Westmount Energy Limited (LON:WTE), in its final results statement, said its strategic investment in Eco Atlantic Oil & Gas continues to show “strong performance”.
Eco hold prime exploration acreage in the neighbourhood of ExxonMobil’s catalogue of major oil discoveries offshore Guyana.
As Exxon continues to de-risk and develop its new fields, Eco (alongside partners Tullow Oil and Total) continues to advance towards its goal of drilling its own exploration wells.
The investment in Eco remains Westmount’s largest asset, though it has added further interests offshore Guyana – via a 1% stake in Ratio Petroleum and increased its equity position in JHI Associates Inc, both of which have stakes in exploration ventures.
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“Our Guyana-focused assets provide exposure to three offshore blocks, all offering near-term carried or pre-funded drilling opportunities with the potential for transformational value changes in their success cases,” the company said in its financial results statement.
“We are investigating ways to increase our exposure to these and other opportunities while seeking to moderate the level of short-term dilution for shareholders.
“In the longer term, the company continues to seek international investment opportunities with potential for significant value creation, including a transformational transaction that would provide increased exposure to exploration opportunities in the Guyana-Suriname basin.”
In terms of financials, Westmount highlighted a £561,080 profit and raised £471,922 of new capital from existing shareholders (via warrant exercises).
It ended the financial year with £557,182 of cash.