Westmount Energy Limited Proposed acquisition of PL001 by JHI (9091J)

TIDMWTE

RNS Number : 9091J

Westmount Energy Limited

15 December 2022

15(th) December 2022

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Proposed acquisition of North Falklands Basin PL001 by JHI

Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil and gas investing company focussed on the Guyana-Suriname Basin notes the proposed transaction announced today by Argos Resources Limited ("Argos") with respect to the acquisition by JHI Associates Inc. ("JHI") of North Falklands Basin Production Licence PL001.

JHI is a private, Ontario-registered, company established in 2014 and focused on oil exploration opportunities in the emerging Guyana-Suriname Basin. The company's main asset is a 17.5% working interest ("WI") in the Canje Block covering over 4,800 square kilometres, offshore Guyana. This block is located adjacent to and in the same geologic basin as the Stabroek Block which has delivered thirty substantial oil discoveries since 2015, with reported discovered recoverable resources of in excess of 11 billion oil-equivalent barrels to date.

The Canje Block is currently operated by an ExxonMobil subsidiary, Esso Exploration & Production Guyana Limited (35%), with TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%), and Mid-Atlantic Oil & Gas Inc. (12.5%) as partners.

Westmount holds a total of 5,651,270 shares in JHI, representing approximately 7.16% of the issued common shares in JHI as of 31(st) December 2021. Westmount also holds 1,000,000 shares in Argos representing approximately 0.4% of the issued common shares in Argos as of 30(th) June 2022.

For further information, please contact:

   Westmount Energy Limited                              www.westmountenergy.com 
   David King, Director                                          Tel: [phone] 

Anita Weaver

   Cenkos Securities plc ( Nomad and Broker)       Tel: [phone] 

Nicholas Wells/Neil McDonald (Corporate Finance)

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December 15, 2022 12:24 ET (17:24 GMT)