Westmount Energy Limited Shareholding in Eco Atlantic Oil and Gas Ltd. (8426Y)
13 May 2019 - 9:11PM
UK Regulatory
TIDMWTE
RNS Number : 8426Y
Westmount Energy Limited
13 May 2019
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.
13(th) May 2019
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Shareholding in Eco Atlantic Oil and Gas Ltd.
The Board of Westmount wishes to report that it has amended its
shareholding in Eco Atlantic Oil & Gas Ltd. ("Eco") through the
open market sale of 1,625,000 common shares, resulting in net cash
proceeds, after transaction costs, of approximately GBP1.34m. The
proceeds will be used to continue Westmount's investment policy of
seeking to pursue value opportunities in the emerging
Guyana-Suriname Basin. Westmount retains a substantial holding of
1,500,000 shares in Eco, representing slightly less than 1% of
Eco's issued share capital.
Concurrent with its listing and admission to AIM, in February
2017, Eco completed a circa GBP5m, placing at GBP0.16 per share.
Westmount subscribed for 3,125,000 shares in that placing and this
subscription has proved to be an outstanding investment for the
company, yielding a +400% return on capital invested to date.
Eco is an AIM and TSX-V listed oil and gas exploration company
with its main assets located offshore Guyana and Namibia. Imminent
operational activity includes participation in the drilling of 2
fully-funded wells on the Orinduik Licence, offshore Guyana during
Q2/Q3 2019. For the nine months ended 31 December 2018, Eco
generated a net profit of approximately CAD $11.33m (Year ended 31
March 2018: net loss of CAD $8.36m).
This share divestment is consistent with Westmount's strategy of
managing portfolio risk and its capital resources while seeking
value opportunities in the prolific Guyana-Suriname Basin.
Westmount retains a shareholding of 1,500,000 shares in Eco which
the Board considers to offer Westmount shareholders, together with
other investments in Westmount's portfolio, exposure to 3 to 7
fully funded wells over the next 12-18 months in the most prolific
emerging hydrocarbon province worldwide.
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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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
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