It comes as the investor in Guyana exploration awaits news of Exxon’s latest well
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.
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.
Read More: Westmount Energy Ltd debt-free after making final loan note payment