Westmount Energy Ltd (LON:WTE, OTCQB:WMELF), in its financial results, highlighted that 2021 is shaping up to be a significant period for exploration and appraisal operations in the Guyana-Suriname basin with more than twelve exploration and appraisal wells scheduled for the Guyanese sector alone.
The company’s portfolio includes exposure to multiple opportunities offshore Guyana, and, indeed, in recent weeks the Exxon-operated Bulletwood well confirmed hydrocarbons in the Canje block (but not in commercial volumes).
It owns an indirect interest in the Canje block via a 7.7% shareholding in JHI Associates which in turn owns a 17.5% stake in the exploration project.
Initial drilling activities are presently underway at the Jabillo-1 well, the second of three slated at Canje this year – it is an estimated 1bn barrels exploration opportunity.
Meanwhile, the analysis of the Bulletwood well data is continuing.
In Tuesday’s results statement, the company noted the trends in Guyana which is one of the few remaining areas of blue-chip interest in high-impact exploration.
“Drilling activity in the Guyana-Suriname basin continues to accelerate driven by the industry’s focus on ‘advantaged barrels’ as a result of the unique combination of prospect sizes, reservoir quality, low carbon intensity and low breakeven metrics (US$25 to US$35 per barrel), available offshore Guyana,” Westmount said.
“The company’s current investment portfolio is now focused on the continuing 2021 ExxonMobil operated drilling campaign on the Canje Block – with the drilling outcome of two additional large independent prospects, Jabillo-1 and Sapote-1, due to be revealed over the coming months.
“Westmount remains the only US OTCQB and London listed junior player offering exposure to drilling offshore Guyana in 2021, where commercial discovery in one of these wells could result in transformational value changes for the Company.”
In terms of financial results the pre-revenue exploration company reported a US$1.24mln loss for the twelve months ended December 31.
At the end of the year it had some US$2.24mln of cash and equivalents.