Mon, 24th May 2021 15:52
(Sharecast News) - Westmount Energy reported on Monday that Hess Corporation has increased its working interest in the Kaieteur Block, offshore Guyana, to 20% from 15%.
The AIM-traded firm said the increase in Hess Corporation s working interest was on the back of the Tanager-1 oil discovery, announced in November, and via the farm-down of a 5% working interest by Cataleya Energy (CEL) to Hess.
It said Tanager-1, the first well drilled on the Kaieteur block, encountered 16 metres of net oil pay 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.