Ratio Petroleum Provides Update with Respect to the 2nd Well Prospect Nomination Date

Source: www.gulfoilandgas.com 8/23/2021, Location: South America

Westmount Energy Limited, notes the announcement by Ratio Petroleum Energy Limited Partnership ("Ratio Petroleum") , that the date for elective nomination, by the operator, of the prospect target for the 2nd well on the Kaieteur Block has been extended by seven months to the 22nd March, 2022.1 The Kaieteur Block partners agreed to this extension to facilitate continuing analysis by the operator and integration of extensive multi-play drilling results and comprehensive data collection programs into regional petroleum system models and the prospect nomination decision.

The first well drilled on the Kaieteur block, Tanager-1, evaluated a number of plays - encountering 16 metres of net oil pay (20oAPI oil) in high-quality sandstone reservoirs of Maastrichtian age and confirming the extension of the Cretaceous petroleum system and the Liza play fairway outboard from the prolific discoveries on the neighbouring ExxonMobil operated Stabroek Block. The well was reported as an oil discovery which is currently considered to be non-commercial as a standalone development. Tanager-1 also encountered high quality reservoirs in deeper Santonian and Turonian plays though interpretation of the reservoir fluids in these intervals was reported to be equivocal and require further analysis.

A post-well Netherland, Sewell & Associates Inc. ("NSAI") published CPR2 indicates that the Tanager-1 Maastrichtian discovery contains a 'Best Estimate' Unrisked Gross (2C) Contingent Oil Resource of 65.3 MMBBLs (Low to High Estimates 17.7 MMBBLs to 131 MMBBLs) - with a 'Best Estimate' Unrisked Net (2C) Contingent Oil Resource attributable to the Kaieteur Block of 42.7 MMBBLs (Low to High Estimates 11.3 MMBBLs to 86 MMBBLs).

Subsequent to the Tanager-1 discovery Hess Corporation increased its working interest ("WI") in the Kaieteur Block from 15% to 20% by acquiring a 5% WI from Cataleya Energy Limited ("CEL").





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