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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Westmount Energy Limited | LSE:WTE | London | Ordinary Share | GB00B0S5KR31 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.50 | 1.40 | 1.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | -2.7M | -2.97M | -0.0206 | -0.73 | 2.16M |
From Apr 2019 to Apr 2024
TIDMWTE
RNS Number : 0987B
Westmount Energy Limited
31 March 2017
Westmount Energy Limited
("Westmount" or the "Company")
Interim Results
The Company is pleased to announce its Interim Results for the six months ended 31 December 2016. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders shortly.
CHAIRMAN'S REVIEW
The period under review continued to be a challenging and uncertain time for the Oil & Gas industry but there were continued signs of improvement.
From a Westmount perspective, the more stable oil price and improved investor sentiment towards the E&P sector has given rise to some opportunities which should enable the process of repositioning your Company as a niche exploration and production investor in the conventional oil and gas sector.
We have identified the Guyana offshore basin as an area of interest and in line with our strategy, on February 8, 2017, we announced a GBP500k strategic investment in Eco (Atlantic) Oil & Gas Ltd ("EOG") at a price of 16 pence per ordinary share as part of the EOG IPO on AIM.
EOG successfully raised GBP5.09 million in an oversubscribed placing, which is further evidence of the improvement in investor sentiment and interest in ECO's Guyanese and Namibian exploration permits. Westmount holds 2.6% approximately of EOG's issued share capital and EOG is the only junior E&P company listed on AIM with exposure to offshore Guyana, which is emerging as a major oil province.
The primary motive for the investment in EOG was to offer Westmount shareholders a low entry cost exposure to the 1,800 km(2) Orinduik offshore block in the Guyana basin. The Orinduik block is operated by Tullow Oil Plc and is adjacent to, and updip of, the Stabroek Block operated by ExxonMobil. Stabroek contains the world-class Liza & Payara oil discoveries, which are estimated by ExxonMobil to have recoverable resources of approximately 1.4 - 2 billion boe. ExxonMobil is currently drilling the Snoek exploration well which is also located a short distance from the Orinduik block and well results are expected shortly. I expect to see significant exploration activity in the region over the coming years and would like to expand Westmount's interest in this exciting exploration region.
The Interim Financial Statements show a loss for the period of GBP136,164 of which GBP38,368 relates to a write down of the value of the portfolio.
Portfolio
The recent addition of the investment in ECO (Atlantic) Oil & Gas Ltd ('EOG') has transformed the portfolio.
We continue to hold our legacy investments with exposure to the Falkland Islands, namely Rockhopper and Argos. The share price performance of these holdings continues to be in line with weak oil prices. We have recently disposed of the remaining holding of Sterling Energy Plc for re investment in EOG.
FUTURE
The Board has carefully assessed the cash position of the Company and believes that the corporate overhead has been reduced as much as possible at the current time. The Board continues to believe that the current Westmount corporate structure and AIM listing provides an ideal platform to leverage on new investment opportunities or provide a vehicle for corporate transactions.
Westmount continues to seek and evaluate corporate transactions and investment opportunities with a focus on the Guyana offshore area. The Board would expect to finance any future corporate transactions via the AIM market platform.
Finally, I thank our shareholders and stakeholders for their continued support.
GERARD WALSH
Chairman
30 March 2017
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com David King, Director Tel: +44 (0)1534 823028 Cenkos Securities plc Nomad Tel: +44 (0)20 7397 and Broker 8900 Nicholas Wells / Elizabeth Bowman (Corporate Finance)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 DECEMBER 2016
Hot Features
Premium
Six months Six months Year ended
ended ended
31 Dec 2016 31 Dec 2015 30 Jun 2016
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net loss on
financial
assets held at
fair
value through
profit
or loss (38,368) (284,950) (260,911)
Administration
expenses (97,796) (77,857) (173,112)
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Operating loss (136,164) (362,807) (434,023)
Loss before tax (136,164) (362,807) (434,023)
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Tax - -
Comprehensive
loss for
the period /
year (136,164) (362,807) (434,023)
================================================================================================================================= ================================================================================================================================= ====================================================================
Basic loss per
share
(pence) (0.01) (0.02) (2.59)
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Diluted loss
per share (0.01) (0.02) (2.59)
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
All results are derived from continuing operations.
The Company had no items of other comprehensive income during the period / year.
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
31 Dec 2016 31 Dec 2015 30 Jun 2016
(unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current
assets
Financial
assets at
fair
value
through
profit or
loss 239,205 192,261 216,299
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Current assets
Other
receivables 5,468 9,451 10,023
Cash and
cash
equivalents 234,516 494,245 402,716
239,984 503,696 412,739
Total assets 479,189 695,957 629,038
================================================================================================================================= ================================================================================================================================= ===================================================================
LIABILITIES AND EQUITY
Current liabilities
Trade and
other
payables 17,702 27,090 31,387
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
EQUITY
Share
capital 3,027,221 3,027,221 3,027,221
Share option
account 349,906 349,906 349,906
Retained
earnings (2,915,640) (2,708,260) (2,779,476)
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Total equity 461,487 668,867 597,651
Total
liabilities
and equity 479,189 695,957 629,038
================================================================================================================================= ================================================================================================================================= ===================================================================
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 DECEMBER 2016
Share
capital Share premium Share option Retained Total
account account account earnings equity
GBP GBP GBP GBP GBP
-------------------------- ----------- --------------- -------------- ------------- -----------
As at 1 July 2015 1,966,060 551,560 349,906 (2,345,453) 522,073
-------------------------- ----------- --------------- -------------- ------------- -----------
Comprehensive Income
Loss for the year
ended 30 June 2016 - - - (434,023) (434,023)
Transactions with
owners Open offer
at 4p per 20p ordinary
share 509,601 - - - 509,601
Conversion of 20p
ordinary shares
to nil par value
shares 551,560 (551,560) - - -
-------------------------- ----------- --------------- -------------- ------------- -----------
As at 30 June 2016 3,027,221 - 349,906 (2,779,476) 597,651
-------------------------- ----------- --------------- -------------- ------------- -----------
Total Comprehensive
Income
Loss for the period
ended 31 December
2016 - - - (136,164) (136,164)
As at 31 December
2016 3,027,221 - 349,906 (2,915,640) 461,487
-------------------------- ----------- --------------- -------------- ------------- -----------
Share capital Share premium Share option Retained Total
account account account earnings equity
GBP GBP GBP GBP GBP
---------------------- --------------- --------------- -------------- ------------- -----------
As at 1 July 2014 1,966,060 516,778 349,906 (2,123,214) 709,530
Total Comprehensive
Income
Loss for the year
ended 30 June 2015 - - - (222,239) (222,239)
Transactions with
owners
Expired redemption
of B shares not
taken up - 34,782 - - 34,782
---------------------- --------------- --------------- -------------- ------------- -----------
As at 30 June 2015 1,966,060 551,560 349,906 (2,345,453) 522,073
---------------------- --------------- --------------- -------------- ------------- -----------
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 31 DECEMBER 2016
Six months Six months
ended ended Year ended
31 Dec 31 Dec
2016 2015 30 Jun 2016
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating
activities
Total comprehensive loss for
the period / year (136,164) (362,807) (434,023)
Adjustments for net loss on
financial assets at fair value
through profit or loss 38,368 284,949 260,911
Decrease / (increase) in other
receivables 4,556 270 (302)
Decrease in trade and other
payables (13,685) (4,670) (373)
Purchase of investments (61,275) - -
Proceeds from sale of investments - 59,611 59,611
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Net cash out flow from operating
activities (168,200) (22,647) (114,176)
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Cash flows from financing
activities
Proceeds from issue of ordinary
shares - 509,601 509,601
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Net cash generated from financing
activities - 509,601 509,601
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Net increase / (decrease)
in cash and cash equivalents (168,200) 486,954 395,425
Cash and cash equivalents
at the beginning of the period
/ year 402,716 7,291 7,291
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
Cash and cash equivalents
at the end of the period /
year 234,516 494,245 402,716
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIODED 31 DECEMBER 2016
1. Accounting Policies
Basis of accounting
The interim financial statements have been prepared in accordance with the International Accounting Standard ("IAS") 34, Interim Financial Reporting.
The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the period to 30 June 2016. The annual financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS").
The same accounting policies and methods of computation are followed in the interim financial statements as in the annual financial statements for the period ended 30 June 2016.
2. Investments
Six
months
Six months ended Year
ended 31 ended
31 December December 30 June
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP GBP GBP
Sterling Energy PLC, at market
value 45,000 43,500 45,750
Cost, 300,000 shares 517,838 517,838 517,838
(31 December 2015: 300,000
shares,
30 June 2016: 300,000 shares)
Argos Resources Limited, at
market
value 45,000 45,000 37,500
Cost, 1,000,000 shares 310,775 310,775 310,775
(31 December 2015: 1,000,000
shares,
30 June 2016: 1,000,000 shares)
Falkland Oil and Gas Limited - 99,318 -
("Falkland"),
at market value
Cost, nil shares - 799,081 -
(31 December 2015: 1,196,600
shares,
30 June 2016: nil shares)
Rockhopper Exploration plc
("Rockhopper"),
at market value 81,477 - 128,036
Cost, 358,142 shares 799,081 - 799,081
(31 December 2015: nil shares,
30 June 2016: 358,142 shares)
Pancontinental Oil and Gas NL
("Pancontinental"), at market 7,032
value 4,443 5,013
Cost, 3,000,000 shares 393,246 393,246 393,246
(31 December 2015: 3,000,000
shares,
30 June 2016: 3,000,000 shares)
JHI Associates Inc ("JHI"), at 60,696 - -
market value
Cost, 100,000 shares
(31 December 2015: nil shares, 61,274 - -
30 June 2016: nil shares)
Total market value 239,205 192,261 216,299
------------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------
Total cost 2,082,214 2,020,940 2,020,940
------------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------
Current period movement (1,843,009) (1,828,679) (1,804,641)
Reverse prior year FV adjustment 1,804,641 1,651,067 1,651,067
------------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------
(38,368) (177,612) (153,574)
------------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------
Realised (loss) - (107,337) (107,337)
Unrealised (loss)/gain (38,368) (177,612) (153,574)
------------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------
Current period income statement
impact (38,368) (284,949) (260,911)
------------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------
This announcement contains inside information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFEAVDIIVID
(END) Dow Jones Newswires
March 31, 2017 02:01 ET (06:01 GMT)
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