Share Name Share Symbol Market Type Share ISIN Share Description
Westmount Energy Limited LSE:WTE London Ordinary Share GB00B0S5KR31 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 16.50 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
16.00 17.00 16.50 16.50 16.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -0.11 -0.11 24
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 16.50 GBX

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Date Time Title Posts
24/11/202009:09Westmount Energy: Charts & Fundamentals1,809
11/1/201612:30Westmount Energy with Charts6
06/1/200614:33Sunday Telegraph says "Buy Westmount Energy"156
10/9/200420:01Any info on Westmount Energy1
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Westmount Energy Daily Update: Westmount Energy Limited is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker WTE. The last closing price for Westmount Energy was 16.50p.
Westmount Energy Limited has a 4 week average price of 14.25p and a 12 week average price of 14.25p.
The 1 year high share price is 22.50p while the 1 year low share price is currently 7.25p.
There are currently 144,051,486 shares in issue and the average daily traded volume is 87,041 shares. The market capitalisation of Westmount Energy Limited is £23,768,495.19.
robs12: I think one problem is that the WTE investments (at least the big ones) are in unquoted companies Catelya and JHI, and so monetizing them will likely take some time. You can only really value them on the back of what you think another company will pay for them at some point in the future. If both fields are proven up, then that will probably be quite a lot (likely they would both sell out to a major, though the JHI/WTE share swap and WTE's statement about a potential RTO could be a different route). This is not a problem for me....
fishbournetrader: World oil demand has been constantly rising and has not reached a peak yet, with the exception of 2020 which will see a fall for the obvious reasons. Suriname and Guyana are no where on the list of oil reserves which dates from 2016. They could soon be near the top. Short term rises and falls in the share price of WTE are irrelevant to the long term prospects for the share price if several of the wells are successful.
corrientes: Two things bothered me about investing in WTE - 1) the politics, but I think that problem of 'theft' from the country, if it had any validity, should have been pursued by the then opposition when they had a chance to and 2) the green movement changing sentiment, but Western countries will need huge amount of fossil fuels to have any chance of avoiding total economic collapse, and which offsets general decline in oil consumption. I don't know much about oil companies, but when you look at the higher caps of other specs with far less attractive prospects, and the much higher potential of this one in a 'hot' oil province, allying itself with mega major oilers, it does make you wonder. With results from drilling shortly, the price so far today is down !! Is WTE share price deliberately supressed or is it just a market anomaly. LOL.
robs12: Information on Canje potential is not that easy to find. This video (link at bottom) is a JHI presentation from June 2019 and quite informative (more than can be found elsewhere I think!). JHI hold 17.5% of Canje, and WTE hold 6.9% of JHI, so WTE have ~ 1.2% of Canje. Bulletwood-1 is targeting 500MMBBL more or less P-mean recoverable "looks exactly like Liza". Second well targeting much larger fan estimated at 1-1.2BnBBL P-mean recoverable. Multi-well campaign (JHI are carried for 4 wells) is targeting 7BnBBLs (!) Liza age equivalents with "significant exploration upside" from shallower and deeper prospects. The DeGoyler McNaughton CPR attributed from 12 prospects 1.2BnBBL net to JHI (that's ~83MMBBL to WTE). JHI plan to exit via an asset sale sometime after discovery. WTE in their last presentation stated "Potential for transformational transaction in future - possibly via RTO". They've just made a share swap with JHI, so would seem fairly obvious what the plan might be.. Edited to add, possibly interesting... 1) the 1.2BnBBL from the DeGoyler CPR mentioned in the video is based on 12 prospects "that we gave to them" i.e. JHI/DeGoyler only looked at 12 prospects (?), whereas the AR posted above says JHI now report "more than a dozen prospects" and 10BnBBL recoverable (which would be 1.75BnBBL to JHI, 120MMBBL to WTE). 2) For anyone who wants a little more detail on the basin..: hxxps://
phoebusav: / JHI acquisition shares and RTO / I expect that JHI will be holding tightly to all their WTE shares if they are indeed intending to RTO into WTE on successful drilling as many suspect. For WTE to pay for JHI shares using its own stock is effectively like a partial merger already. Given that Bulletwood, Sapote and Jabillo are all on the Canje block we could be sharing 3 massive discoveries with JHI in just a few months time so it would certainly make sense to RTO JHI into WTE. In that scenario WTE would have P50 210 MMB net recoverable based on 3 Canje discoveries plus interests in Kanje, Orinduik and Block 47. Quite a prospect.
phoebusav: Most folks probably haven't bothered to do their homework on this one because working out WTE's exposure is a bit 'hard' due to indirect holdings or because they think their interests are too tiny to be of any value. If you work it out though then look at the market cap and then consider this is right next to Stabroek it looks super compelling. OK, oil price was higher, but when ECO was drilling Joe and Jethro last year it hit $3.97/BOE in the run up to drilling before settling at $2.67/BOE just before drill results. Based on Tanager, Bulletwood, Jabillo, Sapote and GV-N drills WTE share price would need to be between 56p and 83.1p to reflect the same valuation per BOE pre drill. Current share price is like buying ECO last year at 25p in the run up to Joe and Jethro. ECO is 22.5p right now and they're not even drilling for some time! Current WTE share price looks a steal.
phoebusav: Kaieteur Block I assumed that one of the 7 planned wells would be Toucan however this week's presentation suggests we should swap this out for a well on Block 47. That said I'm sure they will drill Toucan as it's a really big target with an excellent COS. Tanager … P50 MMB 256.2 gross, 3.91 MMB net, 72% COS Toucan … P50 MMB 702.7 gross, 10.72 MMB net, 56% COS Canje Block The plan appears to be to spud Bulletwood in the next few weeks followed by Jabillo and Sapote. I have used the P50 figures as per the JHI audio presentation cited on this board, however I was uncertain on the figure for Sapote, but apparently it is roughly the same as Jabillo. I have not seen the COS figures so assumed 30%, which seems ultra conservative as it is lower than the figures for ECO's Cretaceous targets and given Exxon has chosen to prioritize these drills I would imagine it should actually be over 50%. I used 30% in calculating WTE's risked NAV, so in actual fact the risked NAV should probably be quite a bit higher as these targets are particularly significant for WTE on a net barrels basis. Bulletwood … P50 MMB 500 gross, 4.2 MMB net, 30% COS Jabillo … P50 MMB 1,200 MMB gross, 10.08 MMB net, 30% COS Sapote … P50 MMB 1,200 MMB gross, 10.08 MMB net, 30% COS Orinduik The exact drill targets have not been specified, but based on the sounds coming from ECO and TLW I'm certain they will be targetting Cretaceous prospects. I have chosen the targets in the NE quadrant of the block as they are closest to Liza and Hammerhead and furthest from the heavy oil Triassic discoveries of Joe and Jethro. Amaila/Kumaka … P50 MMB 775.8 gross, 0.93 MMB net, 31.5% COS Iatuk-D … P50 MMB 725.3 gross, 0.87 MMB net, 31.2% COS These 7 drills amount to 40.8 MMB P50 net to WTE although we should probably now swap out Toucan for Goliathberg Voltberg on Block 47. Block 47 I can't tell if the well would target Goliathberg Voltberg South or North target or both if they are stacked. Goliathberg Voltberg South … P50 MMB 368.4 gross, 0.52 MMB net, 37% COS Goliathberg Voltberg North … P50 MMB 234.7 gross, 0.33 MMB net, 34% COS Conclusion It is clear that the vast majority of value for WTE lies in the Kaieteur and Canje blocks with most of the value from this drilling campaign coming from just three of the scheduled wells. The total P50 net to WTE across the licences amounts to 97.3 MMB, with 57.6 MMB on Canje, 32.2 MMB on Kaieteur, 6.2 MMB on Orinduik and 1.3 MMB on Block 47. Clearly, success at the first two wells, Tanager on Kaieteur and Bulletwood on Canje would derisk the lions share of value in WTE's portfolio. Not long to wait to find out.
phoebusav: Having crunched the numbers for the prospects across WTE's 4 blocks in Guyana and Suriname, WTE's total exposure amounts to 97.3 MMB P50 net recoverable with an average COS of 31.3%. At $5 per barrel that equates to £379M or 301p unrisked and 94p risked. The current drilling plan for the next 12 months appears to be for 7 wells which I anticipate will be [Canje Block] Sapote, Jabillo, Bulletwood, [Kaieteur Block] Tanager, Toucan, [Orinduik Block] Amalia/Kumaka and Iatuk-D. This amounts to 40.8 MMB P50 net recoverable to WTE or 126.5p unrisked and 51.7p risked at $5 per barrel. Prior to the Covid crisis Hess and Exxon were touting $7 per barrel for Guyana oil in the ground and ECO topped that valuation on hitting pay dirt at Joe and Jethro. This would equate to 177.1p unrisked and 72.4p risked for WTE. The great thing is this target price is based on accretive value from multiple largely Exxon operated wells rather than a single high risk binary event. Given the immense success so far on this fairway I will be very surprised if WTE does not have 5 to 6 major discoveries and at least 30 MMB under its belt this time next year and a share price well north of 100p.
robs12: Westmount holds ~ 4.8% of JHI. JHI hold a 17.5% carried interest 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 sixteen substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 8 billion oil-equivalent barrels to date. ExxonMobil is the operator of both blocks. "The proximity to these world-class source rocks means that reservoirs on the Canje block are in direct contact with the source, and are charged through vertical migration. Effectively, Canje’s reservoirs are filled first before hydrocarbons migrate up-dip to other blocks." (JHI website) "Canje Block is the same size and adjacent to the productive portion of the Stabroek Block operated by ExxonMobil, with recoverable reserves exceeding 4 billion barrels. Utilizing block wide 3D seismic, JHI’s technical team is working closely with ExxonMobil to select drilling locations on multiple billion-barrel prospects, each demonstrating direct hydrocarbon indicators identical to successful wells in the Stabroek Block." (JHI website) As a result of a 2018 farm-out to Total, JHI is carried for the drilling of up to four wells and is funded for the drilling of additional wells. It is anticipated that the first well on the Canje Block, Bulletwood-1, will be spudded in H2 2020, with the possibility of additional drilling by the end of the year. That's about the closest I've found to any figures - multiple billion bbl prospects, same size as Stabroek which has >4bn bbls recoverable. Though likely that JHI would sell out at some point sooner rather than later (after the 4 carried wells?), and who knows what they'd be valued at.... 4bn x 17.5% = 700mn bbls @5$ is $3.5bn. 4.8% of that (i.e to WTE) is $168m. WTE have bought their 4.8% stake in JHI for approx $5.3m (£4.3m) (if I am interpreting the slightly obscure wording "At cost, Westmount's holding in JHI equates to approximately 38.1% of the value of Westmount's gross assets as of 31st December 2019." correctly?). So it could be very, very good for the WTE share price if they strike... Then there's Kaieteur next. All assuming there's no shenanigans about the validity of the licenses by the Guyana government, though that seems unlikely given how far in Exxon are already, but you never know... GLA
mick: Taken from LSE Board today. Looks like WTE is now only a few weeks away from the spudding of Tanager-1 on the Exxon operated Kaieteur block. Well is targetting 256.2 MMB P50 recoverable with an amazing 72% COS. Looks to be bang on trend with the huge number of discoveries on the adjacent Stabroek block, the most prolific oil exploration block of recent years. Through its holdings in Cataleya and Ratio Petroleum WTE has a 1.53% interest in the licence amounting to 3.9 MMB P50 net recoverable for Tanager-1. In addition the block contains a further 1.86 billion barrels in 8 targets giving a total of 31.9 MMB P50 net to WTE on block including the tantalising Toucan prospect with 702.7 MMB P50 net recoverable at a whopping 56% COS. WTE also has a 0.84% interest in the Exxon operated Canje block, also adjacent to the prolific Stabroek block, through its holding in JHI Associates. Several targets have been identified for drilling including Bulletwood-1, Jabillo-1 and Sapote-1. I have not seen and resource figures, but imagine they will be of similar size and COS to those on Kaieteur. WTE also has a 0.12% interest in the Tullow operated Orinduik block, also adjacent to Stabroek, through its holding in ECO Atlantic. Further major exploration drilling is anticipated for 2021 targetting around a billion barrels. Prior to the virus outbreak Exxon was planning to drill a total of 6 wells on Kaieteur and Canjie over the net few months all at zero cost to WTE. Exxon is currently still going ahead with Tanager-1 which is expected to spud next month. If all seven wells (Kaieteur 3, Canje 3, Orinduik 1) are drilled as originally planned that should amounts to around 30 MMB P50 net recoverable to WTE, with further upside in additional targets. Six of the wells are Exxon operated, many have a high COS and all are on trend with the prolific Stabroek block. The current NAV of its block interests is around 10p per share, which underpins 2/3 of the current market cap of only £17M. The shares are also thinly traded so any interest in the shares will lead to a very rapid increase in share price especially with the first well coming in at 72% COS! Given all of this I expect WTE will perform extremely well indeed in the days and weeks ahead. STRONG BUY
Westmount Energy share price data is direct from the London Stock Exchange
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