Westmount Announces Bulletwood-1 Results

Source: www.gulfoilandgas.com 3/4/2021, Location: South America

Westmount Energy Limited, the AIM-quoted oil and gas investing company focussed on the Guyana-Suriname Basin reports that, further to its announcement on 2 March 2021, it has received a shareholder communication from its investee company, JHI Associates Inc. ("JHI"), which confirms that the first well on the Canje Block, Bulletwood-1, was safely drilled in 2,846 meters of water by the Stena Carron drillship to its planned target depth of 6,690 meters. The well encountered quality reservoirs but non-commercial hydrocarbons1,2.

Data collection at Bulletwood-1 confirms the presence of the Guyana-Suriname Basin petroleum system and the potential prospectivity of the Canje Block. Bulletwood-1 is the first of three wells scheduled to be drilled on the block in 2021 with drilling of the independent prospects Jabillo-1 and Sapote-1 to follow over the coming months1.

Westmount holds an indirect interest in the Canje Block as a result of its circa 7.7% interest in the issued share capital of JHI3. Following a 2018 farm-out to Total, JHI is carried for the drilling of up to four wells, including Bulletwood-1, and is funded for the drilling of additional wells.

The Canje Block is currently operated by an ExxonMobil subsidiary, Esso Exploration & Production Guyana Limited (35%), with Total (35%), JHI (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) as partners.


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