27th Feb 2019 12:55
LONDON (Alliance News) - Westmount Energy Ltd said on Wednesday it has made a further investment in oil exploration company JHI Associates Inc for CAD1.0 million and the issue of 7.2 million shares in Westmount.
Shares in the energy-focused investor jumped 69% at 16.50 pence on Wednesday.
JHI's main asset is a 185 carried interest in the Canje Block covering over 6,000 square kilometres, offshore Guyana.
The Westmount shares issued represents 13% of the company's issued share capital. Following the issue, Westmount now holds 54.3 million shares overall.
Following the purchase, Westmount now holds 2.2 million shares in JHI, reflecting a 3.0% stake.
Related Shares:
Westmount Engy.