WESTMOUNT ENERGY LIMITED

Business and Financial Review • Jan 5, 2021

National Storage Mechanism | Additional information

RNS Number : 5241K

Westmount Energy Limited

05 January 2021

5th January 2021

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Commencement of drilling operations at Bulletwood-1, Canje Block, offshore Guyana

Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF) is pleased to note the announcement by the Maritime Administration Department, Guyana, dated 1st January 2021, that the Stena Carron drillship has arrived on location at the Bulletwood-1 wellsite on the Canje Block, offshore Guyana and has commenced drilling operations.

As previously announced, Westmount holds an indirect interest in the Canje Block as a result of its circa 7.2% interest in the issued share capital of JHI Associates Inc. ("JHI")1. The Canje Block is currently operated by an ExxonMobil subsidiary, Esso Exploration & Production Guyana Limited (35%), with Total (35%), JHI (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) as partners.

Previously published information by JHI indicates that Bulletwood-1 is a 500 MMbbl oil prospect targeting a Liza look-alike, confined channel complex, of Late Cretaceous, Campanian, age. Based upon the announcement by the Maritime Administration Department drilling operations are scheduled to be completed at Bulletwood-1 on or before the 23rd February 2021.

As a result of a 2018 farm-out to Total, JHI is carried for the drilling of up to four wells, including Bulletwood-1, and is funded for the drilling of additional wells.

Further information with respect to Bulletwood-1 and the Canje Block is available on JHI's website www.jhiassociates.com and at https://www.westmountenergy.com/investor-relations/presentations/

1Based on JHI's issued share capital as at 30th August, 2019.

Gerard Walsh, Chairman of Westmount Energy Ltd. commented:

"Bulletwood-1 is the first well in a multi-well, fully funded, drilling campaign being operated by ExxonMobil on the Canje Block over the next 6 months or so. This campaign will evaluate high impact Upper Cretaceous prospects in the proven Liza play fairway with, in some cases, additional deeper reservoir targets. It also provides Westmount shareholders exposure to a portfolio of drilling outcomes over a compressed timeframe. Success from some of the wells in this portfolio could result in transformational value changes for Westmount."       

For further information, please contact:

Westmount Energy Limited	www.westmountenergy.com
David King, Director	Tel: +44 (0) 1534 823059
Anita Weaver
Cenkos Securities plc (Nomad and Broker)	Tel: +44 (0) 20 7397 8900
Nicholas Wells / Neil McDonald (Corporate Finance)

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