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Westmount Energy ups exposure to Exxon’s Bulletwood well

Drilling began earlier this month and results are expected by mid-February

Westmount Energy Ltd - Westmount Energy ups exposure to Exxon’s Bulletwood well

Westmount Energy Limited (LON:WTE) has agreed to increase its exposure to high impact exploration drilling presently underway offshore Guyana.

It is increasing its stake in privately owned JHI Associates which owns a 17.5% interest in the ExxonMobil operated Canje block, where the Bulletwood-1 well is being drilled.

Westmount is buying some 287,000 JHI shares for C$718,750. It increases Westmount’s stake in JHI to 7.7%, from 7.2% previously.

READ: Exxon spuds Bulletwood well offshore Guyana

Drilling at the first Canje well, Bulletwood-1, kicked off in January and completion of the well is anticipated around mid to late February. Additional Canje drilling will follow-on in the first half of 2021.

A substantial prospect inventory has been developed through the acquisition and interpretation of over 6,100 square kilometres of 3D seismic data, which ‘high graded’ the Bulletwood, Jabillo, and Sapote exploration prospects.

A farm-out deal with Exxon sees JHI carried for its share of drill costs for up to four wells – and Westmount said JHI is funded for the drilling of additional wells.

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Price: 16.25 GBX

AIM:WTE
Market: AIM
Market Cap: £23.41 m
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