Westmount Energy Limited (LON:WTE) (OTCQB:WMELF) shares moved higher on Monday as the company highlighted an announcement from the Guyanese Maritime Administration Department that the Stena Carron drillship re-commenced exploration drilling operations at the Jabillo-1 wellsite on the Canje Block, offshore Guyana on June 5.
Jabillo-1 is the second of three exploration wells scheduled for drilling on the Canje block in 2021, with previously published information indicating that Jabillo-1 is a 1,000mln barrels of oil prospect.
Westmount holds an indirect interest in Canje as a result of its 7.7% stake in JHI Associates Inc, which is carrying out the drilling at Jabillo-1. JHI also owns around 17.5% of the Canje block.
Shares in Westmount rose 2.2% to 11.9p in mid-morning trading.