12th May 2020 17:14
(Alliance News) - Westmount Energy Ltd said Tuesday it has bought 1.4 million shares in Guyana-Suriname basin-focused oil & gas firm JHI Associates Inc, through the issue of 15.9 million Westmount shares at 14.745 pence each.
The issued shares reflected 13% of Westmount's enlarged issued share capital. Shares in Westmount Energy closed 14% higher at 12.50 pence on Tuesday in London.
JHI's main asset is an 18% carried interest in the Canje block which covers over 4,800 square kilometres, offshore Guyana. The block is located in the same geologic basin as the Stabroek block with reported discovered recoverable resources in excess of 8 billion oil-equivalent barrels to date.
As a result of a 2018 farm-out to Total SA, JHI is carried for the drilling of up to four wells and is funded for the drilling of additional wells. The first well, Bulletwood-1, is expected to be spudded in the second half of 2020.
Westmount now holds 3.6 million shares in JHI, reflecting a 4.8% interest.
By Dayo Laniyan; [email protected]
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