Business
Investment in JHI Associates Inc.
Investment in JHI Associates Inc..
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 9351L\n Westmount Energy Limited\n 18 January 2021\n \n \n \n \n The 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 \n \n \n \n \n \n \n \n 18 January 2021\n \n \n WESTMOUNT ENERGY LIMITED\n \n \n (\"Westmount\" or the \"Company\")\n \n \n Investment in JHI Associates Inc.\n \n \n The Board of Westmount is pleased to announce that it has purchased 287,500 common shares in JHI Associates Inc. (\"JHI\") at an aggregate cost of CAD$718,750. The purchase of the 287,500 common shares in JHI has completed on 15 January, 2021.\n \n \n \n \n \n JHI 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% carried interest 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 eighteen substantial oil discoveries since 2015, with reported discovered recoverable resources of circa 9 billion oil-equivalent barrels to date.\n \n \n \n \n \n ExxonMobil, which is the operator of both blocks, acquired in excess of 6,100 km2 of 3D seismic on the Canje Block in 2016. Subsequent processing and interpretation of this dataset has been used to define a substantial prospect inventory on the Block with three prospects (Bulletwood, Jabillo, and Sapote) high-graded as potential targets for the initial drilling campaign. As a result of a 2018 farm-out to Total, JHI is carried for the drilling of up to four wells and is funded for the drilling of additional wells. Drilling operations at the first well in the Canje drilling campaign, Bulletwood-1, are ongoing since the start of the year with completion of the well anticipated around mid to late February. Additional Canje drilling will follow-on in the first half of 2021. \n \n \n \n \n \n Following the above purchase, Westmount holds a total of 5,651,270 shares in JHI, representing approxima...