Westmount Energy Ltd debt-free after making final loan note payment

(LON:WTE, OTCQB:WMELF) announced the final repayment against convertible unsecured loan notes, which became due on March 31 2021.

The final payment amounted to £456,547.94 comprising 400,000 residual principal and £56,547.94 of accrued interest.

All loan notes issued in October 2018 have been repaid and the company is now debt-free, Westmount highlighted in a statement.

The company said it had £1.3mln of cash following the repayment.

Earlier this week, in its results statement, Westmount told investors that 2021 is shaping up to be a significant year for exploration and appraisal operations in the Guyana-Suriname basin with more than 12 exploration and appraisal wells scheduled for the Guyanese sector alone.

READ: Westmount says 2021 is shaping up to be significant year

The company’s portfolio includes exposure to multiple opportunities offshore Guyana and in recent weeks the Exxon-operated Bulletwood well confirmed hydrocarbons in the Canje block (but not in commercial volumes).

It owns an indirect interest in the Canje block via a 7.7% shareholding in JHI Associates which in turn owns a 17.5% stake in the exploration project.

Initial drilling activities are presently underway at the Jabillo-1 well, the second of three slated at Canje this year, estimated to offer a 1bn barrel exploration opportunity.

Meanwhile, the analysis of the Bulletwood well data is continuing.