Business
Acquisition of North Falklands Basin PL001 by JHI
Acquisition of North Falklands Basin PL001 by JHI.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n\n \n \n25th September 2022\nWESTMOUNT ENERGY LIMITED\n(\"Westmount\" or the \"Company\")\nAcquisition of North Falklands Basin PL001 by JHI\nWestmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins, notes the announcenment today by Argos Resources Limited (\"Argos\") with respect to the completion of the acquisition by JHI Associates Inc. (\"JHI\") of North Falklands Basin Production Licence PL001. As previously announced by Argos, the consideration for the acquisition of operatorship and 100% working interest (\"WI\") in PL001 is 8,467,820 JHI Common Shares (\"the Consideration Shares\") and £303,500 in cash, with the Consideration Shares expected to represent approximately 9.3 per cent. of the enlarged share capital of JHI following completion of the transaction.\n \nProduction Licence PL001, which covers approximately 1,126 square kilometres, is located in the North Falklands Basin immediately to the west of the giant Sea Lion Discovery which has a currently anticipated Final Investment Decision, for a phased development, in 2024.\n\nFollowing the completion of this transaction and the passing of resolutions at the Argos general meeting held on the 22nd September 2023, Argos has been placed into members voluntary liquidation and Argos shares, which are currently suspended, will be cancelled from Admission to trading on AIM with effect from 7am on 26 September 2023. Furthermore, as previously announced by Argos, having agreed with certain creditors to settle those liabilities using Consideration Shares, it is anticipated that approximately 7.9 million of the Consideration Shares will be available for distribution on a pro-rata basis to Argos' shareholders on the register at the relevant date.\n \nJHI is a private, Ontario-registered, company established in 2014 and focused on oil exploration opportunities in the emerging Guyana-Suriname Basin. The company's main asset is a 17.5% WI in the Canje Block covering over 4,800 square kilometres, offshore Guyana. This block is located adjacent to and in the same geologic basin as the Stabroek Block which has delivered more than thirty substantial oil discoveries since 2015, with reported discovered recoverable resources of in excess of 11 billion oi...