and Mid-Atlantic Oil & Gas Inc. (12.5%). Drilling of Sapote-1 is anticipated to take 60 days, with results expected in late October.
| Date | 26 Aug 2021 |
| Time | 07:00:02 |
| Category | Corporate updates |
| ID | 8130J |
26th 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 28th 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.
1Based on JHI's issued share capital inferred from JHI transaction dated 28th June 2021
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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)