Business
Update from Ratio Petroleum
Update from Ratio Petroleum.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \nRNS Number : 0378Z Westmount Energy Limited 15 May 2019 \n\n15th May 2019\nWESTMOUNT ENERGY LIMITED\n(\"Westmount\" or the \"Company\")\nInvestments in Cataleya Energy Corporation & Ratio Petroleum\n- Update from Kaieteur Block Partner, Ratio Petroleum\n· Ratio Petroleum publish CPR on Kaieteur carried out by Netherland, Sewell & Associates Inc.\n\n· ExxonMobil planning to spud the first well in the Kaieteur Block on the Tanager Prospect in the first half of 2020\n\n· Tanager Prospect assigned a 'Best Estimate' Unrisked Gross (100%) Prospective Oil Resource of 256.2 MMBBLs with an aggregate Probability of Geologic Success (POSg) of 72%.\n\n· Aggregate 'Best Estimate' Gross Unrisked Prospective Resources for top 9 prospects is 2.1 BnBBLs\n\n· Ratio Petroleum and Cataleya decline option to be carried by Exxon Mobil on the first well (Tanager)\n\n \nSubsequent to the participation of Westmount in a non-brokered private placement by Cateleya Energy Corporation (\"CEC\"), announced on the 14th May 2019, the Board of Westmount is pleased to highlight some additional information, with respect to the Kaieteur Block offshore Guyana, published by Ratio Petroleum Energy Limited Partnership (\"Ratio Petroleum\") on the same date. CEC and Ratio Petroleum each holds through wholly-owned subsidiaries, respectively Cataleya Energy Limited (\"CEL\") and Ratio Guyana Limited (\"RGL\"), a 25% participating interest in the Kaieteur Block. Other partners include a subsidiary of Hess Corporation (15%) and the operator of the block, Esso Production & Exploration Guyana Limited (35%), a subsidiary of ExxonMobil. The 13,500 km2 Kaieteur Block is located outboard of, and adjacent to, the Stabroek Block offshore Guyana which has delivered thirteen substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 5.5 billion oil-equivalent barrels to date.\n \n \nThe Ratio Petroleum announcement provides an update with respect to drilling plans for Kaieteur, farm-in carry arrangements pursuant to a farm-in agreement (\"ExxonMobil FIA\") executed with ExxonMobil in 2016 and unrisked prospective resources by way of report commissioned from Netherland, Sewell & Assoc...