Business
Half-year Report
Half-year Report.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \nRNS Number : 6667S Westmount Energy Limited 13 March 2019 \n\nWESTMOUNT ENERGY LIMITED\n(\"Westmount\" or the \"Company\")\nInterim Results\nThe Company is pleased to announce its Interim Results for the six months ended 31 December 2018. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders shortly.\nCHAIRMAN'S REVIEW\n2018 Highlights\n \n· Focus remains on Guyana-Suriname Basin - a global exploration hotspot\n \n· Operating Profit of £364,445 for the 6 month period to 31 December 2018\n \n· £1,600,000 raised via Convertible Loan Note in October 2018\n \n· Investments in Eco (Atlantic) Oil & Gas Limited, Ratio Petroleum and JHI Associates Inc performing strongly\n \n· Positioned for exposure to multi-well, funded, drilling campaign offshore Guyana, during 2019/2020\n \n· Acquisition of Net Profits Interests in three Offshore UK Petroleum Licences\n \n· Evaluation of Exploration & Production opportunities with potential for a substantial transaction continue \n \nIn spite of a volatile oil price environment in the second half of 2018 offshore Guyana continued to be a major 'good news story' attracting strong industry and investor interest. A number of proven oil plays, high quality reservoirs, substantial light oil discoveries and an exploration drilling success rate of circa 85% to date have all confirmed the deepwater Guyana-Suriname Basin as an emerging prolific hydrocarbon province. In late August 2018 ExxonMobil announced its 9th oil discovery (Hammerhead-1) on the Stabroek Block, which is reported to be a new play (Tertiary) opening discovery adjacent to the Orinduik Block. This was followed by further announcements in early December of the 10th oil discovery (Pluma-1), bringing cumulative discovered recoverable resources in the basin to in excess of five billion oil equivalent barrels. Two additional discoveries were announced in early February 2019 - an oil discovery (Tilapia-1) and a gas-condensate discovery (Haimara-1). \n \nYour Company's investments in Eco (Atlantic) Oi...