Westmount Energy notes the announcement by the Maritime Administration Department, Guyana, 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"). 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 lookalike, 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.

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."

KeyFacts Energy: ExxonMobil Guyana country profile