14th May 2019 13:45
LONDON (Alliance News) - Westmount Energy Ltd said Tuesday it has invested USD2.5 million in Cateleya Energy Corp in a private placing.
Westmount has acquired 253,685 shares in Cateleya Energy, representing a 2.4% stake in the company.
Cateleya Energy is a Candian oil explorer focused on the Guyana-Suriname basin. Cateleya Energy holds a 25% participating interest in the Kaieteur Block, located outboard of, and adjacent to, the Stabroek Block offshore Guyana. According to Westmount, the block has delivered thirteen substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 5.5 billion oil-equivalent barrels to date.
The block is currently operated by an ExxonMobil subsidiary, Esso Production & Exploration Guyana Ltd.
Westmount said: "This investment is consistent with Westmount's strategy of seeking exposure to opportunities in the prolific Guyana-Suriname basin and it compliments Westmount's existing portfolio of investments which, in the view of the board, offers shareholders exposure to an estimated 4 to 7 fully funded wells over the next 12-18 months in the most prolific emerging hydrocarbon province worldwide."
Shares in Westmount Energy were up 3.2% Tuesday at 16.00 pence each.
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