30th Aug 2019 10:54
(Alliance News) - Westmount Energy Ltd on Friday said it agreed to make an additional USD3.2 million investment in Cateleya Energy Corp, a Canada-registered oil exploration firm.
The energy investment company said it will acquire 313,500 Cateleya shares at a price of USD10 each. The investment has been funded from Westmount's existing cash resources, it said.
As a result of the transaction, Westmount's holds a total of 567,185 shares in Cateleya, representing 5.4% stake.
Cateleya's main asset is a 25% participating interest in the Kaieteur block, offshore Guyana, Westmount noted.
Looking ahead, Westmount said it continues to seek exposure to opportunities in the prolific Guyana-Suriname basin, a hydrocarbon province where discovered recoverable resources total in excess of 6 billion oil-equivalent barrels.
"Our investment in Cateleya 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 up to seven fully funded wells during 2019-2020," explained Westmount Chair Gerard Walsh.
Westmount shares were trading 5.4% higher in London on Friday at 19.50 pence each.
Related Shares:
Westmount Engy.