6th March 2024
WESTMOUNT ENERGY
LIMITED
("Westmount" or the "Company")
Block 3B/4B Orange Basin,
South Africa - Investees' Farm-down to TotalEnergies and Qatar
Energy
Westmount Energy Limited
(UK AIM: WTE.L,
USA OTCQB: WMELF), the
AIM-quoted oil and gas investing company focussed on high impact
drilling outcomes in emerging basins, is pleased to note this
morning's announcements by its investee companies Africa Oil Corp.
("AOC"; TSX: AOI.TO, Nasdaq Stockholm: AOI.ST) and Eco
(Atlantic) Oil & Gas Ltd. ("Eco"; TSX: EOG.V, AIM: ECO.L) with respect to the farm-in
of TotalEnergies EP South Africa B.V. ("TotalEnergies") and QatarEnergy
International E&P LLC ("QatarEnergy") to Blocks 3B/4Bin the
Orange Basin, offshore South Africa.
The farm-down agreement, which was entered jointly by the Block
3B/4B JV partners AOC, Eco and Ricocure (Proprietary) Ltd.
("Ricocure"), will upon
completion result in the transfer of an aggregate 57% participating
interest to TotalEnergies and QatarEnergy for considerations of
cash and carries which are expected to fund up to two wells on the
block. Details of these transactions are provided in the links
below.
Upon completion of the transaction
the participating interests in Block 3B/4B, held via their
respective subsidiaries, will be as follows:
TotalEnergies 33%
(operator)
Qatar Energy 24%
Ricocure (Proprietary) Ltd.
19.75%
Africa Oil Corp 17%
Eco (Atlantic) Oil & Gas Ltd.
6.25%
This transaction highlights the
continuing appetite amongst major players for exploration drilling
in the prolific, emerging, Orange Basin where seven discoveries
have been reported since early 2022 and with hydrocarbons now
proven to be present at multiple stratigraphic levels. Block
3B/4B lies on trend with multiple discoveries in the Namibian
sector of the Orange basin, including the giant Venus discovery,
and the recently announced Mangetti-1x discovery on Block
2913B.
Westmount's retains a holding of
300,000 shares in AOC, representing approximately 0.065% of the
issued common shares in AOC as of 29th February 2024. Westmount
holds 1,500,000 shares in Eco representing approximately 0.4% of
the issued common shares in Eco as of 2nd August
2023.
https://africaoilcorp.com/news/africa-oil-announces-strategic-farm-down-agreement-122917/
https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/w1kk61x
For
further information, please contact: