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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). ....
The increase was made via a farm down by Cataleya Energy Ltd. of a 5% working interest in the Kaieteur Block offshore Guyana, increasing Hess’ interest to 20% from 15%. ....
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. ....
Kaieteur Block - Cataleya Energy Ltd. 5% Farm-down to Hess Corporation bnamericas.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnamericas.com Daily Mail and Mail on Sunday newspapers.