Namibian exploration and appraisal program

4^th November 2024

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Namibian exploration and appraisal program - Africa Oil Corp update

·      Tamboti-1X exploration well - 1bn bbl target¹ - spudded 20^th October 2024

·      Additional 3D seismic acquisition programs in 2024 facilitate the potential for follow-on high impact exploration drilling²

·      Venus Phase 1 development scheme expected to be finalised by end 2025

·      Completion of Impact/TotalEnergies Farm-down transaction - with Impact in receipt of USD$99M and Impact's retained 9.5% interest in Blocks 2912 and 2913B fully 'loan carried' for all remaining exploration, appraisal and development costs, with no cap, through to first oil production

Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins, notes the update provided on 1^st November by its investee company Africa Oil Corp. ("AOC"; TSX: AOI.TO, Nasdaq Stockholm: AOI.ST) with respect to exploration, appraisal and development activities on Blocks 2913B and 2912, in the Orange Basin, offshore Namibia.

The update highlights the resumption of exploration drilling on Block 2913B with the spudding of the Tamboti-1X exploration well - a 1bn bbl target¹ - on 20^th October 2024. Tamboti-1X, which is being drilled using the DeepSea Mira rig, is located north of the Venus accumulation and close to the Mangetti-1X discovery. The update also notes the completion of two 3D seismic acquisition programs during 2024, which has resulted in most of the Block 2913B and Block 2912 licensed area now being covered by 3D seismic - facilitating the potential for discovery of significant additional resources via follow-on high impact exploration drilling².       

In addition, the update confirms the successful appraisal of the giant Venus light oil accumulation via the drilling and testing of the Venus-1X ST, Venus-1A, Venus-2A and Mangetti-1X appraisal wells.  As a result, planning is currently progressing for the first development area, with a Phase 1 development scheme expected to be finalized by the end of 2025.

Finally, the update reports that AOC's investee company, Impact Oil & Gas Limited ("Impact"), has completed the farm-down of its interests in Blocks 2912 and 2913B ("the Blocks") to TotalEnergies EP Namibia B.V. ("TotalEnergies") - as announced on 10^th January 2024. Further to this transaction, Impact has received a cash payment of circa USD$99M (back costs) and Impact's retained 9.5% interest in each of the Blocks is fully 'loan carried' for all remaining exploration, appraisal and development costs, with no cap, through to sales proceeds from first oil. The carry loan is repayable from a share of Impact's after-tax cash flows, and net of all joint venture costs, including capital expenditures, from production on the Blocks.

AOC is a publicly listed Independent E&P company with producing and development assets in deep-water Nigeria and a portfolio of exploration and appraisal assets, located offshore west and south Africa as well as offshore Guyana. AOC currently holds its interests through direct ownership interests in concessions and through its shareholdings in private and publicly listed investee companies, including: Prime Oil & Gas Coöperatief U.A.; Impact Oil & Gas Ltd.; Africa Energy Corp.; and Eco (Atlantic) Oil and Gas Ltd. Up to date detailed disclosure with respect to AOC's overall strategy, portfolio of assets, production guidance, dividend and shareholder return policies is available via its 'Report to Shareholders for the Period Ended June 30, 2024' https://africaoilcorp.com/wp-content/uploads/2024/08/AFRICA-OIL-CORP-2024-June-30-Report-to-Shareholders.pdf

Other more recent and historical disclosures are available on its website www.africaoilcorp.com.

AOC currently has a shareholding of approximately 32.4% in Impact. Upon closing of the call and put option agreement with three Impact shareholders, announced on August 27, 2024, AOC will increase its shareholding in Impact to approximately 39.5%, which represents an effective economic interest of approximately 3.8% in the Blocks. Westmount's holding of 300,000 shares in AOC, represents approximately 0.068% of the issued common shares in AOC as of 31^st July 2024. This investment provides liquid exposure to the ongoing fully 'loan carried' exploration, appraisal and development activities on Blocks 2913B and 2912 which contain the Venus and Mangetti discoveries and a number of other giant exploration targets.

Gerard Walsh, Chairman of Westmount Energy Ltd. commented:

"The announcement by our investee AOC that exploration drilling has recommenced on Block 2913B with the spudding of a 1bn bbl prospect at Tamboti-1X to the north of the giant Venus accumulation,  and potential follow-on drilling to the south of Venus, is good news. It confirms our view that the Orange basin is a major emerging, prolific, hydrocarbon province and that Blocks 2913B and 2912 contain a prospect inventory with the potential for significant resource additions to that which has already been discovered at Venus and Mangetti. This exploration drilling is taking place in parallel with progress on the Phase 1 development scheme for Venus which is expected to be finalised by the end of 2025.  In addition, further to the completion of the Impact/TotalEnergies transaction, the AOC/Impact share of all of this exploration, appraisal and development work is now funded by an interest free 'loan carry', with no cap. Westmount's shareholding in AOC offers continuing exposure to an exciting funded program of high impact drilling in the Orange Basin and we look forward to further newsflow in this regard."

¹https://totalenergies.com/sites/g/files/nytnzq121/files/documents/totalenergies_TotalEnergies-Strategy-and-Outlook-transcript_2024_pdf.pdf

²https://totalenergies.com/sites/g/files/nytnzq121/files/documents/totalenergies_2024-strategy-and-outlook-presentation_2024_en_pdf.pdf

For further information, please contact:

Westmount Energy Limited                              www.westmountenergy.com

David King, Director                                             Tel: +44 (0) 1534 823000
                                                                             email: [email protected]

Cavendish Capital Markets Limited (Nomad and Broker)           Tel: +44 (0) 20 7397 8900

Neil McDonald/Peter Lynch (Corporate Finance)