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Westmount Energy shares rise ahead of imminent drilling

Tanager-1 is a 256.2mln barrel exploration target offshore Guyana.

Westmount Energy - Westmount Energy shares rise ahead of imminent drilling

Westmount Energy Limited (LON:WTE) shares advanced ahead of imminent drilling at an Exxon Mobil exploration prospect offshore Guyana.

The AIM-quoted firm holds an indirect interest in the Kaieteur Block where Exxon will drill the Tanager-1 well.

In a statement, Westmount noted that the Stena Carron drillship has arrived at the Tanager-1 wellsite.

Tanager-1 will be drilled down to a depth of 8,000 metres and will take 90 days to drill. It is seen as a stacked reservoir prospect and has been estimated to host some 256.2mln barrels of oil (with the high-to-low case range set at 135.6mln to 451.6mln).

It is estimated to have a 72% chance of success (defined as ‘aggregate Probability of Geologic Success’).

Tanager is one of multiple targets in the southern portion of the Kaieteur Block which altogether are estimated to contain around 2.1bn barrels.

Exxon has been the standout pioneer offshore Guyana with an extensive campaign of drilling achieving consistent successes and discoveries in the Stabroek offshore block.

Westmount Energy shares rose 3.2p or 17.78% in Tuesday’s deal, changing hands at 21.2p.

The company has a 0.7% interest in Ratio Petroleum and a 5.4% interest1 in Cataleya Energy Corporation, which each own 25% of the Kaieteur Block.

Quick facts: Westmount Energy Ltd

Price: 20.2 GBX

AIM:WTE
Market: AIM
Market Cap: £29.1 m
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