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Saturday, February 27, 2021

Rapid-fire Guyana drilling in 2021 will result in heroes or zeros – Westmount Energy

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The drill campaign offshore Guyana is set to ramp up in 2021 with multiple wells being targeted across several blocks. According to Westmount Energy Limited, the drill campaigns will happen in a very compressed timeframe for its investors.

The junior oil and gas company with investor interest in the highly prospective Canje and Kaieteur blocks remains highly optimistic given the remarkable exploration success rate U.S. oil major ExxonMobil has had at the prolific Stabroek block.

“Everything here in Guyana is going to happen in a very compressed timeframe for Westmount investors. Since the Liza discovery was made in 2015 there has been over 30,000 square kilometres of 3D seismic shot in the Guyana sector,” Westmount’s Director, Dermot Corcoran is quoted as saying in a Proactive Investors report.

He said the prospect inventory has been established and it is now basically about drilling outcomes in the basin.

“This inventory of drill targets, which are all Upper Cretaceous, are largely independent of each other,” he pointed out. “As an investor, you’re not reliant upon one exploration well. It is going to be a story where the wells are going to come rapid-fire over the next year, and we will be reliant on the drill-bit results to be either heroes or zeros.”

At the Stabroek block ExxonMobil and co-venturers Hess and CNOOC have largely been heroes with 18 discoveries out of 20 wells drilled. Around 9 billion barrels of oil equivalent have been found at Stabroek block and there remains significant potential for upside to these resources.

Westmount recently began cross-trading on the OTCQB market in New York allowing for its Ordinary Shares to be traded in US Dollars by broker-dealers in the United States.

“We are mindful of the substantial Guyanese diaspora living in the United States, and we are 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,” said Westmount Chairman Gerard Walsh in a statement.

Meanwhile, Corcoran said the company believes it can benefit from the portfolio effect, “the large number of wells coming in the basin and the track record in terms of success rate achieved by ExxonMobil in this prolific basin.”

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