Westmount Energy has announced final results for the year ended 30 June 2023 and provided an update on its operations offshore Guyana, Namibia and South Africa. Below is an extract from the 'Chairman's Review'. Click here for full announcement
2023 Highlights
- Canje Block, Guyana - Cumulative Impact Assessment filed with Guyanese EPA in September 2023 suggests potential drilling on Canje from Q2 2024 - though specific guidance on timeline not yet available from Canje partners
- Kaieteur Block - Exit of ExxonMobil and Hess with return of licence equity to Ratio Petroleum 50% and CEC 50%; Ratio Petroleum already in discussions with major oil companies with a view to bringing a new entrant or entrants to the block
- Orinduik Block - ECO Atlantic to acquire Tullow's participating interest and become block operator with 75% equity interest
- Investment in Africa Oil Corp - confirmation that Orange Basin, offshore Namibia, is a major emerging hydrocarbon province with 5 significant discoveries reported since early 2022
- Major milestones reported in the appraisal of the giant Venus light oil discovery, with successful drilling of a 13km step-out appraisal well at Venus-1A and the successful testing of sidetracked Venus-1X discovery well
- Continuing newsflow anticipated from Namibian investment in Q4 2023 with the testing of Venus-1A appraisal well and the spudding of Mangetti-1 exploration well
- JHI acquires 100% interest in Production Licence PL001 in the North Falkland Basin from Argos Resources Ltd.
- CEC's Return of Capital Transaction yields additional USD $356k cash
- Cash balance of £0.48M at 30 June 2023; no debt
Click here for full announcement
Source: Westmount Energy
