Business
Investment in Cataleya Energy Corporation
Investment in Cataleya Energy Corporation.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \nRNS Number : 6337K Westmount Energy Limited 30 August 2019 \n\nThe information contained within this announcement (the \"Announcement\") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n30th August 2019\nWESTMOUNT ENERGY LIMITED\n(\"Westmount\" or the \"Company\")\nAdditional Investment in Cataleya Energy Corporation\nFurther to the Susbcription announcement dated 23rd August 2019, the Board of Westmount is pleased to announce that it has entered into unconditional agreements to acquire an additional 313,500 common shares in Cateleya Energy Corporation (\"CEC\") at a price of USD $10 per share, for total consideration of US$3,135,000 million (equivalent to GBP £2,582,372) including transaction costs. \n \nCEC is a private, Canadian-registered, company established in 2015 and focused on oil exploration opportunities in the emerging Guyana-Suriname Basin. CEC's main asset is a 25% participating interest in the Kaieteur Block, which it holds through its wholly-owned subsidiary Cataleya Energy Limited (\"CEL\"). The 13,500 km2 Kaieteur Block is located outboard of, and adjacent to, the Ranger Oil Discovery which is located on the Stabroek Block, offshore Guyana. \n\nThe Kaieteur Block was awarded in early 2015 to CEL (formerly Ratio Energy Limited) and Ratio Guyana Limited, a subsidiary of Ratio Petroleum Energy Limited Partnership (\"Ratio Petroleum\"). Subsequent to the Upper Cretaceous play-opening Liza-1 discovery in May 2015, a farm-in agreement (\"ExxonMobil FIA\") executed with ExxonMobil and various other arrangements, the effective date of the Kaieteur Petroleum Agreement was amended to February 2017. The Kaieteur Block is currently operated by an ExxonMobil subsidiary, Esso Production & Exploration Guyana Limited (35%), with CEL (25%), Ratio Guyana Limited (25%) and a subsidiary of Hess Corporation (15%) as partners.\n \nA Competent Person's Report (\"CPR\") on the Kaieteur Block, which has been carried out by Netherland, Sewell & Associates Inc. (\"NSAI\") and published by Ratio Petroleum on 14 May 2019, provides estimates of the unrisked prospective oil...