Business
Stena Carron Drillship on location at Tanager-1
Stena Carron Drillship on location at Tanager-1.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \n \n RNS Number : 7141V\n Westmount Energy Limited\n 11 August 2020\n \n \n \n \n \n \n \n \n \n \n 11th August 2020\n \n \n WESTMOUNT ENERGY LIMITED\n \n \n (\"Westmount\" or the \"Company\")\n \n \n Stena Carron Drillship on location at Tanager-1, Kaieteur Block, offshore Guyana\n \n \n Westmount Energy Limited (WTE.L) is pleased to note the announcement by Ratio Petroleum Energy Limited Partnership (\"Ratio Petroleum\"), dated 10 August 2020, that the Stena Carron drillship has arrived on location at the Tanager-1 wellsite on the Kaieteur Block, offshore Guyana and will commence drilling operations imminently.\n \n \n \n \n \n As previously announced, Westmount holds an indirect interest in the Kaieteur Block as a result of the Company's c.0.7% interest in the issued share capital of Ratio Petroleum and the Company's c.5.4% interest1 in Cataleya Energy Corporation (\"CEC\"). Both Ratio Petroleum and CEC each hold a 25% participating interest in the Kaieteur Block via their wholly-owned subsidiary companies, Ratio Guyana Ltd. (\"RGL\") and Cataleya Energy Ltd. (\"CEL\") respectively. The Kaieteur Block is currently operated by an ExxonMobil subsidiary, Esso Production & Exploration Guyana Limited (35%), with CEL (25%), RGL (25%) and a subsidiary of Hess Corporation (15%) as partners.\n \n \n \n \n \n Previous announcements by Ratio Petroleum indicate that the Tanager-1 well has a target total depth of 8,000 metres and will take an estimated 90 days to drill2. In addition, the May 2019\n Netherland, Sewell & Associates Inc. (\"NSAI\") report on the Kaieteur Block describes the Tanager Prospect as a stacked reservoir prospect (Maastrichtian to Turonian reservoir intervals) and assigns a 'Best Estimate' Unrisked Gross (100%) Prospective Oil Resource of 256.2 MMBBLs to the prospect (Low to High Estimates 135.6 MMBBLs to 451.6 MMBBLs), with an aggregate Probability of Geologic Success (POSg) of 72%. \n \n \n \n \n \n Furthermore, the NSAI report indicates that the aggregate 'Best Estimate' Gross Unrisked Prospective Resources for 9 prospects in the southern part of the Kaieteur Block, where the Tanager prospect is located, is 2.1 BnBBLs (Aggregate Low to High Estimates 694 MMBBLs to 5.85 BnBBLs) implying Net (25%) 525 MMBBLs to each of RGL and CEL across this area which is covered by ...