Westmount Energy Limited Kaieteur Block - Ratio Petroleum update (3935J)
23 August 2021 - 4:00PM
UK Regulatory
TIDMWTE
RNS Number : 3935J
Westmount Energy Limited
23 August 2021
23(rd) August 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Kaieteur Block - Ratio Petroleum update with respect to the
2(nd) well prospect nomination date
Westmount Energy Limited (UK AIM: WTE.L , USA OTCQB: WMELF ),
notes the announcement by Ratio Petroleum Energy Limited
Partnership ("Ratio Petroleum") yesterday, that the date for
elective nomination, by the operator, of the prospect target for
the 2(nd) well on the Kaieteur Block has been extended by seven
months to the 22(nd) March, 2022.(1) The Kaieteur Block partners
agreed to this extension to facilitate continuing analysis by the
operator and integration of extensive multi-play drilling results
and comprehensive data collection programs into regional petroleum
system models and the prospect nomination decision.
The first well drilled on the Kaieteur block, Tanager-1,
evaluated a number of plays - encountering 16 metres of net oil pay
(20(o) API oil) in high-quality sandstone reservoirs of
Maastrichtian age and confirming the extension of the Cretaceous
petroleum system and the Liza play fairway outboard from the
prolific discoveries on the neighbouring ExxonMobil operated
Stabroek Block. The well was reported as an oil discovery which is
currently considered to be non-commercial as a standalone
development. Tanager-1 also encountered high quality reservoirs in
deeper Santonian and Turonian plays though interpretation of the
reservoir fluids in these intervals was reported to be equivocal
and require further analysis.
A post-well Netherland, Sewell & Associates Inc. ("NSAI")
published CPR(2) indicates that the Tanager-1 Maastrichtian
discovery contains a 'Best Estimate' Unrisked Gross (2C) Contingent
Oil Resource of 65.3 MMBBLs (Low to High Estimates 17.7 MMBBLs to
131 MMBBLs) - with a 'Best Estimate' Unrisked Net (2C) Contingent
Oil Resource attributable to the Kaieteur Block of 42.7 MMBBLs (Low
to High Estimates 11.3 MMBBLs to 86 MMBBLs).
Subsequent to the Tanager-1 discovery Hess Corporation increased
its working interest ("WI") in the Kaieteur Block from 15% to 20%
by acquiring a 5% WI from Cataleya Energy Limited ("CEL").
The current Kaieteur Block partners are as follows:
Esso Exploration and Production Guyana Limited 35% (operator)
Ratio Guyana Limited 25%
Cataleya Energy Limited 20%
Hess Guyana (Block B) Exploration Limited 20%
Westmount holds approximately 5.3% of the issued share capital
of Cataleya Energy Corporation(3) the parent company of CEL and
circa 0.04% of the issued share capital of Ratio Petroleum the
ultimate holding entity with respect to Ratio Guyana Limited.
(1) Announcements by Ratio Petroleum indicate that, under a
farm-in agreement executed with ExxonMobil in 2016, the original
Kaieteur 2(nd) well prospect nomination date was 22(nd) August
2021, with any drilling consequent to this decision to commence
within nine months of the nomination date.
(2) CPR by Netherland, Sewell & Associates Inc. ("NSAI") 14
February 2021- published by Ratio Petroleum
(3) Based upon number of shares in issue at 10(th) August
2020
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)
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