8
February 2024
WESTMOUNT ENERGY
LIMITED
("Westmount" or the "Company")
Namibian exploration and
appraisal program - Africa Oil Corp update
· Mangetti-1X encounters hydrocarbons at both
objectives
· Drilling of Venus-2A underway, the fourth appraisal well on
the giant Venus discovery
· Continuing aggressive exploration and appraisal program in
2024
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, notes the update provided
this morning by its investee company Africa Oil Corp.
("AOC"; TSX: AOI.TO, Nasdaq Stockholm: AOI.ST) with respect
to exploration and appraisal activities on Block 2913B, in the
Orange Basin, offshore Namibia. The update highlights the prolific
nature of the Orange Basin hydrocarbon system with hydrocarbons now
demonstrated to be present at two separate stratigraphic levels
within Block 2913B. Mangetti-1X, a dual objective exploration and
appraisal well, encountered hydrocarbon-bearing intervals in the
shallower Mangetti Fan prospect, opening a new play fairway, while
also successfully intersecting and appraising the northern area of
the deeper Venus discovery. Mangetti-1X has the potential to boost
the existing recoverable resource base on Block 2913B and the joint
venture partners are now considering the next steps in the
evaluation program.
The update also confirms that the drilling of Venus-2A, the fourth
appraisal well on the giant Venus discovery, is underway using the
Deepsea Mira rig. In addition, the acquisition of a 3D seismic
program in the southern part of Block 2913B is progressing with a
view to highgrading additional exploration targets for
drilling.
AOC is a publicly listed Independent
E&P company with producing and development assets in deep-water
Nigeria and a portfolio of exploration and appraisal assets,
located offshore west and south Africa as well as offshore Guyana.
AOC holds its interests through direct ownership interests in
concessions and through its shareholdings in private and publicly
listed investee companies, including: Prime Oil & Gas
Coöperatief U.A.; Impact Oil & Gas Ltd.; Africa Energy Corp.;
and Eco (Atlantic) Oil and Gas Ltd. Up to date detailed disclosure
with respect to AOC's overall strategy, portfolio of assets,
production guidance, dividend and shareholder return policies is
available via its 'Report to Shareholders for the Period Ended
September 30, 2023' https://africaoilcorp.com/site/assets/files/1856/2023-aoi-q3.pdf
Other more recent and historical disclosures are
available on its website www.africaoilcorp.com.
AOC currently has an effective
interest of 6.2% in Blocks 2913B and 2912 as a result of its 31%
shareholding in Impact Oil & Gas Limited1. Westmount's holding of
300,000 shares in AOC, represents approximately 0.065% of the
issued common shares in AOC as of 31st January 2024.
This investment provides liquid exposure to the ongoing testing
program of the significant Venus light oil discovery on Block 2913B
in addition to the evaluation of other giant exploration
targets on the block.
Gerard Walsh, Chairman of Westmount Energy Ltd.
commented:
"Today's positive update by our
investee AOC confirms our view that the Orange basin is a major
emerging, prolific, hydrocarbon province which offers Westmount
shareholders continuing exposure to high impact exploration and
appraisal drilling outcomes. We also note the commentary provided
yesterday at the TotalEnergies 2023 Results and 2024 Objectives
presentations2,
with the operator of the giant Venus Discovery indicating that the
appraisal program and development planning was now focussed on the
optimisation of the location of the first Development FPSO with
respect to reservoir sweet spots in terms of permeability and
productivity. In addition, the operator signalled a continuing
aggressive exploration and appraisal program in 2024, with a
Namibian E&A budget of circa $300M, and with another potential
exploration drilling target already identified to the south of
Venus. So an exciting program of drilling and testing lies ahead
and we look forward to further newsflow in this regard."
1Upon completion of the
transaction announced by AOC on the 10th January 2024,
AOC's effective interest in Blocks 2913B and 2912 will reduce to
2.95% and Impact Oil & Gas Limited will retain a 9.5% interest
in Blocks 2912 and 2913B that is fully carried for all joint
venture costs, with no cap, through to first commercial
production.
https://africaoilcorp.com/news/africa-oil-announces-strategic-farmout-of-impacts-122899/
2https://totalenergies.com/sites/g/files/nytnzq121/files/documents/2024-02/TotalEnergies_2023_Results_and_2024_Objectives_presentation.pdf
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