Westmount Energy Limited, a junior oil and gas company with investor interest in the highly prospective Canje and Kaieteur blocks offshore Guyana, began cross-trading on the OTCQB market in New York on Tuesday under the ticker symbol WMELF.
OTCQB is the middle-tier of OTC markets and lists early-stage and developing companies in the U.S. and international markets. Companies must meet minimum reporting standards, pass a bid test, and must undergo annual verification.
The cross-trading facility on the OTCQB Market will allow Westmount’s Ordinary Shares to be traded in US Dollars by broker-dealers in the United States. Westmount’s Ordinary Shares will continue to trade on the AIM market of the London Stock Exchange with the ticker symbol ‘WTE’.
Westmount said on Tuesday it is not conducting any fundraising associated with this initiation of a quotation and cross-trading on the OTCQB Market.
“Westmount is the only quoted junior company on the AIM market that can provide investor access to a portfolio of drilling outcomes on the Canje and Kaieteur blocks, offshore Guyana,” said Gerard Walsh, Executive Chairman of Westmount. “We have been looking at ways to broaden our investor base and we believe that participation in the OTCQB Market offers a cost-effective way to achieve that objective. We understand that Westmount is the first AIM-listed E&P investment company to be quoted on this market.”
Walsh said given the company’s investment focus on the Guyana-Suriname Basin, it is mindful of the substantial Guyanese diaspora living in the United States, and is hopeful that this cross-trading facility provides an additional opportunity for exposure to exploration drilling outcomes in this prolific basin and the emerging Guyanese exploration success story.
“Furthermore, we have recently added North American shareholders to our share register via share exchange transactions with institutional and private shareholders of JHI Associates Inc., which has a 17.5% carried interest in the Canje block, offshore Guyana,” he said. “The OTCQB Market provides these existing Westmount shareholders and potential new North American investors, the opportunity to trade Westmount shares, in their own time zone and in U.S. Dollars.”
Jonathan Dickson, VP of International Corporate Services at OTC Markets, said, “We are delighted to welcome Westmount Energy Ltd. to the OTCQB Market. With its primary listing remaining on London’s AIM, the OTCQB Market’s cross trading facility will allow Westmount to broaden its horizons and provide investors in the United States with the ability to access the Company’s Ordinary Shares in U.S. dollars and during U.S. market hours.”
Dickson said the OTCQB Market supports international companies seeking to strengthen visibility and transparency within the U.S. public market.
“Trading on AIM and on the OTCQB Market will enable Westmount to efficiently build global investor awareness and provide U.S. investors with a seamless trading facility, enabling investors to more easily trade through the broker of their choice. We would like to wish Westmount every success in their future trading on the OTCQB Market,” Dickson stated.
The prolific Stabroek Block offshore Guyana has been described as the ‘block that keeps giving’ with 18 discoveries to date delivering approximately 9 billion barrels of oil equivalent resources. Now, all eyes are on the adjacent Canje Block as explorers look to spud the Bulletwood-1 prospect there potentially before the end of this year.
Back in 2016 a 6,100 km2 3D seismic survey was conducted on the Canje block and this data has been used to define a substantial inventory targeting three initial prospects – Bulletwood, Jabillo, and Sapote. All are considered potential high-impact targets for the initial drill campaign.