Westmount Energy, the AIM-quoted oil and gas investment company focussed on the Guyana-Suriname Basin, has announced its unaudited Interim Results for the six months ended 31 December 2023.
CHAIRMAN'S REVIEW
2023 Highlights
- Company had cash of £0.34M and listed marketable securities of £0.61M at Period End, 31st December 2023; no debt
- Canje Block, Guyana - Cumulative Impact Assessment filed with Guyanese EPA in September 2023 suggests potential drilling on Canje from 2024 - though specific guidance on timeline not yet available from Canje partners
- Kaieteur Block - Exit of ExxonMobil and Hess with licence equity being returned to Ratio Petroleum 50% and CEC 50%; Ratio Petroleum farm-down process continues with a primary objective of bringing a new deepwater operator to the block before February 2025
- Full redemption of outstanding Loan Notes by CEC - with large American Private Equity Fund converting approximately USD $22.2M of Loan Notes into circa 2.45M CEC common shares (an implied conversion metric of circa USD $9.03 per share).
- Orinduik Block - ECO Atlantic becomes operator and continues in 2nd Renewal Period with 100% Participating Interest plus commitment to drill 1 well to Cretaceous; farm-down process underway
- Investment in Africa Oil Corp - confirmation that Orange Basin, offshore Namibia, is a major emerging hydrocarbon province with 7 significant discoveries reported since early 2022
- Major milestones reported in the appraisal of the giant Venus light oil discovery, with successful drilling of large step-out appraisal wells at Venus-1A, Mangetti-1x and the successful testing of sidetracked Venus-1X discovery well
- Continuing news-flow anticipated from Namibian investment in 2024 with ongoing drilling/testing operations at Venus appraisal wells, Mangetti-1x discovery plus additional exploration program
- JHI completes acquisition of 100% interest in Production Licence PL001 in the North Falkland Basin from Argos Resources Ltd.
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Source: Westmount Energy
