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Westmount Energy Limited (LON:WTE) has highlighted the start of drilling operations at the Bulletwood-1 well, part of the Canje exploration project offshore Guyana.
The group said it fires the starting pistol on an exciting and potentially game-changing period for the small-cap oil investor.
"Where the basin is today, this is not the typical junior resource story,” said director Dermot Corcoran.
“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.
“The prospect inventory has been established, five drillships are in the basin and more are coming, and it is now basically about drilling outcomes.
“This inventory of drill targets, which are all Upper Cretaceous, are largely independent of each other. 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.”
“But, we think we 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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