Westmount Energy release
Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), is pleased to note the announcement by Ratio Petroleum Energy Limited Partnership (“Ratio Petroleum”) yesterday, that Hess Corporation (“Hess”) has increased its working interest (“WI”) in the Kaieteur Block, offshore Guyana, from 15% to 20%.
Source: Reuters
This increase in Hess Corporation’s Kaieteur Block WI has occurred on the back of the Tanager-1 oil discovery, announced in November 2020, and via the farm-down of a 5% WI by Cataleya Energy Limited (“CEL”) to Hess.
Tanager-1, the first well drilled on the Kaieteur block, encountered 16 metres of net oil pay (20
oAPI oil) in high-quality sandstone reservoirs of Maastrichtian age and confirmed the extension of the Cretaceous petroleum system and the Liza play fairway outboard from the prolific discoveries on the neighbouring ExxonMobil operated Stabroek Block. The well was reported as an oil discovery which is currently co
Hess increases stake in Kaieteur Block, offshore Guyana 25 May 2021 (Last Updated May 25th, 2021 15:28)
Hess Corporation has increased its stake in Kaieteur Block, offshore Guyana, to 20%.
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The Tanager-1 well is currently considered to be non-commercial. Credit: Kevin Harris / Unsplash.
Hess Corporation has acquired an additional 5% stake in the Kaieteur Block, offshore Guyana, from Cataleya Energy for an undisclosed sum.
The transaction increased Hess Corporation’s working interest (WI) from 15% to 20% in the Kaieteur Block.
The acquisition follows the oil discovery at the Tanager-1 well, located in Kaieteur Block, in 2020.
Following drilling, the Tanager-1 well encountered 16m of net oil pay (20oAPI oil) in high-quality sandstone reservoirs of the Maastrichtian age.
Guyana: Hess increases its working interest in the Kaieteur Block, offshore Guyana
24 May 2021
Hess has increased its working interest ( WI ) in the
Kaieteur Block, offshore Guyana, from 15% to 20%. This increase in Hess Corporation s Kaieteur Block WI has occurred on the back of the
Tanager-1 oil discovery, announced in November 2020, and via the farm-down of a 5% WI by
Cataleya Energy Limited ( CEL ) to Hess.
Tanager-1, the first well drilled on the Kaieteur block, encountered 16 metres of net oil pay (20 API oil) in high-quality sandstone reservoirs of Maastrichtian age and confirmed the extension of the Cretaceous petroleum system and the Liza play fairway outboard from the prolific discoveries on the neighbouring ExxonMobil operated Stabroek Block. The well was reported as an oil discovery which is currently considered to be non-commercial as a standalone development. High quality reservoirs were also encountered in Tanager-1 at the deeper Santonian and Turonian in
Westmount Energy welcomes Hess Corp s increased stake in Kaieteur Block We believe this farm-in transaction reflects confidence in the prospective resource potential of the Kaieteur Block and augurs well for the continuing exploration of the area, said Westmount executive chairman Gerard Walsh
Westmount Energy Ltd (LON:WTE) noted that Hess Corporation has increased its interest in the Kaieteur Block, offshore Guyana, to 20% from 15%.
Hess has acquired its additional working interest (WI) from Cataleya Energy.
It follows the drilling of the Tanager-1 well back in November when it made a discovery, deemed as non-commercial on a standalone basis.
London-listed Westmount’s interest in the project is indirect, via shareholdings in minority partners Catelya and Ratio Petroleum (5.3% and 0.04% respectively).
Westmount Energy welcomes Hess Corp s increased stake in Kaieteur Block We believe this farm-in transaction reflects confidence in the prospective resource potential of the Kaieteur Block and augurs well for the continuing exploration of the area, said Westmount executive chairman Gerard Walsh
Westmount Energy Ltd (LON:WTE) noted that Hess Corporation has increased its interest in the Kaieteur Block, offshore Guyana, to 20% from 15%.
Hess has acquired its additional working interest (WI) from Cataleya Energy.
It follows the drilling of the Tanager-1 well back in November when it made a discovery, deemed as non-commercial on a standalone basis.
London-listed Westmount’s interest in the project is indirect, via shareholdings in minority partners Catelya and Ratio Petroleum (5.3% and 0.04% respectively).