Westmount Energy Limited Update on NPIs & Convertible Loan Notes
16 November 2018 - 4:30AM
RNS Non-Regulatory
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)
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END
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