Westmount Energy waits for Exxon well result to be public

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Westmount Energy Limited (LON:WTE, OTCQB:WMELF) awaits results of Exxon’s Bulletwood-1 exploration well offshore Guyana, as maritime reports reveal that the Stena Carron drillship is leaving the well site.

The AIM-quoted oil and gas investors owns an indirect interest in the Bulletwood well though it is not party the results until they are made publicly available.

“The company awaits confirmation and disclosure of the Bulletwood-1 drilling results by the operator or other Canje JV partners,” Westmount said. “It is the company’s intention to update the market as soon as these drilling results are publicly available.”

READ: Westmount ups exposure to Exxon’s Bulletwood well

Westmount owns a 7.7% shareholding in JHI Associates which is in turn a minority stakeholder in the Canje block, which hosts Bulletwood-1, with 17.5% of the asset alongside partners Exxon (35%), Total (35%) and Mid-Atlantic Oil & Gas Inc. (12.5%).

A 2018 farm-out deal between JHI and Total sees the former receive a ‘carry’ on up to four wells, including Bulletwood-1, and it is also understood to be funded for the drilling of additional wells.

Two more wells are expected in the Canje block in the coming months, Jabillo-1 and Sapote-1.

Bulletwood-1 was located in 2,846 metres of water and was drilled by the Stena Carron drillship, after a December 31 2020 spud-date.

Its reservoir target was described as “a confined channel complex of Late Cretaceous, Campanian age.”

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